annual report 2015 - 2016 -...
TRANSCRIPT
Annual Report 2015 - 2016
From the President ASFIP had a great year in many different areas thanks to the volunteers’ efforts. The Atlanta society had over a hundred volunteers participating for about 2000 hours. As a professional non-profit, we depend on generosity of individuals who want to give back and to help welcome college students into our industry. All our success should be shared by the members who volunteer to make us better. Here is a list of highlights:
1550 members and guests attended our programs and 165 were on our conference calls
over 1500 views occurred on our YouTube channel, check out the latest
our Foundation was established and received our 501c3 status from IRS
we held 2 events with Junior Achievement, donated $10000 to JA and $5000 to GCEE
outreach with media expanded with Media Forecast lunch and Media Source book
our IRC winner UGA advanced to IRC Global final reflecting well on our society
we held a half day event for Future of Finance with five other ATL professional groups
marketing continued with WABE and expanded to Captivate in local elevators
The society is very fortunate to have had consistent support of Cathy Ford as our full time Executive Director. Our board and committees did great work with all our programs. I would encourage all to look at our Governance page on the website to see the breadth of participation and to consider joining "a difference that matters". We have tried to be more externally focused with the ASFIP brand (Invest with Excellence) and ASFIP Foundation brand (Learn, Grow, Succeed). These brands will position our society well in current environment and will have many synergies with CFA Institute ongoing efforts.
As we continue to operate in a challenging return environment, I would encourage members to find strength and support from other members. I believe our over 1400 members are a very talented society and the level of cooperation is excellent. Whenever I struggled or needed assistance, there was always a member who stepped forward to help lift me up. I believe that the new leadership team will do a great job in continuing this effort but it takes determination of many not the few to be great.
As we ended our fiscal year on June 30, we are in excellent shape. During 2015-2016 the society has invested in areas to promote our mission, expanded services to our members and increased the visibility of the organization in Atlanta and nationwide. I want to say what a pleasure it was to serve as your society president and I look forward to continuing the efforts which have been launched. Together, let us all Invest with Excellence for many years to come.
Stephen P. Davenport, CFA
President, 2015-2016
2015-2016 Board of Trustees Stephen Davenport, CFA President John Skinner, CFA VP-Programs Grace Liao VP- Education Christy Loop, CFA Treasurer; Technology LaShonda Fuselier, CFA, CPA Secretary; Outreach George Chen, CFA, CIPM Trustee; Past President Dustin Martin, CFA, CPA Trustee; Past President Joe Porter Trustee; Past President Kathleen Chrisman, CFA Trustee, Past President, SAC Chair Hazel Sanger, CFA Trustee; Past President Curtis Kimball, CFA Trustee Darren Short, CFA Trustee James Loving Trustee Joshua Cochran, CFA Trustee Curtis Kimball, CFA Trustee; Membership Darlene van Nostrand, CFA Marketing & PR Merlin Tolstyk, CFA Career Resources Kurt Tesh Jr., CFA Advocacy Raanan Pritzker, CFA Audit
Mission Atlanta Society of Finance and Investment Professionals is a not-for-profit services organization fostering the highest level of professional ethics, standards, and competence among the investment professionals of Greater Atlanta. We serve our members and the local financial community through educational and other programs, and thereby contribute to the enhancement of our profession.
Past Presidents2014 – 2015 George Chen, CFA. CIPM
2013 – 2014 Dustin S. Martin, CFA, CPA
2012 – 2013 Joe Porter
2011 – 2012 Andrew H. Higley, CFA
2010 – 2011 Kathleen C. Chrisman, CFA
2009 – 2010 Dean A. Austin, CFA, CAIA
2008 – 2009 R. Vincent Baria, CFA
2007 – 2008 William R. Annis, CFA
2006 – 2007 Eli P. Niepoky, CFA
2005 – 2006 Richard T. Bartolo, CFA
2004 – 2005 Anna M. Craig, CFA
2003 – 2004 John C. Yeoman, Jr., CFA
2002 – 2003 Bradford S. J. Young, CFA
2001 – 2002 Ronald Jerome Days, CFA
2000 – 2001 Molly M. Guenther, CFA
1999 – 2000 Kurt J. Tesh, Jr., CFA
1998 – 1999 Barry N. Berlin, CFA
1997 – 1998 Jane R. Davenport, CFA
1996 – 1997 Thomas A. Martin Jr., CFA
1995 – 1996 Kathleen C. Chrisman, CFA
1994 – 1995 Lynn T. Blake, CFA
1993 – 1994 Brion D. Friedman, CFA
1992 – 1993 Janet T. Miller, CFA
1991 – 1992 George J. Hauptfuhrer III, CFA
1990 – 1991 Janet B. Bunch, CFA
1989 – 1990 Richard B. Vivona, CFA
1988 – 1989 Carole H. Cox, CFA
1987 – 1988 John L. Haverkampf Jr., CFA
1986 – 1987 John F. Morgan, CFA
1985 – 1986 Donald J. Thompson II, CFA
1984 – 1985 Carolyn Chinn Hughes, CFA
1983 – 1984 Charles B. Morris Jr., CFA
1982 – 1983 Edward C. Mitchell, CFA
1981 – 1982 Daniel W. Boone III, CFA
1980 – 1981 Robert E. Reiser Jr., CFA
1979 – 1980 Keith Anthony Greaves, CFA
1978 – 1979 David Arthur Lee, CFA
1977 – 1978 Hazel A. D. Sanger, CFA
1976 – 1977 Wendell M. Starke, CFA
1975 – 1976 J. Robert Douglas, CFA
1974 – 1975 Frederick L. Muller, CFA
1973 – 1974 Herbert H. Frost, CFA
1972 – 1973 James R. Dillon Jr., CFA
1971 – 1972 Richard W. Agnor, CFA
1970 – 1971 Raymond L. Steele, CFA
1969 – 1970 Solon P. Patterson, CFA
1968 – 1969 Jay L. Levine, CFA
1967 – 1968 Valjean B. Brookshaw Jr., CFA
1966 – 1967 William M. Matthews Jr., CFA
1965 – 1966 Thomas E. Martin Jr., CFA
1964 – 1965 Eugene Caldwell, CFA
1963 – 1964 Frank E. Block, CFA
1962 – 1963 John B. Ellis, CFA
1961 – 1962 Norman S. Welch, CFA
Programs During the 2015-2016 fiscal year, ASFIP held 35 events, including one half-day conference, six “Virtual Series” conference call events, and several career development & networking events. From these events, video and/or audio were captured and posted to our YouTube channel for 25 presentations. In addition to a full year’s worth of PD and SER credits for CFA charterholders, our events were approved for nine hours of CFP and IMCA continuing education credit.
Special thanks are due to Cathy Ford, Executive Director, who worked hard to ensure the events were smoothly run and top notch. We’d also like to extend heartfelt thank you to our sponsors, partnering organizations, speakers, and program committee volunteers for a successful and educational year of programming. We continue to strive to bring topical presenters to our membership as continuing education is a main pillar of our Society.
What it Takes to Win on Wall Street (Carla Harris, Morgan Stanley)
*Annual Meeting (Tony Crescenzi, PIMCO – Sponsored by PIMCO)
*Virtual Series: DOL Fiduciary Rule and Putting Investors First (Rich Lynch, fi360)
*Future of Finance | Atlanta (Partnering Organizations: CAIA, NASP, GSA, SEHFA, ACG)
*Putting Investors First: “What Investors Want” (Rebecca Fender, CFA Institute)
*The Future of Finance in Atlanta (Jim Beard, CFO, City of Atlanta)
*Retirement Security: Pensions with Purpose (Martin J. Sullivan, State Street Global Advisors)
*Financial Knowledge: Financial Literacy Initiatives (Panelists Rod Batiste, State of Georgia Division of
Investment; Mike Raymer, Georgia Council on Economic Education; Amy Hennessy, Federal Reserve Bank of Atlanta; Moderator: Bill Nigut, Georgia Public Broadcasting)
*Cognitive Diversity and Best Practices for Institutional Investors (Michael Garcia, Willis Towers Watson)
Derivatives: Safeguarding the System & Effective Regulation and Enforcement (Panelists: Steven Sears, Barron’s; Andrew Higley, Voya Investment Management; William Hope; Moderator: Steve Davenport, SunTrust)
Alternative Investments: Transparency and Fairness (Panelists: Gregory Spick, UPS; Keon Holmes, Cambridge Associates; Edward Burke, K2 Advisors/Franklin Templeton; Moderator: Harold Randall, GMT Capital)
*The Future of Finance (Jason Trennert, Strategas Research Partners)
Career Series: Networking Social (Whiskey Blue)
Doing Good While Doing Well: Impact Investing for a Sustainable Tomorrow (Meredith Block, Rockefeller & Co. – Sponsored by Touchstone Funds)
ASFIP Volunteer Day (Junior Achievement of Georgia, Inc.)
*Economic Outlook (Paul Ashworth, Capital Economics)
*Global Markets and Investor Flows: Risks and Opportunities (Samarjit Shankar, BNY Mellon)
*How Exposed Are You to The Emerging Markets? (Greg Johnsen, Parametric Portfolio Associates)
Cyber Security – Are You Prepared? (Speaker: David Chaves, FBI – Partnering Organization: SEHFA)
*Stupid, Lazy and Rich: Applying Behavioral Finance for Fun and Profit (Speaker: Dr. Daniel Crosby)
ASFIP Southern Classic | Investment Research Challenge (Sponsored by RidgeWorth Investments)
*Global Infrastructure Market Update (Francis X. Greywitt, Deutsche Asset Management)
*Forecast Dinner: What Investors Need To Know About Geopolitics in 2016
(Speaker: Willis Sparks, Eurasia Group)
Diamond Sponsor
Voya Investment Management
Platinum Sponsor
T. Rowe Price, Inc.
Gold Sponsor
BlackRock, Inc.
Silver Sponsors
Allianz Global Investors
Deutsche Asset Management
Hartford Funds
Invesco Powershares
Janus Capital Institutional
Montag & Caldwell
Parametric Portfolio Associates
State Street Global Advisors
Vanguard Group
Willis Towers Watson
Winners of the Forecast Survey contest from 2015 received a Buckhead Life Restaurant Group gift card in recognition of their achievement:
↔ S&P 500 forecast winner: Wesley Reagan
↔ 10-year Treasury forecast winners: Tom Martin, LaShonda Fuselier, George Chen
↔ WTI Crude forecast winner: Alex Hertz
↔ Euro/USD forecast winner: Elena Vasilescu, David Summers, David Fisher
↔ Gold Spot forecast winner: Rob Spencer
*Virtual Series: Oil and Energy Outlook for 2016 (Michael Tran, RBC Capital Markets)
Wine Pairing Benefit for ASFIP Foundation (Vino Venue)
Gold Sponsors REMS Group
GenSpring Family Offices
Silver Sponsors Decatur Capital Management Inc.
Wells Fargo Asset Management
SunTrust Private Wealth
*Virtual Series: Global Fixed Income Outlook for 2016: Spreads and Curves (Christine Hurtsellers, Voya Investment Management)
*Virtual Series: Global Equity Markets Outlook for 2016 (Timothy C. Murray and Kurt Umbarger, T. Rowe Price)
*Virtual Series: Global Monetary Policy Outlook for 2016 (Steven Malin, Allianz Global Investors)
*Insights on Real Estate from an Atlanta REIT CEO (Donald A. Miller, Piedmont Office Realty Trust)
Holiday Party at SweetWater Brewing Company (Partnering Organization: SEHFA)
Today, Your First Impression for Prospects May Happen Online! What Are You Saying? (Chris Lybeer, Kredible)
*Future of Finance: Building the Investment Management Profession (Paul Smith, CFA Institute)
Annual Conferment Dinner (Beth Hamilton-Keen, Mawer Investment Management)
Career Series: Strength Workshop in Financial Services (Maureen Corcoran)
*It’s Back to the Future for Fixed Income (Kathleen Gaffney, Eaton Vance Investment Managers - Sponsor: Eaton Vance Investment Managers)
*EM Debt: A Falling Knife or Ripe Opportunity? (Speaker: Samy Muaddi, T. Rowe Price – Sponsor: T. Rowe Price)
*Understanding ETF Creation and Trading: Evaluating Market Impact to Clients (Speaker: James Maund, State Street Global Advisors – Sponsor: State Street Global Advisors)
Home Depot Strategic Business Update (Carol Tome, Home Depot)
*Managing Investments in China | The Potential of the Tiger (Junh Li, JL Warren Capital)
*Power of Women in Finance and Investments (Junh Li, JL Warren Capital)
Virtual Series: BlackRock Perspectives on Addressing Fixed Income Market Liquidity (Kashif Riaz, BlackRock)
Volunteer Appreciation and Society Networking Event (Gordon Biersch)
SEHFA’s 14th Annual Southeast Alternative Investment BBQ (Partner Organization: SEHFA)
Education This year, the education committee worked to improve the CFA Institute Research Challenge – Southern Classic. A newly structured committee was formed at the beginning of the fiscal year to better serve the participants. A team representing the University of Georgia bested 11 other prominent colleges and universities to win the 2016 Southern Classic, and advanced to the Final Four of the Global CFA Institute Research Challenge in Chicago. We’d like to thank
RidgeWorth Investments for sponsoring the competition for the third year in a row.
The education committee hosted Annual Conferment Dinner and awarded 16 new CFA Charterholders. The keynote speech was delivered by Beth Hamilton-Keen, Chair of the Board of Governors of the CFA Institute. The committee also helped CFA candidates in the preparation of CFA exams by offering the Fall 2015 Level I review course and mock exams for all levels. Additionally, the committee assisted ASFIP Foundation in obtaining CFA program materials for foundation students, as part of the university outreach initiative. Many thanks to Natalia Mazitova and Polina Denissova, and all the volunteers, for their hard work.
CFA Institute Research Challenge – Southern Classic A team representing the University of Georgia took home the coveted Ridgeworth Cup and split a cash prize of $ 1,500 in the eighth annual Southern Classic round of the CFA Institute Research Challenge on February 20, 2016. They advanced to the Americas Regional round in Chicago in April 2016, featuring winners of local challenges throughout North and South America. This year, our winning team also advanced to the Final Four of the Global round as the only U.S. team.
The students participating in Southern Classic presented their analysis and
investment recommendations on Intercontinental Exchange (ICE). Their presentation at the Southern Classic was the culmination of months of research; interviews with company management, competitors, and clients; and presentation training.
The Southern Classic is a local level of the CFA Institute Research Challenge, a global competition presented by CFA Institute. In order to promote best practices in equity research and company analysis, student participants in the challenge research, analyze, and report on a company as if they are practicing
analysts. Kaplan Schweser and FactSet sponsored the challenge globally. The Southern Classic was sponsored by RidgeWorth Investments and presented by
Atlanta Society of Finance and Investment Professionals (ASFIP) and the CFA Societies of Alabama and South Carolina.
During this round, twelve teams of three to five students from the area’s leading universities and business schools competed for a place in the regional final. Universities competing were Auburn University, Clemson University, Emory University, College of Charleston, Furman University, Georgia State University, Georgia Institute of Technology (Georgia Tech), Mercer University, Mercer University – Atlanta, University of Georgia, University of Alabama and Wofford College.
The University of Georgia team consisted of Sarah Greenwood, Elijah Yarborough, Matthew Green, Arjun Goel, and Thomas Saunders. Throughout the competition, the team received guidance from their faculty adviser Jake He and industry mentor Patrick Coyne, and staff support from Anne Cooper.
The global competition, which ran through April 2016, attracted more
than 4,000 students from 865 universities in 70 countries during the competition year.
Thank you to our many volunteers who made it all possible. ASFIP is ready to kick-off another year of research challenge Southern Classic. Volunteers will be needed. Please email the Research Challenge committee at [email protected] if you are interested.
Congratulations to the University of Georgia team
for winning the ASFIP Annual IRC | Southern
Classic and for advancing to the Final Four of the CFA
Institute CFA Institute Research Challenge!
Membership Your Membership Committee worked to attract and process new memberships and assist with other membership changes during the year just ended.
Committee Curtis Kimball, CFA – Chair Scott Crenshaw, CFA Marilyn Kimball, CFA Rex Macey, CFA As of June 30, 2016, the Atlanta chapter had 1,390 active
members of all types. ASFIP chapter membership grew 1.5 percent this year, with a net gain of 20 members (up from 1,370 active members as of June 30, 2015).
Approximately 97 percent of the members are regular members -- i.e. CFA charter holders (94 percent) or long-term professionals. The remaining three percent are affiliate members.
In addition, in 2015 ASFIP began offering local Participant Associate affiliations for those who are students or who are not interested in CFA Institute membership or the CFA charter program. This new affiliation has been a success in adding 64 new Participants who attend local chapter meetings and pay dues. Participant Associates pay the same $100 annual dues as regular and affiliate members. If Participants are added to the list of members, the total number of people affiliated with ASFIP rises to 1,454.
During the year the following membership actions occurred (not including transfers): New members who activated or reactivated between 7/1/2015 and 6/30/2016 TOTAL = 99 Existing members who lapsed or cancelled between 7/1/2015 and 6/30/2016 TOTAL = 79 Two members changed to retired status. Our membership retention rate remains at around 85 percent which is among the top one-third of all the CFA Institute constituent chapters.
MEMBERSHIP
Treasurer The 2016 fiscal year marked an increase of 55% (year over year) in CFA Institute operational funding, which helped boost annual revenues by 7%. The change in operational funding helped the Board execute its strategic plan of implementing a local marketing campaign to expand its membership base, launching a student run Foundation, and increasing electronic access to programming events and intellectual content. Expenses also increased year over year, primarily due to funding provided to the
Foundation on behalf of initial start-up costs and fundraising efforts.
As of June 30, 2016, the Society held approximately $350,000 in reserves, which sufficiently covers the Society’s basic or core operational expenditures. We anticipate our position of financial strength to improve during FY17, particularly as the Foundation becomes a stand-alone entity with a separate P&L; however, we will continue to invest in opportunities and programs which create additional value for our membership. Please refer to the Appendix for unaudited financials and our investment policy statement as of 6/30/16. Thank you, and it’s been a pleasure serving as the Society’s Treasurer during this past fiscal year.
Strategic Advisory Committee The Strategic Advisory Committee (SAC) completed its second year. Kathleen (Kathy) C. Chrisman, CFA, former President and current member of the Board of Trustees, chaired the SAC. The objective of the SAC continues to be to facilitate discussions between the Society Board of Trustees and local investment community leaders about current trends in the investment industry, activity in the local area, the Society’s value proposition and strategic plan. The SAC also serves as a repository of institutional knowledge for the Society. The SAC had two in-person
meetings as listed below:
July 30, 2015 - Progress on Strategic Plan, ASFIP Foundation, Brain-storming
April 18, 2016 - Strategic Plan Committee updates, Foundation, Future of Finance Conference, New Participant review
Additional events:
↔ Members of SAC have been invited to serve for another year at their discretion.
↔ Kathy was re-appointed to serve as Chair of SAC with the term to expire June 30, 2018.
↔ Members of SAC have been invited to attend the Past President’s Luncheon to take place on August 16, 2016.
Strategic Advisory Committee Kathleen Chrisman, CFA, Chair
William Annis, CFA
Dean Austin, CFA
Vincent Baria, CFA
Janet Bunch, CFA
George Chen, CFA
Carole Cox, CFA
Anna Craig, CFA
Stephen Davenport, CFA, President
George Hauptfuhrer, CFA
David Lee, CFA
Rex Macey, CFA
Dustin Martin, CFA
Thomas Martin, CFA
Charley Morris, CFA
Joe Porter
Robert Reiser, CFA
Bradford Young, CFA
Volunteer The fiscal year saw the volunteer efforts of the Society
broaden to include additional mission aligned education
goals – in Community Outreach with our partnership with
Junior Achievement Atlanta, and the establishment of the
ASFIP Foundation. These initiatives provided new types of
volunteer opportunities and we were pleased to see
increased volunteer engagement during the year. A joint
volunteer recognition and recruitment event will be held
on August 25th.
Committees
Advocacy
Career
Education
Membership
Marketing & PR
Technology & Social Media
Outreach
Community Corporate University
Programs
Future of Finance
Investment Research Challenge
Volunteers Aaron Foresman, CFA
Aaron Jacobson-Swanson, CFA
Adam Rogers, CFA
Adrian Cronje, PH.D., CFA
Aki Pampush, CFA
Alan Hartley, CFA
Allen Gillespie, CFA
Andretta Weaver, CFA
Andrew Carstensen, CFA
Anna Craig, CFA
Anne.Coupe
Anuja Singha, CFA
Aradhana Gupta Kejriwal, CFA
Benjamin Webb, CFA
Brad Phillips, CFA
Brad Robinson, CFA
Brian Bugg, CFA
Brian Hussain, CFA
Brion Friedman, CFA
Carole Cox, CFA
Chad Deakins, CFA
Charles East
Charles Singleton
Charlotte Walsh, CFA
Christopher Jones, CFA
Christopher Martin
Christy Loop, CFA
Craig Ruff, CFA
Curtis Kimball, CFA
Dan Wright, CFA
Darren Short, CFA
David Damiani, CFA
David Riley, CFA
Dennis Dong
Dustin Martin, CFA, CPA
Farzad Jalil-Alghadr, CFA
Francis Jin, CFA
Francis Jin, CFA, CIPM
Frederick McAuley, CFA
Garrett O'Malley, CFA
George Chen, CFA
Georgia Hauptfuhrer, CFA
Grace Liao
Gregory Bauer, CFA
Gregory Silberman, CFA
Jackie Cushman, CFA
James Shilkett
Janet Yuen, CFA
Joe Porter
John Givens, CFA
John Hanson, CFA
John Skinner, CFA
Josh Cochran, CFA
Josh Rosenberg, CFA
Julia Casals
Justin Pinckney, CFA
Kathy Chrisman, CFA
Kelly Truesdale, CFA
Kendall Anderson, CFA
LaShonda Fuselier, CFA
Lisa Joublanc, CFA
Magnolia Shumaker
Manoj Madhavan, CFA
Marc Borrelli, CFA
Marc Bosworth, CFA
Mark Driver
Meena Devarakoonda
Michael Lee - Chair
Michael Rieger, CFA
Natalia Mazitova, CFA
Nick Tiemeyer, CFA
Patrick Coyne, CFA
Paul Buren, CFA
Pete Osterland, CFA
Randy Loving
Rex Macey, CFA, CFP, CIMA,
Riaz Hameed, CFA
Robert Key, CFA
Roger Sheffield, CFA
Russ Allen
Rusty Griffin
Ryan Milam
Sabrina Macdonald
Scott Barron
Scott Crenshaw, CFA
Sharon Margetson, CFA, CIPM
Shayne John
Stephen Davenport, CFA
Steve Marino, CFA
Steve Werber, CFA
Vince Baria, CFA
William Aycock, CFA
William Hinson
William Little, CFA
Members Making Events
Financial Position
Liquidity
Balances as of date shownFifth Third Savings (05/31/16) 65,386$ Fifth Third Checking (05/31/16) 26,981$ Vanguard Investment Account (03/31/16) 257,362$ Total 349,729$
FY Expenditures* 257,199$ FY Ependitures (excluding Other Expenses)* 173,453$
Coverage Ratio vs. Expenditures 1.4Coverage Ratio vs. Expenditures (excluding Other Expenses) 2.0
*FY expenditures excludes $75K in forecasting event and reduces programming expenditures by $25K. Assume basic operations would exclude these costs.
Unaduited Financial StatementsProfit & Loss Budget vs. Actual Cash Basis
July 2015 through June 2016
Jul '15 - Jun 16 Budget $ Over Budget % of Budget
Ordinary Income/Expense
Income
Education Income
CFA Review Course 23,547.56 12,000.00 11,547.56 196.23%
Research Challenge Income 9,750.00 10,000.00 -250.00 97.5%
Total Education Income 33,297.56 22,000.00 11,297.56 151.35%
CFAI Operational Support 76,120.00 50,000.00 26,120.00 152.24%
Forecasting Dinner
Forecasting Dinner Member Fees 4,125.05 9,000.00 -4,874.95 45.83%
Forecasting Dinner Sponsors 77,500.00 85,000.00 -7,500.00 91.18%
Forecasting Dinner Guest Fees 1,375.00 3,000.00 -1,625.00 45.83%
Total Forecasting Dinner 83,000.05 97,000.00 -13,999.95 85.57%
Career Resources
Member Fees 0.00 500.00 -500.00 0.0%
Job Posting 1,800.00 5,000.00 -3,200.00 36.0%
Career Resources - Other 0.00 0.00 0.00 0.0%
Total Career Resources 1,800.00 5,500.00 -3,700.00 32.73%
Member Dues
Student Associate 1,035.00 1,800.00 -765.00 57.5%
Participant Associate 4,100.00 3,200.00 900.00 128.13%
Member Dues - Other 130,450.00 110,000.00 20,450.00 118.59%
Total Member Dues 135,585.00 115,000.00 20,585.00 117.9%
Program Fees
Sponsorships 8,200.00 5,000.00 3,200.00 164.0%
Member Fees 7,140.00 7,500.00 -360.00 95.2%
Guest Fees 5,090.00 5,000.00 90.00 101.8%
Total Program Fees 20,430.00 17,500.00 2,930.00 116.74%
Miscellaneous Revenue
ASFIP Member Nametag 81.38 100.00 -18.62 81.38%
Total Miscellaneous Revenue 81.38 100.00 -18.62 81.38%
Total Income 350,313.99 307,100.00 43,213.99 114.07%
Gross Profit 350,313.99 307,100.00 43,213.99 114.07%
Expense
Professional Dues
TBC Membership Dues 2,385.00 2,400.00 -15.00 99.38%
Professional Dues - Other 195.00 1,000.00 -805.00 19.5%
Total Professional Dues 2,580.00 3,400.00 -820.00 75.88%
Page 1 of 4
Jul '15 - Jun 16 Budget $ Over Budget % of Budget
Office Expense
Office Equipment
Software 325.96
Office Equipment - Other 305.14 500.00 -194.86 61.03%
Total Office Equipment 631.10 500.00 131.10 126.22%
Corporate Registration 30.00 30.00 0.00 100.0%
Bank Charges
Merchant Fees 3,785.33 2,500.00 1,285.33 151.41%
SunTrust Bank 0.00 0.00 0.00 0.0%
Bank Charges - Other 50.00 300.00 -250.00 16.67%
Total Bank Charges 3,835.33 2,800.00 1,035.33 136.98%
Postage & Delivery 1,615.74 1,500.00 115.74 107.72%
Telephone Services 1,135.00 960.00 175.00 118.23%
Office Supplies
Printing 2,268.63
Office Supplies - Other 276.34 500.00 -223.66 55.27%
Total Office Supplies 2,544.97 500.00 2,044.97 508.99%
Total Office Expense 9,792.14 6,290.00 3,502.14 155.68%
Committee Expense
Committee Meetings
Career Resources 1,092.87 2,500.00 -1,407.13 43.72%
Volunteer 1,252.59 3,000.00 -1,747.41 41.75%
Technology 0.00 0.00 0.00 0.0%
Marketing & PR 1,824.73 0.00 1,824.73 100.0%
Outreach
Community 0.00 0.00 0.00 0.0%
Member 0.00 0.00 0.00 0.0%
Corporate 0.00 0.00 0.00 0.0%
University 105.51 0.00 105.51 100.0%
Outreach - Other 0.00 0.00 0.00 0.0%
Total Outreach 105.51 0.00 105.51 100.0%
Education 522.63 0.00 522.63 100.0%
Programs 390.53 0.00 390.53 100.0%
SAC 1,031.59 0.00 1,031.59 100.0%
Committee Meetings - Other 0.00 7,000.00 -7,000.00 0.0%
Total Committee Meetings 6,220.45 12,500.00 -6,279.55 49.76%
Technology
Website 2,240.00 2,500.00 -260.00 89.6%
Technology - Other 1,755.25 500.00 1,255.25 351.05%
Total Technology 3,995.25 3,000.00 995.25 133.18%
Programs Expense
Page 2 of 4
Jul '15 - Jun 16 Budget $ Over Budget % of Budget
CFP Credits 750.00
Social Events 11,870.03 0.00 11,870.03 100.0%
Speaker Fees 17,048.64 20,000.00 -2,951.36 85.24%
Audio Visual 8,680.14 4,000.00 4,680.14 217.0%
Catering 56,487.94 50,000.00 6,487.94 112.98%
Programs Expense - Other 2,258.17 2,500.00 -241.83 90.33%
Total Programs Expense 97,094.92 76,500.00 20,594.92 126.92%
Education
CFA Review Course
Instructor Pay 5,025.00 12,500.00 -7,475.00 40.2%
CFA Review Course - Other 7,593.24 0.00 7,593.24 100.0%
Total CFA Review Course 12,618.24 12,500.00 118.24 100.95%
Research Challenge Expense 9,880.71 10,000.00 -119.29 98.81%
Conferment Dinner 4,958.70 6,000.00 -1,041.30 82.65%
Education - Other 368.50 500.00 -131.50 73.7%
Total Education 27,826.15 29,000.00 -1,173.85 95.95%
Committee Expense - Other 0.00 0.00 0.00 0.0%
Total Committee Expense 135,136.77 121,000.00 14,136.77 111.68%
Public Relations
Promo Items 6,981.90 2,500.00 4,481.90 279.28%
Advertising 39,951.00 2,500.00 37,451.00 1,598.04%
Public Relations - Other 8,887.50 15,000.00 -6,112.50 59.25%
Total Public Relations 55,820.40 20,000.00 35,820.40 279.1%
Forecasting Event Expenses
Forecasting Event A-V 4,196.24 5,000.00 -803.76 83.93%
Forecasting Event Gifts 2,255.75 100.00 2,155.75 2,255.75%
Forecasting Event Catering 44,478.68 50,000.00 -5,521.32 88.96%
Forecasting Event Speaker Fees 22,923.80 20,000.00 2,923.80 114.62%
Forecasting Event Expenses - Other 888.62 2,000.00 -1,111.38 44.43%
Total Forecasting Event Expenses 74,743.09 77,100.00 -2,356.91 96.94%
Board of Trustees
Outreach
Charitable Contributions 0.00 5,000.00 -5,000.00 0.0%
Total Outreach 0.00 5,000.00 -5,000.00 0.0%
Local Meetings 2,040.90 4,500.00 -2,459.10 45.35%
CFAI Conferences 11,908.72 5,500.00 6,408.72 216.52%
Board of Trustees - Other 650.03 0.00 650.03 100.0%
Total Board of Trustees 14,599.65 15,000.00 -400.35 97.33%
Directors & Officers Insurance 0.00 0.00 0.00 0.0%
Management Fees
Administrative Assistant 970.00 2,500.00 -1,530.00 38.8%
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Jul '15 - Jun 16 Budget $ Over Budget % of Budget
Management Fees - Other 59,306.88 59,306.00 0.88 100.0%
Total Management Fees 60,276.88 61,806.00 -1,529.12 97.53%
Accounting Fees 4,249.75 5,000.00 -750.25 85.0%
Uncategorized Expenses 0.00 0.00 0.00 0.0%
Miscellaneous Expense 0.00 0.00 0.00 0.0%
Total Expense 357,198.68 309,596.00 47,602.68 115.38%
Net Ordinary Income -6,884.69 -2,496.00 -4,388.69 275.83%
Other Income/Expense
Other Income
Interest Income 482.48 1,000.00 -517.52 48.25%
Income Dividends 4,903.63 0.00 4,903.63 100.0%
Total Other Income 5,386.11 1,000.00 4,386.11 538.61%
Other Expense
* Reserve Drawdown
Foundation
Consulting Fees 9,587.55
ASFIP Contributions 71,000.00 75,000.00 -4,000.00 94.67%
Foundation - Other 3,157.65 0.00 3,157.65 100.0%
Total Foundation 83,745.20 75,000.00 8,745.20 111.66%
Total Reserve Drawdown 83,745.20 75,000.00 8,745.20 111.66%
Total Other Expense 83,745.20 75,000.00 8,745.20 111.66%
Net Other Income -78,359.09 -74,000.00 -4,359.09 105.89%
Net Income -85,243.78 -76,496.00 -8,747.78 111.44%
* The Foundation start-up expenses were funded via a Board approved one-time drawdown of reserves.
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Investment Policy Statement Effective as of February 11, 2016 The purpose of these assets is to provide a 2x fixed cost coverage for the Society’s ongoing operational needs. Fixed costs are defined as remaining administrator, overhead and core member service expenses once membership revenues and operational funding have been applied. The reasons for maintaining reserves include: sustaining basic operations and core member services during a short-term economic downturn, providing a source of capital to cover unanticipated temporary revenue shortfalls, and providing the ability to fund operational costs in the event the organization needed to be wound down. For those assets that exceed the reserve levels described above, the Atlanta Society of Finance and Investment Professionals would like to maintain maximum liquidity such that those resources could be utilized as deemed appropriate by the Society Board and Leadership group. Investment Time Horizon – Because these assets are primarily viewed as
reserves, the investment time horizon is actually quite short as these reserves may be utilized at any point in time.
Risk/Return Tolerance – Because these assets are primarily viewed as reserves, the risk tolerance for any loss of principle is very low such that the return expectations should be commensurate with an enhanced cash type vehicle. These vehicles’ returns are dependent on market levels of short-term interest rates.
Cash Requirements – We should determine the amount of daily liquidity needed and set that aside. Other assets could be invested in slightly longer maturity investments to improve the overall yield earned.
Tax Considerations – Given the 501C3 status of the society, there are no tax considerations to be considered.
Legal or Other Constraints – We are not aware of any legal or other constraints at this time.
Other Considerations – The following items need to be confirmed going forward:
o Documentation of the 2x fixed operating costs needs to secure those assets as reserves.
o Determine excess if any beyond reserves and discuss liquidity needs associated with those assets.
o Determine whether any exposure should be maintained beyond an enhanced cash type investment.
4355 Cobb Parkway Phone: 678-324-8474 Suite J-533 Email: [email protected] Atlanta, GA 30339 Website: asfip.org