Report of the Executive Secretary and Treasurer for the Fiscal Year Ending June 30, 2019

• Date: 01 April 2020
• Published date: 01 April 2020
• DOI: http://doi.org/10.1111/jofi.12887

THE JOURNAL OF FINANCE •VOL. LXXV, NO. 2 •APRIL 2020

AMERICAN FINANCE ASSOCIATION

Report of the Executive Secretary and Treasurer

for the Fiscal Year Ending June 30, 2019

Financial: The Association remains in a strong financial position with total

assets of $21.4 million as of June 30, 2019. Net Operating Income for the

fiscal year was –$144,879, which does not count the new contributions to the

Fischer Black Fund. Expenses related to the development of the AFA website

contributed to the loss. With interest, dividends, realized and unrealized capital

gains, the total income for the period ending June 30, 2019 was $1.98 million.

The Association’s net worth increased by 10.7% for the fiscal year.

Please note: For details, the audited financial statements are now posted

on the AFA website (www.afajof.org).

Membership: Membership totals over the past ten years are represented in

the following exhibit:

14000

12000

10000

8000

6000

4000

2000

0

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Library and

Corporate

Lifeme members

and Sponsors

Student Members

Acve Members

Total membership numbers increased over 7% between 2018 and 2019 to

over 12,000. Our regular (active) membership remained fairly stable in 2019

while student members increased by 22% over 2018.

DOI: 10.1111/jofi.12887

C2020 the American Finance Association

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