CALCPA TREASURER'S REPORT.

• Author: Wheeler, Nancy
• Position: California Society of Certified Public Accountants - Brief Article

After two years of streamlining operations, CalCPA is back on track The year ended April 30,2001 reflects an increase in net assets of $1,247,000, bringing ending net assets up to $3,754,000. Revenues exceeded budget by about $400,000 while expenses were about $800,000 under budget.

Cost-cutting measures were accomplished by both members and staff during a year of multiple challenges: Our new executive director came on board; we relocated our Redwood City offices; implemented our new governance model; and lobbied Sacramento in favor of the UAA. Timely financial reporting provided to the Finance Committee by the accounting staff was critical to the committee's role of informed financial oversight.

The Finance Committee is also responsible for monitoring our investments. The declining market reduced the value of our investments by approximately $200,000, however net investment income was $121,000 due in part to higher cash balances invested in commercial paper and an institutional money market fund. A subcommittee was formed for the purpose of retaining an independent investment consultant. The role of the consultant is to...