ACSP’S BUDGET
Background
ACSP must obtain and spend funds to accomplish its
objectives. Revenues come primarily from base dues charged to each member
school, capitation dues based on the number of faculty in each program, net
revenues from conferences, and miscellaneous income. Expenditures include
the annual conference; JPER publication; strategic initiatives,
special studies, and various committee and interest group activities
approved by the Governing Board; and organizational support (administrative
and financial). At the direction of the Governing Board, ACSP also
maintains a reserve fund of $125,000 to insure its future financial
solvency.
The proposed annual budget (prepared by the Executive
Committee) is reviewed, amended as necessary, and approved by the Governing
board at their Spring meeting each year. In preparing the proposed budget
the treasurer solicits budget requests from all ACSP sub-units (standing and
special committees, interest groups, JPER editors, etc.).
For the past several years (at least since 2002), ACSP
has been in a healthy financial situation. This has not always been the
case. In the early 1990s, ACSP was in deficit and near bankruptcy. The
absence of accurate accounting systems allowed funding allocations to exceed
available resources. To correct this situation the Board became more
prudent in decision-making, established a reserve fund, and engaged a
professional accounting firm to set up proper financial systems for the
Association. As well, subsequent treasurers (Susan Bradbury, Tom Clark and
Barry Nocks) worked closely with Donna Dodd (our financial staff person) and
the accounting firm to institute more careful financial record keeping. We
currently receive annual and semi-annual reports from our accountant of
actual expenditures that we compare to budgeted amounts.
In recent years the Board has taken the following
actions to insure our continued financial well-being:
