Update
by the Executive Director
Tim Merriman, Executive
Director
October 2007
Audit, Budget and Cash Flow
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The line of credit has been paid down to $50,000 and may not get much lower this year due to unrestricted fund deficits and unpaid pledges with Legacy Trust Fund. We will send out an appeal in November for pledge donors to complete their obligations. |
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Registration for NAI National Workshop for 2007 is running about 20% lower than expected. This has impact on cash flows. Most years we pay off the line of credit during this strong revenue period and this year we have paid off $225,000 of that short term debt, but not all of it. |
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The audit reports have been completed and a 990 report to the IRS is being prepared by Sample and Bailey. |
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The Annual Report is being prepared at this time. We needed the audit to complete it. The audit is about two months late this year and a letter from our auditor explained that situation. It was due to our books not being in the best condition for an audit at year-end and to auditors being scheduled on multiple audits while doing our audit. Sample and Bailey sent a letter of apology for their slowness and explained reasons for it. |
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Beth and Desiree Calvelage, our accounting consultant, have been working through accounts receivables and other unresolved bookkeeping items identified by auditors to make corrections. This work is substantially done with a small amount left to do on pledges receivables. |
Business Plan 2007
The performance on Business Plan objectives for 2007 are generally good except in the areas of membership income and National Workshop registration. Both of these key drivers of revenue are down. Many members report that Wichita is less interesting than Portland in 2009 and that seems to be affecting registration. Certification has surpassed objectives as has InterpPress sales. Not hiring on the Sales Manager has left us without growth in co-sponsorships, ad sales and other sales areas. Last year’s budget and objectives were written with Development Director involvement and grants, co-sponsorship and fundraising objectives have not been achieved.
Grants
We continue to work with NPS with the Phase II grant with USEPA on projects related to the nature center study with CSU. No other grants have been sought or are pending.
InterpPress
Sales of existing books go well with 112% of projections for the year achieved to date. The Association Store sales are at 50% on always rely on a good performance at the National Workshop to meet objectives so that result is yet to come.
Investments
Sale of stocks from the Randall Fund and Taylor Charitable Gift Annuity yielded a return greater than 27% for VGENX and virtually no growth in the other two funds. This amounts to a 13.5% return for the $100,000 in Randall Funds and a 27% return for the Taylor CGA. Dick Taylor has received a contractual percentage of the earnings from invested funds in the CGA the first three quarters of this year. His passing on October 7 converts this contractual gift to a scholarship fund for members from Southern Colorado. In 2008 interest incomes from this fund will be available for scholarships.
Journal of Interpretation Research
- The first issue for 2007 went out earlier this month in August. The second issue will be sent soon to Paul Caputo for editing and should be in print by December of 2007 if copy is received by mid-November.
Leases
Both leases downstairs at 230 Cherry St. have expired on July 15. NPCA has renewed their lease and RMBO is going month by month, trying to decide whether to stay in our building or move. We are seeking other potential tenants in case we need someone in that space in the new year.
Sales
Ad sales are about $10,000 behind last year’s performance due to lost accounts without replacement sales equal to the losses. InterpPress is doing better than expected and Association Store sales are lagging slightly.
Staff Changes
We have no plans to hire additional staff before end of this year.
Training and Speaking
In September we held a successful CIP course in Missouri, held a non-personal interpretation course at the Region 2 workshop in Delaware and attended The Vital Spark conference in Aviemore, Scotland. In early October we participated in the first Geoparks Interpretation Conference in Yuntaishan, China. This included about 15 NAI members along with 45 Chinese colleagues.
Travel Plans
My upcoming travel may be viewed here.
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