Annual report 2O13-2O14: independent auditors' report, combined financial statements and supplementary information.

• Author: Ziegler, Jennifer

CalCPA TREASURER'S REPORT

I am thrilled to report that CalCPA has completed another successful year. As reflected in our financial statements. CalCPA saw a $1.6 million increase in net assets. The increase was a combination of revenues being higher than projected, and expenses being lower than expected. Also contributing to this year's success were the net gains in investments as well as an increase in the number of firms enrolled in the peer review program.

CalCPA is continuing to see a membership-mix change. Members are aging and moving from the executive category, which is the highest rate, to the retired or life member category, where rates are lower or free. The good news is that we surpassed 42,000 members. The staff and members worked hard to achieve these results.

We are also fortunate to have a well-performing investment portfolio. under the capable guidance of the Investment Committee and our professional investment advisers, Halbert Hargrove. Our hands-on committee is committed to making sure our investments are managed appropriately.

It is exciting to witness new member benefits, such as the four hours of free ethics CPE and the website upgrade, as well as the continued intangible benefits from advocacy efforts and enhanced visibility of the CPA profession. I am grateful to the members and staff who continue to ensure that CalCPA remains an excellent organization,

CALIFORNIA CPA EDUCATION FOUNDATION TREASURER'S REPORT

The Education Foundation has remained resilient this past year while facing competition from its competitors. Loretta Doon, CalCPA and Education Foundation CEO, and her team did an excellent job reviewing business processes and developing innovative new products to adjust to the rapidly changing education market. The mid-year adjustments they made were effective in...