CalCPA treasurer's report.

• Author: Johnson, Kathryn A.
• Position: Annual Report 2015-2016: Independent Auditors' Report, Combined Financial Statements and Supplementary Information

CalCPA finished another fiscal year in strong financial condition. Total assets increased by $1.2 million this year to a total of $37.8 million. Net assets finished the year at $23.9 million--lower than prior year as a result of market volatility that led to unfavorable investment returns. Even with the recent events affecting the investment markets, the CalCPA Investment Committee remains confident that the portfolio is well positioned to sustain our long-term objectives.

The retrofit and renovation of our new headquarters building added $2.7 million to fixed assets during the year.

We are still on target for completion of the building upgrade in early 2017.

The year ended with membership at an all-time high of nearly 43,000 members, yet dues revenue declined by approximately 2 percent compared to the prior year. This downward revenue trend reflects the shilling workforce...