Report of the Executive Secretary and Treasurer for the Fiscal Year Ending June 30, 2020

• Date: 01 April 2021
• Published date: 01 April 2021
• DOI: http://doi.org/10.1111/jofi.13006

THE JOURNAL OF FINANCE •VOL. LXXVI, NO. 2 •APRIL 2021

AMERICAN FINANCE ASSOCIATION

Report of the Executive Secretary and Treasurer

for the Fiscal Year Ending June 30, 2020

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

assets of $22.1 million as of June 30, 2020. For the past f‌iscal year, operating

income, without the Fischer Black Fund, was −$443,195. This loss is largely

due to an accounting change ($250,000 signing bonus with Wiley is spread over

f‌ive years, and only $25,000 credited to revenue for the reported f‌iscal year)

and the grants for the JF Prizes ($90,000), leaving a net operating income

of −$128,195. With interest, dividends, realized and unrealized capital gains,

the total income for the f‌iscal year was $556,973. The Association’s net worth

increased by almost 3% from the previous 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 10 years are represented in

the following exhibit:

Total membership decreased by 2.2% from 2019. Regular (active) members

decreased by 5.6% and institutional membership numbers are down 10.1%

from 2019. Student membership continues to increase and is up over 5% in

2020. In sum, total membership now stands at 12,000.

DOI: 10.1111/jof‌i.13006

© 2021 the American Finance Association

1033