Update by the Executive Director
Tim Merriman, Executive Director
August 2006

Audit, Budget and Cash Flow
To meet the requirements of our auditor outlined in the Management Letter we have hired Desiree Calvelage, an independent accounting specialist. She has begun converting our bookkeeping from the accrual method we have used for decades to the "deferred revenue" approach required under Generally Accepted Accounting Practices (GAAP) as explained by Sample and Bailey during our audit. She is a bit more than 50% done and has gone on vacation with her family. She will return to working on this with Marsha in late August. Due to this being in progress, we do not have an updated financial report at this time. If we print and distribute a report at this point in time it would be a hybrid of the old system and new system, and no figure reported would be a real one under either system. Rather than report misinformation, we will wait until the changes are complete and post a report under the new system some time in mid-September. If you have questions about any of this, please call me and I will be happy to explain in detail.

Cash flow has greatly improved because we have 575 people registered for NIW 2006 in Albuquerque. Also, we have been notified that we will have the $61,500 payment from the USEPA/USFWS grant for the Definitions Project by August 17, 2006. We have paid down the line of credit by $100,000 and will pay it off by September 30, 2006. We will renew it on October 1, but hope to not need it further until some time in 2007.

Building
We have renewed both leases with our partners downstairs in July and their leases run until July 15, 2007. At that time we will consider whether to take over part of the leased space for our own use. Funds availability and the budget will dictate what we can do.

Business Plan
Membership improved greatly in July with about $15,000 more in deferred revenue from that source than in the same month in 2005. That is the kind of trend we like to detect. Registration of 575 by end of the early member deadline for NIW 2006 is excellent in that it parallels performance in 2001 at Des Moines. We are hopeful that we will have more than 1100 persons this year and might have as many as 1200. Most other indicators are difficult to judge until we get our new accounting approach completed.

Grants
Grants are another important area affected by the changes in accounting at NAI. We have confirmed about $170,000 in grants income for the year, but performance of the tasks involved in the grants will take place throughout this and next year. We also have $58,723 in deferred grants revenue from 2005. This total grants income of $228,000 will be taken as revenue each month over 2006 and 2007 according to the work performed, meaning that we will make our grant projection of $75,000 easily for this year and a similar or larger amount in 2007.

Definitions Project
Lisa Brochu has facilitated this grant funded project very well over the past year while I have participated with the 20 persons involved as NAI's representative. The third meeting of four face to face meetings went very well and will likely result in print and digital products by early 2007. A website is already posted with many of the documents in progress, but will not be available for public viewing until early 2007.

InterpPress
The History Book has gone to the index specialist and all co-authors for final review before printing. Paul has completed editing, layout, and design. Work on this by Lisa Broch and me was done as "work for hire" and no royalties will result from it. We have a book contract for an interpretive writing book with Alan Leftridge that may be released late in 2006.

Journal of Interpretation Research
The first 2006 issue of the journal has been mailed bringing us up to date. The second is in progress according to editor Carolyn Ward, so we should be back on schedule with this by fall.

Legacy Trust Fund
Board mandated changes in investments were made on July 31 and completed by August 11. An update on those changes may be seen by clicking here: NAI Investments.

Networking
We held the CIT course in the National Training Center from July 10 to 15 and it was a great opporunity to network with the 26 members who attended, including four from Panama. I also recently hosted Pam Enting of Australia in our home and at the office when she stopped by to observe the Definitions Project. She is Vice-president of Interpretation Australia Association and an interpretive consultant.

Travel Plans
My upcoming travel may be viewed here.