CALCPA treasurer's report.
Author | Cope, Andrea G. |
Position | Annual report 2008 - California Society of Certified Public Accountants |
CalCPA ended its 98th year financially sound. We are well-grounded to take the organization into the next century strong and committed to our current and next generation of members. We reached another milestone in membership growth with more than 32,000 members. Revenues exceeded budget primarily due to the continued success of CalCPA programs and chapter events, increased contributions to the Institute, and an increase in investment income despite the weak investment market.
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While revenues were up, we had several expenses that decreased our overall net assets. In December 2007, we authorized the termination of the frozen defined benefit pension plan. In anticipation of the termination, we sold our investment holdings and purchased money market funds a day before the market took a big drop last October. This action allowed us to stabilize the potential termination cost which is accrued in our 2007-08 financials.
The market fluctuated tremendously this year. We have a sound investment policy and a well diversified portfolio that limited our unrealized losses. Overall meeting and event costs were up due to successful programs including chapter events, Celebrating Women CPAs, the financial...
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