Annual report 2011-2012: independent auditor's report, combined financial statements and supplementary information.

CalCPA TREASURER'S REPORT

CalCPA performed well this fiscal year in spite of continued economic uncertainties and maintained an increase in net assets of SI.65 million belbre realized and unrealized losses on investments. Total revenue was 6 percent above target and total expense was 6 percent under budget. Due to market fluctuations, net investment loss was S654K.

This fiscal year proved to be successful not .just on the financial front, though: CalCPA surpassed a record 40,000 members. which strengthened its position as the nation's largest state association of certified public accountants.

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As we look to the coming year we are committed to the success and strength of CalCPA, and are grateful to the membership and stall' who will continue to ensure that CalCPA remains one of the pre-eminent membership organizations in the country..

Richard Similar, CPA

CALIFORNIA CPA EDUCATION FOUNDATION TREASURER'S REPORT

The Education Foundation continues to execute on its vision to be the leading provider Of continuing professional education for CPAs and financial professionals. The Education Foundation's success is reflected in the financial statements liar the fiscal yearmil ... with the more than $500K increase in net assets driven by strong program performance. The Education Foundation maintained an excess of revenue of approximately $900K before a net realized and unrealized loss on investments of S392K.

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The customer base and its demands continue to shift. dramatically. Customer delivery preference continues to move toward web-based product with live attendance at. courses and conferences falling below target., while webcast attendance surges. these shifts are reflected in income, with a little less revenue than expected, yet a related decrease in expenses led to a higher gross margin than budgeted.

The ongoing...