APPA: THE ASSOCIATION OF HIGHER EDUCATION FACILITIES OFFICERS FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION

Transcription

1 FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION YEARS ENDED MARCH 31, 2015 AND 2014

2 TABLE OF CONTENTS YEARS ENDED MARCH 31, 2015 AND 2014 INDEPENDENT AUDITORS REPORT 1 FINANCIAL STATEMENTS STATEMENTS OF FINANCIAL POSITION 3 STATEMENTS OF ACTIVITIES 4 STATEMENTS OF CASH FLOWS 5 NOTES TO THE FINANCIAL STATEMENTS 6 INDEPENDENT AUDITORS REPORT ON THE SUPPLEMENTAL INFORMATION 14 SUPPLEMENTAL INFORMATION SCHEDULE OF CHANGES IN NET ASSETS 15 SCHEDULE OF FUNCTIONAL EXPENSES 16

3 CliftonLarsonAllen LLP CLAconnect.com INDEPENDENT AUDITORS REPORT Board of Directors APPA: The Association of Higher Education Facilities Officers Alexandria, Virginia We have audited the accompanying financial statements of the APPA: The Association of Higher Education Facilities Officers (the Organization ), which comprise the statements of financial position as of March 31, 2015 and 2014, and the related statements of activities and cash flows for the years then ended, and the related notes to the financial statements. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. An independent member of Nexia International (1)

4 Board of Directors APPA: The Association of Higher Education Facilities Officers Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of APPA: The Association of Higher Education Facilities Officers at March 31, 2015 and 2014, and the changes in its net assets and its cash flows for the years then ended in accordance with principles generally accepted in the United States. CliftonLarsonAllen LLP Arlington, Virginia June 13, 2015 (2)

5 STATEMENTS OF FINANCIAL POSITION MARCH 31, 2015 AND 2014 ASSETS CURRENT ASSETS Cash and Cash Equivalents $ 1,714,691 $ 1,775,236 Certificates of Deposit, Current Portion 150, ,000 Accounts Receivable, Less Allowance for Doubtful Accounts of $3,700 in 2015 and ,169 87,289 Prepaid Expenses, Current Portion 52, ,086 Inventory 58,099 86,631 Products in Process, Current Portion 38,095 46,301 Total Current Assets 2,206,339 2,249,543 ACCOUNTS RECEIVABLE - CERTIFICATION 776, ,713 PREPAID EXPENSES, NET OF CURRENT PORTION 262,997 55,389 PRODUCTS IN PROCESS, NET OF CURRENT PORTION 23,083 13,776 CERTIFICATES OF DEPOSIT, NET OF CURRENT PORTION 9,637 9,510 DEFERRED COMPENSATION INVESTMENTS 281, ,129 PROPERTY AND EQUIPMENT Land 189, ,830 Building 1,099,971 1,099,971 Furniture, Equipment and Software 705, ,348 Total Property and Equipment 1,995,244 2,068,149 Less Accumulated Depreciation and Amortization 1,064,494 1,068,490 Net Property and Equipment 930, ,659 Total Assets $ 4,491,571 $ 4,202,719 LIABILITIES AND NET ASSETS CURRENT LIABILITIES Accounts Payable and Accrued Expenses $ 300,942 $ 354,149 Dues Collections for Regions 201, ,450 Deferred Revenue - Dues, Convention and Other 1,327,675 1,148,964 Total Current Liabilities 1,830,013 1,641,563 DEFERRED COMPENSATION 281, ,129 Total Liabilities 2,111,808 1,889,692 NET ASSETS Unrestricted: General 1,870,014 1,795,555 Operating Reserve 400, ,000 Capital Renewal Reserve 100, ,000 Total Unrestricted Net Assets 2,370,014 2,295,555 Temporarily Restricted 4,449 12,172 Permanently Restricted 5,300 5,300 Total Net Assets 2,379,763 2,313,027 Total Liabilities and Net Assets $ 4,491,571 $ 4,202,719 See accompanying Notes to the Financial Statements. (3)

6 STATEMENTS OF ACTIVITIES YEARS ENDED MARCH 31, 2015 AND Temporarily Permanently Temporarily Permanently Unrestricted Restricted Restricted Total Unrestricted Restricted Restricted Total REVENUE Education $ 1,281,966 $ - $ - $ 1,281,966 $ 1,487,470 $ - $ - $ 1,487,470 Publications 705, , , ,207 Annual Conference 1,089, ,090, ,502 8, ,502 Membership 1,790, ,790,332 1,858, ,858,354 Planning and Governance 25, ,000 20, ,000 Research and Development 47, ,000 54, ,000 Facilities Management Evaluation Program (FMEP) 193, ,045 21, ,000 Supervisor's Toolkit 154, , , ,485 Interest and Dividends 4, ,965 4, ,993 Other 13, ,731 3, ,187 Net Assets Released from Restrictions 8,000 (8,000) Total Revenue 5,314,940 (7,723) - 5,307,217 5,172,198 8,000-5,180,198 EXPENSES Program Services: Education 1,322, ,322,824 1,295, ,295,496 Publication 994, ,522 1,041, ,041,352 Annual Meeting 859, , , ,687 Membership 504, , , ,665 APPANet 301, , , ,381 Research and Development (R&D) 191, , , ,819 Facilities Management Evaluation Program (FMEP) 165, , , ,041 Other Programs Total Program Services 4,339, ,339,226 4,101, ,101,527 Supporting Services: Planning and Governance 663, , , ,601 General and Administrative (G&A) 237, , , ,703 Total Supporting Services 901, , , ,304 Total Expenses 5,240, ,240,481 4,919, ,919,831 CHANGE IN NET ASSETS 74,459 (7,723) - 66, ,367 8, ,367 Net Assets - Beginning of Year 2,295,555 12,172 5,300 2,313,027 2,043,188 4,172 5,300 2,052,660 NET ASSETS - END OF YEAR $ 2,370,014 $ 4,449 $ 5,300 $ 2,379,763 $ 2,295,555 $ 12,172 $ 5,300 $ 2,313,027 See accompanying Notes to the Financial Statements. (4)

7 STATEMENTS OF CASH FLOWS YEARS ENDED MARCH 31, 2015 AND CASH FLOWS FROM OPERATING ACTIVITIES Change in Net Assets $ 66,736 $ 260,367 Adjustments to Reconcile Change in Net Assets to Net Cash (Used in) Provided by Operating Activities: Depreciation and Amortization 73,217 61,229 Obsolete Inventory - 34,178 Loss on Disposal of Property and Equipment Change in Assets and Liabilities: Accounts Receivable (256,137) 128,605 Prepaid Expenses (155,807) (65,866) Inventory 28,532 48,090 Products in Process (1,101) 9,634 Accounts Payable and Accrued Expenses (53,207) 66,084 Dues Collections for Regions 62,946 (2,432) Deferred Revenue - Dues, Convention and Other 178, ,943 Net Cash (Used in) Provided by Operating Activities (55,374) 644,832 CASH FLOWS FROM INVESTING ACTIVITIES Purchases of Property and Equipment (5,171) (106,166) Net Cash Used in Investing Activities (5,171) (106,166) NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (60,545) 538,666 Cash and Cash Equivalents - Beginning of Year 1,775,236 1,236,570 CASH AND CASH EQUIVALENTS - END OF YEAR $ 1,714,691 $ 1,775,236 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash Paid During the Year for Income Taxes $ 27,915 $ 53,412 See accompanying Notes to the Financial Statements. (5)

8 NOTES TO THE FINANCIAL STATEMENTS MARCH 31, 2015 AND 2014 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization APPA: The Association of Higher Education Facilities Officers (The Association) is a not-for-profit organization that was incorporated in the District of Columbia on January 1, The Association was formed to develop and maintain high standards for physical plants/facilities organizations utilized by educational institutions and to promote professional ideals and standards to better serve the objectives of the educational enterprise. Basis of Accounting The Association prepares its financial statements on the accrual basis of accounting. Consequently, revenue is recognized when earned and expenses when the obligation is incurred. Income Tax Status The Association is exempt from the payment of income taxes on its exempt activities under Section 501(c)(3) of the Internal Revenue Code, and has been classified by the Internal Revenue Service as other than a private foundation. The Association evaluated its tax positions and determined that its positions are more-likelythan-not to be sustained on examination. No provision for income tax is required for Cash Equivalents For financial statement purposes, the Association considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents. Certificates of Deposit Certificates of deposit, which have initial maturities ranging from nine months to two years, are recorded at cost, which approximates fair value. Short-term certificates of deposit have initial maturities of one year or less. Accounts Receivable Accounts receivable are recorded at net realizable value. Accounts 90 days past due are analyzed for collectability and when all collection efforts have been exhausted, the account is written off to bad debt expense. Management established an allowance for doubtful accounts at March 31, 2015 and 2014 in the amount of $3,700. Prepaid Expenses Prepaid expenses consist of costs related to future events or time periods and have been classified as short term in the financial statements based on timing of expected recognition of one year or less. (6)

9 NOTES TO THE FINANCIAL STATEMENTS MARCH 31, 2015 AND 2014 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Inventory Inventory consists primarily of publications held for resale at the lower of cost (first-in, first-out method) or market value. Inventory is reviewed by management for consideration of expected future sales based on historical sales of each item. Any inventory item deemed to be obsolete is written off from the inventory balance and expensed. Products in Process Products in process consist of work in process for books, computer tools and educational programs that will be reclassified as inventory and result in future sales once the products are completed. Products also include electronic publications available for unlimited sale. As future sales are unknown, these electronic publications are amortized over the span of time they are available for sale, which is between one to three years, and considered to be a reasonable estimate of cost of sales. Amounts have been classified as short-term in the statement of activities based on estimated amortization in one year or less. Property and Equipment Acquisitions of property and equipment greater than $1,000 are capitalized and are depreciated over the estimated useful lives (building 45 years, furniture, equipment, and software 3 to 10 years), using the straight-line method. Dues Collected for Other Regions The Association acts as an agent on behalf of the regional APPA organizations throughout the United States, which are affiliated with the Association and work simultaneously to further the mission of the Association specifically in their region states. Membership dues for the regions can be paid in conjunction with the Association membership dues and are subsequently remitted by the Association to the region. According to the accounting codification guidance, the Association does not possess variance power over these funds, and therefore these activities do not flow through the Association s revenue and expenses. A liability is recorded for any funds that are held by the Association at year end. Revenue Recognition Revenue is recognized during the period in which it is earned. Deferred revenue consists of testing fees, application fees, and other revenue received in advance of the period to which they relate. (7)

10 NOTES TO THE FINANCIAL STATEMENTS MARCH 31, 2015 AND 2014 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Net Assets The Association reports its net assets in the following categories: Unrestricted: General - represents an unrestricted, undesignated fund that accounts for the general operations of the Association. Operating Reserve - represents a board designated fund established to offset unexpected Association contingencies or commitments. This appropriation is conditioned upon an excess of revenue over expenses. Capital Renewal Reserve - represents a board designated fund established to accumulate funds for the replacement of major property and equipment. Temporarily Restricted - represents investment income earned on permanently restricted funds that are available to support selected projects. Also, includes sponsorships restricted to support selected projects. The temporarily restricted net assets are released when the program or time restrictions have been met. Permanently Restricted - represents endowment funds that require the original contributions to be invested in perpetuity. Functional Allocation of Expenses The costs of providing the various programs and supporting services of the Association have been summarized on a functional basis in the statements of activities. Accordingly, certain costs have been allocated among the programs and supporting services benefited based on the estimated staff time devoted to each area. Advertising Costs The Association s advertising costs, which include various media and other forms of communications, are expensed as incurred. Promotional costs directly related to the marketing of future events are expensed in the same period as the revenue related to the event. Advertising costs for the years ended March 31, 2015 and 2014, were $115,196 and $39,917, respectively. Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. (8)

11 NOTES TO THE FINANCIAL STATEMENTS MARCH 31, 2015 AND 2014 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Fair Value of Financial Instruments Fair Value Measurements The Association accounts for a significant portion of its financial instruments at fair value or considers fair value in their measurement. The Association also accounts for certain assets at fair value under applicable industry guidance. Fair Value Hierarchy The Association has categorized its financial instruments, based on the priority of the inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded on the statements of financial position are categorized based on the inputs to the valuation techniques as follows: Level 1 Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that the Association has the ability to access. Level 2 Financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include among others, quoted prices for similar assets or liabilities in active market or non-active market. Level 3 Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management s own assumptions about the assumptions a market participant would use in pricing the asset or liability. Subsequent Events In preparing these financial statements, the Association has evaluated events and transactions for potential recognition or disclosure through June 13, 2015, the date the financial statements were available to be issued. (9)

12 NOTES TO THE FINANCIAL STATEMENTS MARCH 31, 2015 AND 2014 NOTE 2 CONCENTRATION OF RISK Financial instruments that subject the Association to concentrations of credit risk consist of checking accounts with financial institutions, which may, at times, exceed federally insured limits. Management believes that there is no significant financial risk on these balances at March 31, 2015 and NOTE 3 ACCOUNTS RECEIVABLE CERTIFICATION The APPA Board for Educational Facilities Professionals Certification (Certification Board) is a 501(c)(6) organization established to support the exempt mission, purpose and activities of APPA. The Certification Board has a separate Board of Directors and is not controlled by APPA. The Board of APPA authorized APPA to provide initial start up funding to the Certification Board. The Certification Board will repay the start up costs incurred by APPA within a reasonable period of time following a balanced income and expenses stream. Annually, APPA determines the amount due from the Certification Board for payroll and related overhead expenses, and for the year ended March 31, 2015, APPA forgave $10,090 due from the Certification Board. Collection is fully expected and, accordingly, no allowance has been provided. Balances as of March 31, 2015 and 2014, are comprised of the following: Beginning Balance $ 626,713 $ 639,359 Allocated Payroll and Related Overhead 37,254 - Direct Expenses Paid by the Association 324, ,026 Collections on Behalf of the Certification Board (211,130) (177,672) Ending Balance $ 776,970 $ 626,713 NOTE 4 RETIREMENT PLAN The Association has a qualified 403(b) retirement plan for employees who are at least 21 years of age and have worked for the Association for at least one year. Under the terms of the plan, the Association contributes 10% of the individual s compensation. Contributions to the plan amounted to $121,137 and $123,522 for the years ended March 31, 2015 and 2014, respectively. NOTE 5 DEFERRED COMPENSATION The Association has a non-elective Internal Revenue Section 457 deferred compensation plan open to the Executive Officer and certain employees who meet compensation requirements. Investments held for deferred compensation obligations are recorded at market value. Amounts deferred from compensation under this plan amounted to $12,410 and $11,820 for the years ended March 31, 2015 and 2014, respectively. (10)

13 NOTES TO THE FINANCIAL STATEMENTS MARCH 31, 2015 AND 2014 NOTE 5 DEFERRED COMPENSATION (CONTINUED) Following is a description of the valuation methodologies used for assets measured at fair value. The TIAA Traditional Account has been reclassified from Level 2 to Level 3. The change in the classification and levels of these investments is a result of improved reporting of the valuation methods and nature of these investments by the Trustee. Pooled separate accounts: The pooled separate accounts are valued based on the NAV of units, which are based on market prices of the underlying investments, held by the Plan at year end. Investments in the fixed accounts are valued at contract value, which approximates fair value. These accounts, excluding the real estate type, have a daily redemption frequency and notice period. The real estate pooled separate account has a redemption frequency of quarterly and a redemption notice period of daily. Guaranteed investment contract: The TIAA Traditional Annuity is segregated by TIAA CREF into benefit responsive and non benefit responsive categories and is reported at contract value, which approximates fair value. The contract value of the TIAA Traditional Annuity equals the accumulated cash contributions and interest credited to the Plan s contracts, less any withdrawals. While transactions involving the purchases and sales of individual TIAA Traditional Annuities contracts are not observable in a public marketplace, contract value may provide a good approximation of fair value. This conclusion is supported by the following two lines of reasoning; (1) theoretical transfer of an asset owned by a pension plan and (2) a quantitative model based on assumptions of future interest rates and related discounted cash flows. Certain contract types contain liquidity restrictions on the redemption of the TIAA Traditional Annuity accumulations, which could impact the value upon exiting the contracts. Generally, transfers and distributions from the TIAA Traditional Annuity accounts are allowed in 10 annual installments and do not require an advance notice period. The Plan has no unfunded commitments with their guaranteed investment contract investments. Such investments are typically valued using Level 3 inputs. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value for certain financial instruments could result in a different fair value measurement at the reporting date. (11)

14 NOTES TO THE FINANCIAL STATEMENTS MARCH 31, 2015 AND 2014 NOTE 5 DEFERRED COMPENSATION (CONTINUED) The following table presents the Association s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of March 31, 2015 and Level 1 Level 2 Level 3 Total Money Market $ 780 $ - $ - $ 780 Pooled Separate Accounts by Type: Cref Annuities - Equities - 176, ,158 Cref Annuities - Real Estate - 32,774-32,774 Cref Annuities - Fixed Income - 9,136-9,136 Cref Annuities - Multi-Asset - 7,029-7,029 Total Pooled Separate Accounts - 225, ,097 Cref Annuities - Guaranteed Investment Contract ,918 55,918 $ 780 $ 225,097 $ 55,918 $ 281, Level 1 Level 2 Level 3 Total Money Market $ 780 $ - $ - $ 780 Pooled Separate Accounts by Type: Cref Annuities - Equities - 156, ,463 Cref Annuities - Real Estate - 29,022-29,022 Cref Annuities - Fixed Income - 7,554-7,554 Cref Annuities - Multi-Asset - 5,388-5,388 Total Pooled Separate Accounts - 198, ,427 Cref Annuities - Guaranteed Investment Contract ,922 48,922 $ 780 $ 198,427 $ 48,922 $ 248,129 (12)

15 NOTES TO THE FINANCIAL STATEMENTS MARCH 31, 2015 AND 2014 NOTE 5 DEFERRED COMPENSATION (CONTINUED) The tables below set forth a summary of changes in fair value of the Plan s Level 3 assets for the years ended March 31: Balance, Beginning of Year $ 48,922 $ 42,431 Investment Income 1,955 1,704 Purchases 5,041 4,787 Balance, End of Year $ 55,918 $ 48,922 Gains and losses (realized and unrealized) included in changes in net assets for the period above are reported in net appreciation in fair value of deferred compensation investments in the statement of financial position. The following table represents the Plan s Level 3 financial instruments, the valuation techniques used to measure the fair value of those instruments, and the significant unobservable inputs and the ranges of values for those inputs. Type Fair Value Valuation Technique Significant Unobservable inputs Range Guaranteed investment $ 55,918 Discounted cash flow Risk-adjusted 3.0% % contract Theoretical transfer (exit value) discount rate applied* *Unobservable inputs include discount rate applied NOTE 6 LINE OF CREDIT The Association has a line of credit to cover working capital needs that extends through March 5, The maximum amount available is $500,000 with an interest rate of 4.5%. There was no outstanding balance as of March 31, 2015 and NOTE 7 HOTEL COMMITMENTS The Association has entered into agreements with hotels for room accommodations and other functions for its meetings to be held subsequent to March 31, These agreements contain clauses whereby the Association may be liable for liquidated damages in the event of cancellation. At March 31, 2015, the maximum potential amount of liquidated damages is approximately $288,000. (13)

16 CliftonLarsonAllen LLP CLAconnect.com INDEPENDENT AUDITORS REPORT ON THE SUPPLEMENTAL INFORMATION Board of Directors APPA: The Association of Higher Education Facilities Officers Alexandria, Virginia We have audited the financial statements of APPA: The Association of Higher Education Facilities Officers as of and for the years ended March 31, 2015 and 2014, and our report thereon dated June 13, 2015, which expressed an unmodified opinion on those financial statements, appears on page 1. Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The schedules of changes in net assets and functional expense, which are the responsibility of management, are presented for purposes of additional analysis and are not a required part of the financial statements. Such information has not been subjected to the auditing procedures applied in the audit of the financial statements, and, accordingly, we do not express an opinion or provide any assurance on it. CliftonLarsonAllen LLP Arlington, Virginia June 13, 2015 An independent member of Nexia International (14)

17 SCHEDULE OF CHANGES IN NET ASSETS YEARS ENDED MARCH 31, 2015 AND 2014 (SEE INDEPENDENT AUDITORS REPORT ON THE SUPPLEMENTAL INFORMATION) Unrestricted Capital Operating Renewal Temporarily Permanently General Reserve Reserve Total Restricted Restricted Total Net Assets, March 31, 2013 $ 1,543,188 $ 400,000 $ 100,000 $ 2,043,188 $ 4,172 $ 5,300 $ 2,052,660 Change in Net Assets 252, ,367 8, ,367 Net Assets, March 31, ,795, , ,000 2,295,555 12,172 5,300 2,313,027 Change in Net Assets 74, ,459 (7,723) - 66,736 Net Assets, March 31, 2015 $ 1,870,014 $ 400,000 $ 100,000 $ 2,370,014 $ 4,449 $ 5,300 $ 2,379,763 (15)

18 SCHEDULE OF FUNCTIONAL EXPENSE YEARS ENDED MARCH 31, 2015 AND 2014 (SEE INDEPENDENT AUDITORS REPORT ON THE SUPPLEMENTAL INFORMATION) Annual =CY() =PY(1) Education Publication Meeting Membership APPANet R&D FMEP G&A Governance Total Total Wages $ 185,969 $ 265,185 $ 108,820 $ 181,153 $ 95,139 $ 38,315 $ 57,022 $ 138,098 $ 185,669 $ 1,255,370 $ 1,201,161 Meeting Expense 504,036 1, ,200 1,653-25,063-23,941 84,384 1,016, ,282 Consultants, Honoraria 90,959 94, ,424 36,898 53,473 20,500 58,400 98,855 18, , ,684 Travel 190,156 5,554 51,925 43,740-80,933 1,627 11, , , ,556 Employee Benefits 63,905 86,356 33,459 51,618 33,731 11,200 18,903 56,863 48, , ,751 Office Expenses 53,936 68,395 13,267 36,539 60,068 2, ,356 19, , ,125 Editing, Design & Advertising 26, ,899 14,666 34,815-2,937 6,212 53,763 11, , ,143 Publication Prod & Multimedia 95, , , ,411 Occupancy Expenses 434 3, , , ,654 Bank/Credit Card/Investment Fee 28,907 14,479 26,014 34, , ,857 Insurance/Filing Fees/Taxes 3,986 77,347 3, , ,308 82,186 Gifts/Awards/Scholarships ,838 9, ,515 30,443 90,076 91,890 Professional Fees ,350 17,831 83,404 80,909 Depreciation & Amortization , ,134-46,471 34,483 Office Equipment 5, ,228-21,681 29,246 Miscellaneous Expense 1, ,302 5,599 19,828 1,493 Total Direct Expense 1,252, , , , , , , , ,728 5,277,736 4,919,831 Other Expense Overhead Allocation 70,818 99,015 35,409 74,515 41,944 9,864 22,906 (403,999) 49, Staff Effort for Certification (47,345) - (47,345) - Waive Staff Effort for Certification ,090-10,090 - Total Expenses $ 1,322,824 $ 994,522 $ 859,324 $ 504,127 $ 301,692 $ 191,237 $ 165,500 $ 237,999 $ 663,256 $ 5,240,481 $ 4,919,831 (16)