Magazine article American Libraries

Financially Healthy: Revenue Exceeds Expenses in FY2014

Magazine article American Libraries

Financially Healthy: Revenue Exceeds Expenses in FY2014

Article excerpt

Several times during the year, I report back to the membership on the financial health of the Association. Overtime, these reports have shown a steady growth in the financial strength and capacity of the Association.

As I have said before, we continue to be completely transparent and regularly communicate with the membership about the finances of the Association.

As you are aware, we entered the year with a cautious outlook; however, ALA's management made a number of organizational and operational changes to ensure that expenses would be in line with revenues. This means that the ALA you see today is leaner than the ALA of the past.

Given the pressures we have faced over the last couple of years, management and staffers have done an extraordinary job in continuing to strengthen member services while moving forward on the Association's strategic directions and programmatic priorities.

The final audit for fiscal year 2014 will be presented at the 2015 Midwinter Meeting & Exhibits, but the preliminary results for the fiscal year, which ended on August 31, showed that last year, revenue exceeded expenses by $1.9 million. For the General Fund, which includes membership, conferences, publishing, and the ALA offices, revenue exceeded expenses by $606,000.

This positive outcome is due to a number of factors, including a strong 2014 Midwinter Meeting & Exhibits and a very strong showing at the 2014 ALA Annual Conference and Exhibition in Las Vegas; strong American Association of School Librarians and Public Library Association conferences; creative management in the publishing unit, including strong growth in RDA; and expense reductions across the Association and each of its divisions.

The 2014 fiscal year-end results have allowed the Executive Board to give the ALA staff a 2% year-end organizational incentive for 2014. …

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