World Aquaculture - December 2014

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• WORLD AQUACULTURE • DECEMBER 2014 69
Summarized statement (Modified Cash Basis): Assets, liabilities and net assets for fiscal years ending March 31
Fiscal Year 2014 2013 2012 2011 2010
• Cash and investments............................................ $1,334,907...................$1,273,200................ $1,233,671..................$986,953...................$965,673
• Net fixed assets after depreciation................................ $4,115..........................$4,056....................... $4,790......................$5,847.......................$5,094
• Total assets............................................................ $1,339,022...................$1,277,256................ $1,238,461..................$992,800...................$970,767
• Liabilities.................................................................($212,977)....................($212,763)................($264,869)................. ($98,678).................($167,106)
• Net assets............................................................... $1,126,045...................$1,064,493................... $973,592..................$894,122...................$803,661
Revenues collected, expenses paid and changes in net revenues for fiscal years ending March 31
Fiscal Year 2014 2013 2012 2011 2010
• Revenue collected.................................................... $729,205......................$805,775................... $621,767..................$661,639...................$724,047
• Expenses paid........................................................... $667,653.....................($714,874)................($542,297)............... ($571,178).................($575,095)
• Change in net revenues.............................................. $61,552........................$90,901..................... $79,470....................$90,461...................$148,952
Components of revenues and expenses for fiscal years ending March 31
Fiscal Year 2014 2013 2012 2011 2010
Revenues
• Dues and home office.......................................................... 18%..............................17%.......................... 20%..........................17%...........................18%
• Conferences......................................................................... 60%..............................55%.......................... 54%..........................57%...........................57%
• Publications......................................................................... 12%..............................13%.......................... 18%..........................14%...........................16%
• Other.................................................................................... 10%..............................15%............................ 8%..........................12%.............................9%
• Total................................................................................... 100%............................100%........................ 100%........................100%.........................100%
Expenses (as a percent of total revenues)
• Dues and home office.......................................................... 26%..............................22%.......................... 25%..........................23%...........................21%
• Conferences......................................................................... 44%..............................40%.......................... 36%..........................37%...........................29%
• Publications......................................................................... 16%..............................15%.......................... 22%..........................21%...........................24%
• Other...................................................................................... 6%..............................12%............................ 4%............................5%........................... 5%
• Total..................................................................................... 92%..............................89%.......................... 87%..........................86%...........................79%
• Excess.................................................................................... 8%..............................11%.......................... 13%..........................14%...........................21%
Wo r l d Aqu a c u l t u r e S o c i e t y — F i n a n c i a l R e p o r t
This is my final financial report as Treasurer as I am rotating off
the Board at the annual meeting in Jeju, Korea. It has been my pleasure
to serve the Society as its fiscal officer, but I could not have done it
without the help of the Home Office, particularly Mrs. Carol Mendoza,
and our Executive Director, Mr. John Cooksey, who wisely manages our
conferences and overall activities. I also appreciate the various Board
and EXCOM members who make decisions that affect the finances of
the Society. I encourage them to invest your money wisely and consider
carefully the return on investment to continue to grow the Society and the
benefits to its members.
For the fiscal year ending March 31, 2014, the World Aquaculture
Society experienced an increase of $61,552 in net assets (total annual
revenues minus total expenses) from the previous year. This increase was
principally due to revenues from conferences and sound fiscal management
from the Home Office management and Board to limit expenses. The
financial situation over the past several fiscal years reflects well upon
the overall health of the society despite the global economic situation:
in a stable membership, successful annual and chapter conferences, and
production and distribution of high quality publications, including the
journal, magazine, and sales of WAS and non-WAS books on the on-line
book store.
The outstanding accounting services by the WAS Home Office
provides a solid fiscal foundation for our society and the financial
statements were audited by the independent accounting firm of T. A.
Harris, Inc. in Baton Rouge, Louisiana. These modified cash basis
financial statements reflect account balances based on cash receipts and
disbursements and are considered “modified” cash basis statements due to
the recording of cash disbursed for equipment as assets and the provision
for depreciation on the equipment over their estimated useful lives. The
audit showed that these financial statements are a fair representation. A
comparative summary from the audited financial statements of the past
five fiscal years is shown below.
Due to the nature of the timing of our Society’s conferences and
meetings, cash basis revenues and expenses for any one period may vary
significantly from other single periods. For the fiscal year 2013-2014 that
ended in March 31, 2014, conference revenues and expenses included
the AQUACULTURE 2013 triennial conference in Nashville, Tennessee,
the Asia Pacific Chapter 2013 meeting in Ho Chi Minh, Vietnam and
the Aquaculture America conference in Seattle, Washington with some
income and expenses from previous and future meetings. WAS undertakes
a number of ongoing and future joint efforts in the organization of our
annual conferences with other associations. While the responsibility for
conference-related assets and liabilities is shared among the partners, the
revenues and expenses are mostly handled by WAS and the statements
reflect the overall assets and liabilities related to our conferences, rather
than just the proportional assets and liabilities for WAS. Conferences
continue to account for a significant portion of the revenues (60%) and
expenses (44% as a percent of total revenues) for the society; hence, the
long-term financial strength of the society and the success of our meetings
are based upon good attendance and participation by WAS members and
others. In 2013-2014, our cash and investments increased $61,707 over the
previous year despite the global economy. The next largest contributors to
revenue are dues (18%) and publications (12%).
To facilitate fiscal stability and long-term planning, the WAS Board
of Directors considers at least a three-year planning horizon. The current
net assets of $1,126,045 provide an important buffer that allows for the
continued emphasis on internationalization of the society in terms of
meeting venues, chapter development and promotion of new initiatives
for information and knowledge exchange. In addition, the WAS Board
of Director as part of our long-term financial strategy continues to build
up a balanced and diversified investment portfolio to a level that, at a
minimum, will allow access to available funds that would equal our
annual budget expenses ($583,431 for 2013-14). By striving to increase
our investments to a level of our annual expenses, this will put the society
in a stronger financial position; whereby, we would have a lower risk of
financial hardship should a catastrophic financial event within the society
ever occur. Making sound investments has been challenging under current
global conditions, but the Board continues to move cautiously in this area.
In summary, WAS maintains a stable financial position with
continued long-term positive monetary outcomes of our activities to date
and for the future.
Respectfully submitted to the WAS membership,
Bill Daniels, WAS Treasurer