Magazine article Communication World

Positive Growth for IABC

Magazine article Communication World

Positive Growth for IABC

Article excerpt

The financial statements on these pages reflect another positive year for IABC in 2006. The association achieved a surplus of revenue over expenses that exceeded expectations. Membership grew 7.7 percent, with new developmental chapters established in India, Slovenia, and Trinidad and Tobago. IABC also completed a comprehensive branding initiative that resulted in a new tagline that sums up what IABC helps its members to do: Be Heard[TM].

To see the full annual report narrative, published in the July-August 2007 issue of CW, visit www.iabc.com/cw.

International Association of Business Communicators Financial Statements

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF DECEMBER 31,
2006 AND 2005 All amounts in US$.

ASSETS                                             2006         2005

CASH AND CASH EQUIVALENTS                   $   356,373       389,912
RESTRICTED CASH                                 441,000       441,000
INVESTMENTS HELD FOR OPERATIONS                 846,281       325,000
ACCOUNTS RECEIVABLE                              45,089        52,494
INVENTORY                                       122,347        98,071
PREPAID EXPENSES AND OTHER ASSETS               228,217       205,364
INVESTMENTS                                     432,676       349,845
FURNITURE, EQUIPMENT AND LEASEHOLD
  IMPROVEMENTS--Net                             119,819       137,119
  Total assets                              $ 2,591,802     1,998,805

LIABILITIES AND NET ASSETS
LIABILITIES:
  Accounts payable                          $   342,094       252,362
  Due to affiliated chapters and regions         89,219        43,101
  Accrued expenses                              115,142        91,490
  Deferred revenue                            1,544,831     1,495,234
    Total liabilities                         2,091,286     1,882,187

NET ASSETS:
  Unrestricted                                  468,355        79,407
  Temporarily restricted                         16,161        21,211
  Permanently restricted                         16,000        16,000
    Total net assets                            500,516       116,618
      Total liabilities and net assets      $ 2,591,802     1,998,805

CONSOLIDATED STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS
FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005

CHANGES IN UNRESTRICTED NET ASSETS:                2006          2005

  Revenue and support:
    Membership dues and fees                $ 2,620,403     2,527,307
    Conferences, seminars and awards          2,121,303     2,032,681
    Information resources and
      publications                              667,105       540,082
    Advertising, exhibit and list rental         69,688        54,846
    Investment income                            91,852        40,485
    Contributions                                 35473        53,338
    Other revenue                                145455       114,136
    Net assets released from
      restrictions                                5,050        49,900
      Total revenue and support               5,756,329     5,412,775

  Expenses:
    Program expenses:
    Conferences, seminars and awards          1,695,879     1,506,923
    Membership                                  580,714       459,641
    Information resources and
      publications                            1,095,182       970,059
    Public relations                            251,744       159,062
    Leadership and international
      development                               240,898       212,005
    Accreditation                                55,429        51,128
    Other professional development               11,634        11,967
Total program expenses                            3,931     3,370,785
  General administration                    $ 1,144,287         1,124
  Executive board                               290,894       253,055
  Fundraising                                       720         1,079
    Total expenses                            5,367,381     4,748,930

   INCREASE IN UNRESTRICTED NET ASSETS          388,948       663,845

CHANGES IN TEMPORARILY RESTRICTED NET ASSETS:
  Sponsorship revenue                                           5,050
  Net assets released from restrictions          (5,050)      (49,900)
    DECREASE IN TEMPORARILY RESTRICTED
      NET ASSETS                                 (5,050)      (44,850)

INCREASE IN NET ASSETS                          383,888       618,895
NET ASSETS (ACCUMULATED DEFICIT)--
  Beginning of year                             116,618      (502,377)
NET ASSETS--End of year                     $   500,516       116,618

CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED
DECEMBER 31, 2006 AND 2005

CASH FLOWS FROM OPERATING ACTIVITIES:              2006         2005
  Increase in net assets                    $   383,898       618,995
  Adjustments to reconcile increase in
    net assets to net cash provided by
    operating activities:
    Depreciation and amortization                70,351        28,601
    Unrealized gain on investment               (20,220)       (8,396)
    Changes in assets and liabilities:
      Accounts receivable                         7,405        17,561
      Inventory                                 (24,276)       (9,444)
      Prepaid expenses and other assets         (22,853)     (152,177)
      Accounts payable                          135,850       102,438
      Accrued expenses                           23,652       (11,440)
      Deferred revenue                           49,597       (44,991)
    Net cash provided by operating
      activities                                603,404       541,147

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchases of equipment                        (53,051)     (128,041)
  Purchases of investments                   (1,235,137)     (862,766)
  Proceeds from sale of investments             651,245       196,317
    Net cash used in investing activities      (636,943)     (794,490)

NET DECREASE IN CASH AND CASH EQUIVALENTS       (33,539)     (253,343)
CASH AND CASH EQUIVALENTS--Beginning
  of year                                       389,912       643,255
CASH AND CASH EQUIVALENTS--End of year      $   356,373       389,912

This summary of financial information has been extracted from IABC
consolidated audited financial statements, on which an independent
public accounting firm has expressed an unqualified opinion. … 
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