annual report 2016 ima roots matter · pdf filetrust – or too often, the lack of it...

IMA Roots Matter

Annual Report 2016

6. Values

7. Partners

7. Certification

6. Members

8. Progress

8. Your Future

9. Leadership

12. Financials

2. Letter from the CEO

4. Letter from the Chairs

Table of Contents

Trust – or too often, the lack of it – is one of the central issues of our time. Without it, institutions don’t work, societies falter, and people lose faith in themselves, in each other, and in their leaders. But with trust, we succeed. We thrive. We grow.

Trust is born from values, and both are bedrocks of IMA. They uphold our reputation. They allow us to perform in good times, and in disruptive, challenging times. They give us the fuel to innovate, and to deliver meaningful outcomes and opportunities to you, our members, and to the profession of management accounting.

Deeply rooted values shaped IMA’s success in fiscal 2016. Our passion for serving members, highest standards of integrity, innovation and continuous improvement, and teaming to achieve – these are our guiding principles. They’re not just platitudes or words on the walls. They are measures of success, embedded in not just what we produce, but how we produce it. And data and experiences from within and outside IMA tell us that if you hold yourself to high brand, high reputation, you will deliver great results to employees, members, and the profession. We’re doing just that.

Letter from the CEO

“Our passion for serving members, highest standards of integrity, innovation and continuous improvement, and teaming to achieve – these are ourguiding principles.”

2

Growth with confidence and integrity.Most organizations strive to grow. Only great ones grow with confidence and integrity. IMA intends to grow the right way – in a way that should make every one of us proud. In fiscal 2016, our membership levels reached milestones, again. We are more than 80,000 global members and 16,000 student members strong. There is strength in those numbers. More members mean more sharing of best practices, more mentors, more advocacy, and more community building. More value – for you.

The CMA ® (Certified Management Accountant) certification, the world’s leading management accounting credential, is growing, too. In fiscal 2016, we minted the 50,000th CMA. That’s 50,000 management accountants who have embraced the credential’s rigor, relevance, integrity, and trust. IMA doesn’t grandfather anyone into our exams. Everyone who passed the test worked hard for it. They truly earned it. For employers, the CMA signifies confidence in an employee’s knowledge and skill set. For individuals, it symbolizes professional proficiency and opportunity. It’s a competitive differentiator for everyone.

As noted, the CMA program continues to grow in value, candidates, reputation, and trust. Every CMA has passed exams with the same objective standard around the world. When you hire a CMA, whether in Boston or in Beijing, in New Delhi or New York, you have the confidence and trust that the individual has passed multiple exams covering the management accounting body of knowledge including ethics.

Driving innovation.Innovation is the fuel that keeps IMA thriving, and striving, on your behalf to create value, relevance, and differentiation in all our products and services. We follow the credo from Cynthia Barton Rabe, “Don’t let what you know limit what you can imagine.” We will continue to stretch our imagination into the future, your future, as we develop our technology, products, and service plan. In addition to winning industry awards, we have produced many innovations such as CareerDriver®, our new website with personalization, a new publishing product line launched with a book on innovation, and much more.

IMA is healthy from a financial and cultural perspective, and we continue to grow in members, CMAs, reputation, and influence around the world. We have a rich history and a bright future as we rapidly approach our 100th year anniversary. We appreciate your trust in us. That matters more than anything, and we promise we will not let you down.

Thank you.

“In fiscal 2016, our membership levels reached milestones, again. We are more than 80,000 global members and 16,000 student members strong. There is strength in those numbers.”

Jeffrey C. Thomson, CMA, CAE President and CEO

3

Opportunity surrounds us – but we have to seize it. IMA continues to help every one of us do just that.

CMA growth keeps trending upward (70,000 candidates over the last five years). And not just for those who are 10, 15, or 20 years into their careers. More students than ever before are going after the certification – right after graduation or even in their senior year of college. They recognize the value and know employers do too.

But we know there’s more work to do to further the CMA mission. IMA is committed to spreading awareness about the certification’s importance to professional and business growth. Our new national marketing campaign – an edgy commercial broadcasted in unexpected channels like late-night TV – is just one testament to our investment in its future.

The need for more CMAs – and more management accountants, generally – is proven, and it’s amplifying.

Companies worldwide are waking up to the realization that they must compete on efficiencies and productivity. That’s the sweet spot of a management accountant. We have the skills to confidently drive and lead organizational change, and understand how finance interacts with and impacts business strategy, not just its bottom-line.

Students and young professionals need to know how much they’re needed in private industry. This is where the opportunities are. It’s up to us to spread the word. And we are. Our student membership surpassed 16,000 for the first time ever with 157 university student chapters worldwide. As long-time IMA members who have experienced both sides of the finance profession (public accounting and management accounting), we know first-hand the powerful potential of our work – and how well positioned IMA is to help guide and support along the way.

The future of our profession lies within education and technology. You can’t learn enough fast enough to keep pace with the changing world around us. We know this. We also know the ability to bridge technology with finance is critical.

Letter from the Chairs

“As long-time IMA members who have experienced both sides of the finance profession (public accounting and management accounting), we know first-hand the powerful potential of our work – and how well positioned IMA is to help guide and support along the way.”

4

People with these skills are in high demand, as are the organizations that cultivate them. IMA is helping both our members and your employers get the training, knowledge, resources, and talent you need. Our world-class webinars, research, online content, and other educational tools are bolstering the skills – soft and technical, decision support, and analytical – students, and emerging and established leaders require. And our student-focused alliances and programs, such as the Campus Advocate Program and the IMA Higher Education Endorsement Program, are connecting students to the professional world and teaching them to thrive in the workplace.

Seek and capture these opportunities. Every one of you has it in you to advance your career as a management accountant. And IMA is here to partner with you. To serve you. To help you – at every point along your career journey, from student to CFO. Today and tomorrow.

“The need for more CMAs – and more management accountants, generally – is proven, and it’s amplifying.”

Benjamin R. MullingCMA, CPA.CITP2016 Chair

Marc P. Palker CMA, RTRP2016 Chair-Elect

5

Core values are vital, especially in today’s business environment. Ours – what we call Global Core Values – are integral to IMA’s belief system; they help define us and our belief that business done right is good business. They also set expectations for how we behave, with whom we associate and engage, what endeavors we invest in and prioritize, and why we make the decisions we do.

Our values are a source of pride, instilling confidence, trust, and respect for employees and members. They’re fundamental, enduring, and actionable. We believe that an everyday commitment to core values, with rewards and consequences, leads to greater value for our members and more ethically sound organizations to serve the public interest.

Values

MembersIMA proactively works across organizational boundaries to always “remember the member” – evident in all the programs, products, and services designed to boost learning, expertise, and experiences. Our focus on innovation in finance and accounting, particularly through education and training, delivers the enriching outcomes and opportunities our members need. Meanwhile, our continued growth – in revenue, membership, CMAs, global reach – gives members strength, providing them unrivaled access to mentors, best practices, and advocacy worldwide. Our growth helps you grow. There is indeed strength in numbers and power derived from the community of like-minded members.

80,000+ global members 16,000+ student members

What Matters to Us?

6

The highest standards of integrity and trust

Innovation & continuous improvement

Opened our newest office in Singapore

CertificationAs widely recognized as it is deeply rooted, the CMA (Certified Management Accountant) certification is the leading management accounting credential. It’s the only one prominent in the world’s two largest economies – U.S. and China. And its growth continues to break records.

Why? Because it’s the solution to confronting the skills gap in the finance and accounting profession; CMAs have the know-how to bridge the numbers and business strategy. It’s also hard-earned; only 50% of those who take the rigorous exam pass it. The CMA is a differentiator, in the profession and for your career.

The CMA is governed by the Institute of Certified Management Accountants (ICMA) Board of Regents. The certification is always earned through an education requirement, work experience, and passing a two-part exam. And, it’s worth the effort. In addition to career enrichment and flexibility, according to our Global Salary Survey, those with a CMA earn on average 61% more than non-CMAs worldwide.

The right relationships are everything, in life and in business. IMA’s partnerships and alliances with diverse, values-based organizations like ours support, reinforce, and help grow our efforts to propel and preserve the future of management accounting.

Our collaborations – amongst members and staff, and across chapters and councils, as well as with corporate supporters, industry associations, and other professional advocates – widen our reach and strengthen our mission. Whether on campus or in the workplace, in the U.S. or abroad, our partners help amplify our voice and make sure it resonates soundly with those who matter most to our profession.

Partners

21% growth in new CMA candidates

Strategic Partners: ACCA (Association of Chartered Certified Accountants), Robert Half, Wiley, SASB (Sustainability Accounting Standards Board)

7

50,000th CMA minted to date

Corporate Supporters include: Johnson & Johnson, Cummings, Shell Oil, Haier China, Saudi Aramco

Your Future

ProgressWithout innovation there is no progress; it’s the most important thing IMA – and any business – can do to keep pace and get ahead. We’re continuously experimenting, creating, enhancing, and perfecting; work that requires the best of both creativity and discipline. Innovation is key to our continued growth, but it’s also core to who we are, as individuals and as an organization.

Every company says it’s innovative, but we can prove it. IMA was honored as a 2016 Organization of the Year by the American Business Awards; our growth, innovation, and commitment to members were decisive factors of our win. Whether it’s mastering technology to create better user experiences, or producing a first-class publication to deliver important insights and trends (Strategic Finance, IMA’s flagship publication, won awards too!); whether it’s investing in research or publishing a book on advancing innovation in management accounting – it’s all done to further our members’ careers and our profession.

We are champions for all of our members – students as well as young and more experienced professionals. But we’re not just sitting on the sidelines. As the influence of and demand for management accounting continues to rise – with many careers and career paths relating to both value stewardship and value creation – it’s up to us to keep the talent pipeline robust and ready. Through our alliances with institutions and educators around the world, we’re helping design curriculum and advocacy programs that will prepare students for the workplace. And our university chapters and events expose students to the skills vital for success.

But technology plays an integral role in the future of our profession, too. Technology enablement is one of IMA’s “core four” strategic goals, and our technology plan reflects future trends in work flows, education, and learning.

8

IMA Research Foundation awarded its $1 millionth dollar

30k

6% revenue growth

More than $30K in academic scholarships awarded annually

157 university student chapters worldwide

Leadership

9

ATUL KUMAR AGARWAL, CMA, FCMA (INDIA)Planning and Development Board Committee

MARTHA L. ALLE, CPAMember Relations Board CommitteeNominating Board Committee

ATHBA SALWAN MAJEED AL-SAMARIPlanning and Development Board Committee

SOLAIMAN A. ALTWAIJRI, CMA, CFM, CIA, CPA, CISA, CFE, Ph.D.Performance Oversight and Audit Board Committee

ROSEMARY M. AMATO, CMA, CPA, CISAGovernance Board CommitteeNominating Board Committee

AMBER J. ARNHOLD, CMAMember Relations Board Committee

KRISTINE M. BRANDS, CMAPerformance Oversight and Audit Board Committee

PEGGY A. BROWNMember Relations Board Committee

ANTHONY N. CASPIO, CMAPerformance Oversight and Audit Board Committee

CARLOS M. CHAVEZVolunteer Leadership Board Committee

CHRISTIAN CUZICK, CMAPlanning and Development Board Committee

LOUTFI K. ECHHADE, CMA, CFM, CFE, CIA, CISA, CPA, CBMPerformance Oversight and Audit Board Committee

ALEX C. ENG, CMA, CFM, CPAPerformance Oversight and Audit Board Committee

JOHN K. EXLINE, CMA, CPAPerformance Oversight and Audit Board Committee

SANDRA L. GIBERSONGovernance Board CommitteeNominating Board Committee

BYRD S. HEATONStuart Cameron McCleod Society PresidentVolunteer Leadership Board Committee

JANET A. HENRY, CMAPerformance Oversight and Audit Board Committee

FRANK P. HOMBURGER, CPAPerformance Oversight and Audit Board Committee

BENJAMIN M. JACKSONMember Relations Board Committee

PAUL E. JURAS, CMA, CPA, Ph.D.Planning and Development Board Committee

JANE E. KARLI, CMAPlanning and Development Board Committee

ROBERT J. LAUX, CMA, CPAGovernance Board CommitteeNominating Board Committee

NANCY C. MCCLEARY, CPAMember Relations Board Committee

J. STEPHEN MCNALLY, CMA, CPAMember Relations Board Committee

JENNIFER A. MERCER, CMAPlanning and Development Board Committee

BRAD J. MONTERIOPlanning and Development Board Committee

MARK J. MORGANVolunteer Leadership Board Committee

ANTHONY P. PENCEK, CPAPerformance Oversight and Audit Board Committee

ChairBENJAMIN R. MULLING, CMA, CPA.CITPGovernance Board Committee ChairNominating Board Committee

Immediate Former Chair-EmeritusWILLIAM F. KNESE, CMA, CFM, CPAMember Relations Board Committee

Chair-ElectMARC P. PALKER, CMA, RTRPNominating Board Committee ChairPlanning and Development BoardCommittee ChairGovernance Board Committee

President and CEOJEFFREY C. THOMSON, CMA, CAEGovernance Board CommitteeNominating Board Committee

Chair-EmeritusJOSEPH A. VINCENT, CMAVolunteer Leadership Board Committee Chair Governance Board CommitteeNominating Board Committee

Vice President, Governance and Volunteer RelationsPATRICIA (PAT) A. STEFANCZYK, CAEGovernance Board Committee Staff LiaisonNominating Board Committee Staff LiaisonVolunteer Leadership Board Committee Staff Liaison

Global Directors

10

PASCAL PETER, CMA, CIAPlanning and Development Board Committee

JUN PU, CMA, CFMPlanning and Development Board Committee

STEPHEN R. RITTER, EMTMember Relations Board Committee

TASHEE N. SINGLETONVolunteer Leadership Board Committee

DAVID W. SKORA, CMA, CFMVolunteer Leadership Board Committee

JAMES C. SMITH, CPAMember Relations Board Committee ChairGovernance Board CommitteeNominating Board Committee

PATRICK J. STROH, CMAPlanning and Development Board Committee

F. DAVID TEETS, JR., CMA, CPA, CGMAVolunteer Leadership Board Committee

RICK S. THOMPSON, CMA, CFM, CPA, CIA, CTP, CFEPerformance Oversight and Audit Board Committee

TIMOTHY P. TROUTVolunteer Leadership Board Committee

JAMES R. WALKER, JR.Governance Board CommitteeNominating Board Committee

SAMUEL C. WEAVER, CMA, CFM, Ph.D.ICMA Board of Regents ChairPlanning and Development Board Committee

PENNY S. WELLER, CMA, Ph.D.Performance Oversight and Audit Board Committee

VIRGINIA D. WHITE, CMAPerformance Oversight and Audit Board Committee ChairGovernance Board CommitteeNominating Board Committee

VICKI L. WHITEHEADVolunteer Leadership Board Committee

JAMES A. WILLIAMS, CPAVolunteer Leadership Board Committee

R. MICHAEL WILLIAMS, CMA, CPA, CGMAVolunteer Leadership Board Committee

NANCY A. ZAWORSKI, CMAMember Relations Board Committee

XIAOXIAO ZHU, CMAMember Relations Board Committee

HARRY W. ZIKE, CMA, CITP, CPAGovernance Board CommitteeNominating Board Committee

Former IMA Presidents and Chairs

2014-2015JOSEPH A. VINCENT, CMAVolunteer Leadership Board Committee Chair Governance Board CommitteeNominating Board Committee

2013-2014WILLIAM F. KNESE, CMA, CFM, CPAMember Relations Board Committee

2012-2013JOHN C. MACAULAY, CMAPlanning and Development Board Committee

2011-2012BRIAN L. MCGUIRE, PH.D., CMA, CPA, CBM, CITPPerformance Oversight and Audit Board Committee

2010-2011SANDRA B. RICHTERMEYER, PH.D., CMA, CPAVolunteer Leadership Board Committee

2009-2010JOHN M. BRAUSCH, CMA, CFM, CPAVolunteer Leadership Board Committee

2008-2009FREDERICK E. SCHEA, CMA, CFM, CPAMember Relations Board CommitteeNominating Board Committee

2007-2008JOHN B. POLLARA, CMAPlanning and Development Board Committee

2006-2007WILLIAM L. BROWER, JR., CMA, CFM

2005-2006CARL S. SMITH, PH.D., CMA, CFM, CPAPlanning and Development Board Committee

2004-2005CAPTAIN LARRY R. WHITE, RET., CMA, CFM, CPA, CGFMMember Relations Board Committee

2003-2004KIM R. WALLIN, CMA, CFM, CPAPlanning and Development Board Committee

2002-2003MARGARET D. BUTLER, CMA, CPA

2001-2002ROBERT E. BELL, JR., CMA, CPA

2000-2001FRANK C. MINTER, CPA

1999-2000C.S. “BUD” KULESZA, CMA, CFMPerformance Oversight and Audit Board Committee

1998-1999PAM PRINZ STEWART

1997-1998KEITH BRYANT, JR., PH.D., CMA

1996-1997CLAIR M. RAUBENSTINE, CMA, CFM, CPA

1995-1996WILLIAM J. IHLANFELDT, CPA

1994-1995KEITH BRYANT, JR., PH.D., CMA

1993-1994LEO M. LOISELLE, CPA

1992-1993ROBERT W. LIPTAK, CPA

1991-1992DONALD W. BAKER, CMA, CPA

1990-1991STANLEY R. PYLIPOW

1989-1990THOMAS M. O’TOOLE, CPA

1988-1989EARNEST A. HUBAND, CMA, CFM, CPA, CBA

1987-1988JOHN C. ARME, CPA

1986-1987GLEN E. WOODSON

1985-1986HERBERT C. KNORTZ, CPA

1984-1985HERBERT H. SEIFFERT

1983-1984CHARLES T. SMITH, JR., CPA

1982-1983LOUIS VLASHO, CMA

1981-1982EMIL SCHARFF, CPA

1980-1981ROBERT J. DONACHIE

1979-1980R. LEE BRUMMET, PH.D., CPA

1978-1979CLEMENS A. ERDAHL, CPA

1977-1978R. LESLIE ELLIS

1976-1977GEORGE D. GEE

1975-1976LAFE P. FOX

1974-1975ARTHUR P. BARTHOLOMEW, JR., CPA

1973-1974ROBERT G. CHAPMAN

1972-1973ROBERT BEYER

1971-1972JULIUS G. UNDERWOOD

1970-1971ETTORE BARBATELLI, SR.

1969-1970GRANT U. MEYERS

1968-1969JAMES E. MEREDITH, JR.

1967-1968THOMAS L. MORISON

1966-1967FIRMAN H. HASS

1965-1966JOSEPH L. BRUMIT

1964-1965COLIN A. STILLWAGEN

1963-1964MERWIN P. CASS

1962-1963JOHN B. BACHOFER

1961-1962DONALD G. EDER

1960-1961GEORGE A. HEWITT

1959-1960LESLIE I. ASHER

1958-1959JOHN B. INGLIS

1957-1958HAROLD W. SCOTT

1956-1957PHILIP J. WARNER

1955-1956CHARLES R. ISRAEL

1954-1955ALEXANDER J. LINDSAY

1953-1954I. WAYNE KELLER

1952-1953J. BROOKS HECKERT

1951-1952HERMAN A. PAPENFOTH

1950-1951WILLIAM B. MCCLOSKEY

1949-1950LOGAN MONROE

1948-1949CLINTON W. BENNETT

1947-1948MASON SMITH

1946-1947WILLIAM J. CARTER

1945-1946FRANK KLEIN

1944-1945MARTIN A. MOORE

1943-1944JOHN H. DEVITT

1942-1943WYMAN P. FISKE

1941-1942HARRY E. HOWELL

1940-1941VICTOR H. STEMPF

1939-1940C. HOWARD KNAPP

1938-1939J. HUGH JACKSON

1937-1938WILLIAM F. MARSH

1936-1937F. RICHMOND FLETCHER

1935-1936GRANT R. LOHNES

1934-1935ERIC A. CAMMAN

1933-1934ARTHUR H. CARTER

1932-1933HARRY A. BULLIS

1931-1932THOMAS H. SANDERS

1930-1931V. W. COLLINS

1930-1931WALTER S. GEE

1929-1930ADDISON BOREN

1928-1929FRANK L. SWEETSER

1927-1928CHARLES R. STEVENSON

1926-1927C. M. FINNEY

1925-1926CLINTON H. SCOVELL

1924-1925WILLIAM S. KEMP

1922-1924J. P. JORDAN

1920-1922WILLIAM M. LYBRAND

1919-1920J. LEE NICHOLSON

11

FinancialsInstitute of Management Accountants, Inc.and Affiliates

Combined Financial Statements(With Supplementary Information)and Independent Auditor’s Report

June 30, 2016 and 2015 12

Table of Contents

Independent Auditor’s Report Combined Financial Statements

Statements of Financial Position Statements of Activities Statements of Cash Flows Notes to Financial Statements

Supplementary InformationCombined Statements of Financial Position - Five-Year Summary Combined Statements of Activities - Five-Year Summary Combined Supplemental Information - Revenue and Expenses by Area of Activity

13

14

16171819

303132

14

Independent Auditor's Report

To the Board of Directors Institute of Management Accountants, Inc. and Affiliates

Report on the 2016 Financial Statements

We have audited the accompanying combined financial statements of Institute of Management Accountants, Inc. and Affiliates (the "Organization"), which comprise the combined statement of financial position as of June 30, 2016, and the related combined statements of activities and cash flows for the year then ended, and the related notes to the combined financial statements.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these combined 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.

Auditor's Responsibility

Our responsibility is to express an opinion on these combined financial statements based on our audit. We conducted our audit 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 combined financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the combined financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the combined 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 combined 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 combined financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the 2016 combined financial statements referred to above present fairly, in all material respects, the financial position of Institute of Management Accountants, Inc. and Affiliates as of June 30, 2016, and the changes in their net assets and their cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.

15

Prior Period Financial Statements

The combined financial statements of the Organization as of and for the year ended June 30, 2015 were audited by other auditors whose report dated October 2, 2015 expressed an unmodified opinion on those statements.

Other Matter

Our audit was conducted for the purpose of forming an opinion on the 2016 combined financial statements as a whole. The combined supplemental information on pages 30 through 33 ispresented for purposes of additional analysis and is not a required part of the combined financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the combined financial statements. The information has been subjected to the auditing procedures applied in the audit of the combined financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the combined financial statements or to the combined financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the combined financial statements as a whole. The 2012 through 2015 supplemental information on pages 30 and 31 and the June 30, 2015 summarized information on the statements ofrevenues and expenses by area of activity was subjected to auditing procedures applied in the respective year's audits of the basic financial statements by other auditors, whose report on such information stated that it was fairly stated in all material respects in relation to the respective year's combined financial statements as a whole.

New York, New York October 14, 2016

Institute of Management Accountants, Inc. and Affiliates

Combined Statements of Financial Position June 30, 2016 and 2015

(in thousands)

See Notes to Financial Statements. 16

2016 2015

Current assets

Cash and cash equivalents 4,903$ 5,661$

Investments, at fair value 17,834 16,672

Accounts receivable, net of allowance for doubtful accounts

of $20 and $50 for 2016 and 2015, respectively 634 734

Other current assets 811 621

Prepaid expenses 68 36

Total current assets 24,250 23,724

Fixed assets, net 2,993 2,968

Total assets 27,243$ 26,692$

Current liabilities

Accounts payable and accrued expenses 3,250$ 2,891$

Accrued payroll and related benefits 1,848 1,723

Deferred revenue - membership dues 5,307 5,428

Deferred revenue - other 330 427

Current portion of accrued postretirement benefits 72 76

Total current liabilities 10,807 10,545

Accrued postretirement benefits, less current portion 1,277 1,311

Total liabilities 12,084 11,856

Commitments and contingencies

Net assets

Unrestricted

IMA

Current operating fund 2,830 228

Board-designated reserve fund 6,526 6,020

ICMA 2,848 5,564

IMAMEF

Board-designated 100 100

Undesignated 2,817 2,811

IMARF 38 113

Total net assets 15,159 14,836

Total liabilities and net assets 27,243$ 26,692$

Liabilities and Net Assets

Assets


Combined Statements of Activities Years Ended June 30, 2016 and 2015

(in thousands)


2016 2015

Operating revenue

Examination fees 14,993$ 13,166$

Membership dues, fees and contributions 10,075 9,904

Education programs 1,992 2,131

Conferences 1,338 1,157

Affinity program royalties and interest group products 829 1,092

Advertising and sales of publications 358 549

Other 153 66

Total operating revenue 29,738 28,065

Operating expenses

Program services directly charged

Support for chapters 392 345

Chapter and member services 906 1,087

Publications and information center 3,284 3,201

Education programs 1,684 1,457

Continuing education conferences, webinars and events 1,270 920

Professional and academic relations 203 493

CMA/CFM program 6,223 6,355

Total program services directly charged 13,962 13,858

Shared program services

Marketing 4,180 3,810

International and domestic membership development 4,552 4,244

Total shared program services 8,732 8,054

Total program services 22,694 21,912

Supporting services

Administration and occupancy 6,966 6,476

Other 383 406

Total supporting services 7,349 6,882

Total operating expenses 30,043 28,794

Deficit of operating revenue over expenses (305) (729)

Net investment income 545 253

Change in unrestricted net assets before change

in unfunded accumulated benefit obligation 240 (476)

Change in unfunded accumulated benefit obligation 83 24

Change in unrestricted net assets 323 (452)

Unrestricted net assets, beginning 14,836 15,288

Unrestricted net assets, end 15,159$ 14,836$


Combined Statements of Cash Flows Years Ended June 30, 2016 and 2015

(in thousands)


2016 2015

Cash flows from operating activities

Change in net assets 323$ (452)$

Adjustments to reconcile change in net assets to net cash

provided by operating activities

Change in unfunded accumulated benefit obligation (83) (24)

Depreciation and amortization 451 582

Realized gains on sales of investments at fair value (1,699) (665)

Unrealized losses on investments at fair value 1,544 732

Unrealized (gain) loss in investments in COSO (13) 62

(Increase) decrease in assets

Accounts receivable 100 (175)

Other current assets (177) (36)

Prepaid expenses (32) (4)

Increase (decrease) in liabilities

Accounts payable and accrued expenses 359 (96)

Accrued payroll and related benefits 125 286

Deferred revenue - membership dues (121) 192

Deferred revenue - other (97) (223)

Accrued postretirement benefits 45 116

Net cash provided by operating activities 725 295

Cash flows from investing activities

Purchase of fixed assets (476) (888)

Purchases of investments (26,552) (6,809)

Proceeds from sales of investments 25,545 6,288

Net cash used in investing activities (1,483) (1,409)

Net decrease in cash and cash equivalents (758) (1,114)

Cash and cash equivalents, beginning 5,661 6,775

Cash and cash equivalents, end 4,903$ 5,661$


Notes to Combined Financial Statements June 30, 2016 and 2015

(in thousands)

19

Note 1 - Nature of organization

Institute of Management Accountants, Inc. ("IMA") is an organization that provides members an opportunity to increase their knowledge of accounting practices and methods and to increase their individual capabilities through professional education programs and accounting literature that are available to all members.

Note 2 - Principles of combination

The combined financial statements include the accounts of IMA, the Institute of Certified Management Accountants, Inc. ("ICMA"), the Institute of Management Accountants Research Foundation, Inc. ("IMARF") and the Institute of Management Accountants Memorial Education Fund, Inc. ("IMAMEF") (collectively, "IMA and Affiliates") who are related through common board membership and substantially identical management. In combination, all significant interfund balances have been eliminated.

(a) Institute of Management Accountants, Inc.: IMA maintains operating and reserve fundsas follows:

(i) Institute of Management Accountants, Inc. - current operating fund: The currentoperating fund supports current operations of IMA and its subsidiary, IMA Services,Inc., a "for-profit" subsidiary required to maintain a representative office in China.The subsidiary was established in furtherance of IMA's tax-exempt purposes. AtJune 30, 2016 and 2015, the net assets of the current operating fund were $2,830and $228, respectively.

(ii) Institute of Management Accountants, Inc. - reserve fund: The reserve fund is aboard designated fund established for the purpose of providing funds to ensure thecontinuous extension and development of activities in general furtherance of thepurpose of IMA. Appropriations from the reserve fund require the approval of theBoard of Directors. At June 30, 2016 and 2015, the net assets of the reserve fundwere $6,526 and $6,020, respectively.

(b) Institute of Certified Management Accountants, Inc.: ICMA administers the CertifiedManagement Accountant credentialing program of IMA. At June 30, 2016 and 2015, thenet assets were $2,848 and $5,564, respectively.

(c) Institute of Management Accountants Research Foundation, Inc.: IMARF was created toadminister the research program of IMA. At June 30, 2016 and 2015, the net assetswere $38 and $113, respectively.

(d) Institute of Management Accountants Memorial Education Fund, Inc.: The net assets ofIMAMEF include the Memorial Fund, the Stuart Cameron McLeod Fund, the HeckertScholarship Funds and the Howard Siers Ethics Memorial Fund.

(i) Memorial Funds: The Memorial Fund ("Fund") was established for the purpose ofsupporting and furthering the educational goals of IMA. Earnings on Fundinvestments are expended for research and educational purposes. As of June 30,2016 and 2015, the net assets were $208 and $207, respectively.



(in thousands)

20

The Howard Siers Ethics Memorial Fund was established to accept contributions to further the ethics program. Net assets for the Fund as of both June 30, 2016 and 2015 were $41.

(ii) Scholarship Funds: The Scholarship Funds include bequests from Stuart CameronMcleod, Josiah Brooks Heckert and Eileen Heckert. Income of the funds has beenused for scholarship and other educational programs. As of June 30, 2016 and 2015,the total net assets of the Scholarship Funds were $2,668 and $2,663, respectively.

During the years ended June 30, 2016 and 2015, IMAMEF expended $100 and $83, respectively.

Note 3 - Summary of significant accounting policies

Cash and cash equivalents IMA and Affiliates consider financial instruments with original maturities of 90 days or less, when purchased, to be cash equivalents.

Concentrations of credit risk Financial instruments that potentially subject the Organization to concentrations of credit risk consist principally of cash and cash equivalents. The Organization maintains its cash and cash equivalents with high-credit quality financial institutions. At times, such amounts may exceed federally insured limits. As of June 30, 2016, the Organization had cash balances in excess of federally insured limits amounting to approximately $541.

Accounts receivable, net Accounts receivable represents outstanding unpaid principal balances, reduced by an allowance for doubtful accounts. The Organization estimates doubtful accounts based on historical trends and consideration of the aging of accounts receivable. The Organization writes off accounts receivable against the allowance when a balance is determined to be uncollectible.

Financial statement presentation The classification of a not-for-profit organization's net assets and its support, revenue and expenses is based on the existence or absence of donor-imposed restrictions. It requires that the amounts for each of three classes of net assets - permanently restricted, temporarily restricted, and unrestricted - be displayed in a statement of financial position and that the amounts of change in each of those classes of net assets be displayed in a statement of activities.

These classes are defined as follows:

Permanently restricted: net assets resulting from contributions and other inflows of assets whose use by IMA and Affiliates is limited by donor-imposed stipulations that neither expire by passage of time nor can be fulfilled or otherwise removed by actions of IMA and Affiliates. As of June 30, 2016 and 2015, IMA and affiliates did not have any permanently restricted net assets.

Temporarily restricted: net assets resulting from contributions and other inflows of assets whose use by IMA and Affiliates is limited by donor-imposed stipulations that either expire by passage of time or can be fulfilled and removed by actions of IMA and Affiliates pursuant to those stipulations. When such stipulations end or are fulfilled, such temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of activities. As of June 30, 2016 and 2015, IMA and Affiliates did not have any temporarily restricted net assets.



(in thousands)

21

Unrestricted board designated: net assets consist of all monies or assets contributed to IMA and Affiliates designated for the support and benefit of the programs and activities of IMA and Affiliates by the Board of Directors.

Unrestricted: The part of net assets that is neither permanently nor temporarily restricted by donor-imposed stipulations.

Fair value measurements IMA and Affiliates value their financial assets and liabilities based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, the Organization utilizes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and·minimizes the use of unobservable inputs by requiring that inputs that are most observable be used when available. Observable inputs are inputs that market participants operating within the same marketplace as IMA and Affiliates would use in pricing IMA and Affiliates' asset or liability based on independently derived and objectively determinable market data. Unobservable inputs are inputs that cannot be sourced from a broad active market in which assets or liabilities identical or similar to those of IMA and Affiliates are traded. IMA and Affiliates estimate the price of any assets for which there are only unobservable inputs by using assumptions that market participants that have investments in the same or similar assets would use as determined by the money managers administering each investment based on best information available in the circumstances. The input hierarchy is broken down into three levels based on the degree to which the exit price is independently observable or determinable as follows:

Level 1: Valuation based on quoted market prices in active markets for identical assets or liabilities. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment.

Level 2: Valuation-based on quoted market prices of investments that are not actively traded or for which certain significant inputs are not observable, either directly or indirectly.

Level 3: Valuation based on inputs that are unobservable and reflect management's best estimate of what market participants would use as fair value.

Fixed assets Fixed assets are recorded at cost. All contributed fixed assets are recorded as contributions and are valued at the fair market value of the asset at the time of donation. There were no contributed fixed assets for the years ended June 30, 2016 and 2015. Property and equipment are depreciated on the straight-line method over their estimated useful lives. Software is amortized on the straight-line method over its useful life.

Building 30 years Land improvements 20 years Furniture and equipment 3-10 yearsSoftware 3-5 years

Leasehold improvements are amortized over the shorter of the lease or the estimated useful life of the improvement.



(in thousands)

22

Revenue recognition Membership dues are recorded as revenue during the applicable membership period. The portion of such dues which has not been recognized represents the deferred revenue balance as of year-end. No portion of such dues is allocated to subscription revenues in the financial statements. Registration and examination fees, which are nonrefundable, are recorded as revenue when paid. Advertising revenues are recorded as revenue when the applicable publications are issued.

Advertising costs Costs of promotion and advertising are expensed as incurred. For the fiscal years ended June 30, 2016 and 2015, advertising expense amounted to $3,053 and $2,605, respectively and is included in both marketing and international and domestic membership development on the accompanying combined statements of activities.

Functional expenses The costs of providing various programs and activities have been summarized on a functional basis in the combined statements of activities. Accordingly, certain costs have been allocated among the programs and supporting services benefited.

Income taxes IMA, IMAMEF, IMARF and IMA Products and Services, LLC (a non-operating entity) were incorporated in the State of New Jersey and are exempt from federal, state and local income taxes under Section 501(c)(3) of the Internal Revenue Code (the "Code") and therefore have made no provision for income taxes in the accompanying combined financial statements. ICMA is currently exempt from federal income tax under 501(c)(6) of the Code. IMA, IMAMEF, IMARF, IMA Products and Services, LLC and ICMA have been determined by the Internal Revenue Service not to be "private foundations" within the meaning of Section 509(a) of the Code. There was no unrelated business income tax payable for the years ended June 30, 2016 and 2015.

IMA Services, Inc., a for-profit corporation accounts for income taxes pursuant to the asset and liability method, which requires deferred income tax assets and liabilities to be computed annually for temporary differences between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the temporary differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized.

Since inception, IMA Services, Inc. has reported losses from operations. Due to the uncertainty of IMA Services, Inc.'s ability to utilize the deferred tax asset, a full valuation allowance has been recorded.

Accounting for uncertainty in income taxes IMA and Affiliates have analyzed tax positions taken for filing with the Internal Revenue Service and state jurisdictions where it operates. The Institute does not anticipate any adjustments that would result in a material adverse effect on the Institute's financial condition, results of operations or cash flows. The Institute's U.S. Federal income tax returns prior to fiscal year 2013 are closed and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings. As of June 30, 2016 and 2015, IMA and Affiliates did not recognize any interest and penalties associated with tax matters.



(in thousands)

23

Use of estimates In preparing its financial statements in accordance with accounting principles generally accepted in the United States of America, IMA and Affiliates make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent 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.

Subsequent events IMA and Affiliates' management has performed subsequent event procedures through October 14, 2016, which is the date the combined financial statements were available to be issued, and there were no subsequent events requiring adjustments to the combined financial statements or disclosures stated herein.

Note 4 - Investments, at fair value

The following is a summary of investments at fair value and cost as of June 30, 2016.

Fair value Cost

Mutual funds $ 17,806 $ 17,656 Corporate bonds 28 22

Total investments $ 17,834 $ 17,678

The following is a summary of investments at fair value and cost as of June 30, 2015.

Fair value Cost

Equity securities $ 9,911 $ 8,151 Government and agency securities 2,328 2,298 Corporate bonds 1,199 1,145 Mutual funds 3,234 3,313

Total investments $ 16,672 $ 14,907

Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used as of June 30, 2016 and 2015.

Mutual funds: IMA and Affiliates have investments in mutual funds. For these investments, IMA has ownership interest in the mutual fund but not in the individual securities held by the fund. The assets of each mutual fund consist primarily of shares of the underlying holdings. Each mutual fund net asset value is the value of a single share which is actively traded on national securities exchanges. The mutual funds are valued on a daily basis a close of business day. These funds are valued primarily on the basis of market quotation or on the basis of information furnished by a nationally recognized pricing service based on observable market data and are classified as Level 2 within the fair value hierarchy.

Equity securities: IMA and Affiliates' holdings in equity securities are determined by quoted market prices. These investments can be liquidated daily. The valuation of these investments is based on Level 1 inputs within the hierarchy used in measuring fair value.



(in thousands)

24

Government and agency securities: Investments in fixed maturity government and agency securities are comprised of government debt instruments issued by the U.S. Treasury or other government-sponsored enterprise. These securities are valued using quoted market prices and are categorized as Level 1 within the fair value hierarchy.

Corporate bonds: IMA and Affiliates have investments in corporate bonds which the custodian prices using nationally recognized pricing services. Since fixed income securities other than U.S. Treasury securities generally do not trade on a daily basis, the pricing services prepare estimates of fair value measurements for these securities using their proprietary pricing applications which include available relevant market information, benchmark curves, benchmarking of similar securities, sector groupings and matrix pricing. These investments are classified as Level 2.

The following tables are set forth by level within the fair value hierarchy of IMA and Affiliates' investments at fair value as of June 30, 2016 and 2015. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

Fair value measurement at June 30, 2016

Level 1 Level 2 Level 3 Total

Mutual Funds* Equity securities $ - $ 10,130 $ - $ 10,130 Fixed income - 7,676 - 7,676

Fixed maturities Corporate bonds - 28 - 28

Total $ - $ 17,834 $ - $ 17,834

Fair value measurement at June 30, 2015

Level 1 Level 2 Level 3 Total

Equity securities Common stock $ 9,911 $ - $ - $ 9,911

Fixed maturities Government and agency securities 2,328 - - 2,328 Corporate bonds - 1,199 - 1,199

Mutual funds* Opportunities fund - 1,600 - 1600 Fixed income - 1,634 - 1,634

Total $ 12,239 $ 4,433 $ - $ 16,672

* Mutual funds fair value estimated using net asset value ("NAV").

There were no transfers between levels during the years ended June 30, 2016 and 2015.

Investments are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investments, it is at least reasonably possible that changes in



(in thousands)

25

the values of investments will occur in the near term and that such changes could materially affect the amounts reported in the combined statements of financial position.

The preceding methods may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although IMA believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

Investments in equity securities with readily determinable fair values and all investments in debt securities are reported at fair value with unrealized gains (losses) included on the combined statements of activities. Investments for which fair value is estimated using reported NAV or the equivalent are able to be redeemed on a daily basis. At June 30, 2016 and 2015, there were no unfunded commitments.

Interest, dividends, unrealized losses on investment at fair value, and net realized gains on sales of investment at fair value are apportioned to the respective funds and are reflected in net assets at June 30, 2016 and 2015.

2016 2015

Interest and dividends $ 513 $ 495

Realized gain on sales of investments 1,699 665

Unrealized loss on investments (1,532) (794)

Investment fees (135) (113)

Total net investment income $ 545 $ 253

Note 5 - Other assets

In 1985, IMA entered into a joint venture agreement with four other accounting-related organizations whereby it acquired a 20% non-controlling interest, in the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). The joint initiative, COSO, is dedicated to providing thought leadership through the development of frameworks and guidance on enterprise risk management, internal control and fraud deterrence. The investment is recorded using the equity method of accounting and is reported in other current assets in the accompanying combined statements of financial position. During the years ended June 30, 2016 and 2015, IMA recorded $13 and $(62) of unrealized gain (loss), respectively, on the investment which is included in net investment income in the accompanying combined statements of activities. At June 30, 2016 and 2015, IMA's investment in COSO was valued at $196 and $183, respectively.



(in thousands)

26

Note 6 - Fixed assets, net

2016 2015

Land $ 998 $ 998

Land improvements 413 412

Building 5,092 5,076

Leasehold improvement 95 95

Furniture and equipment 3,612 3,468

Software 3,312 3,269

Work-in-progress 272 -

13,794 13,318

Accumulated depreciation and amortization (10,801) (10,350)

Total $ 2,993 $ 2,968

Depreciation and amortization expense for the years ended June 30, 2016 and 2015 was $451 and $582, respectively.

Note 7 - Postretirement plans

Pension plan Effective April 1, 1994, IMA established the Employees' Retirement Plan ("ERP") and Employees' Savings Plan which are qualified under the Code's Sections 401(a) and 403(b), respectively. Effective January 1, 2000, the ERP was amended and restated to a 401(k) plan and the Employees' Savings Plan was frozen.

Under the 401(k) plans, eligible employees may contribute a percentage of eligible compensation and IMA will make an appropriate matching contribution. In addition, IMA may also make a profit sharing contribution to eligible participants at its discretion. IMA contributed $318 and $254 to the 401(k) plans during the years ended June 30, 2016 and 2015, respectively.

Other postretirement benefits IMA provides certain healthcare and life insurance benefits for eligible retired employees. Substantially all of IMA's employees may become eligible for those benefits if they reach normal retirement & age while working for IMA.

ASC 715, "Accounting for Defined Benefit Pension and Other Postretirement Plans", requires IMA to recognize the funded status of its postretirement plan as a prepaid asset or accrued liability, and to include as part of net assets the net deferred and unrecognized gains and losses related to the plan. Based on the June 30, 2016 and 2015 measurements of plan obligations, IMA reported an increase in net assets of $83 and $24, respectively.



(in thousands)

27

Weighted average assumptions used to determine net periodic benefit cost for the years ended June 30, 2016 and 2015:

2016 2015

Discount rate 3.85% 4.10% Rate of return on plan assets N/A N/A

Weighted average assumptions used to determine benefit obligations as of June 30, 2016 and 2015:

2016 2015

Discount rate 3.56% 3.85% Rate of return on plan assets N/A N/A

Assumed healthcare cost trend rates have significant effect on the amount reported for the healthcare plans. There is no healthcare cost trend assumption since IMA provides a health stipend that is capped.

The following table sets forth the status of the postretirement plan as of June 30, 2016 and 2015:

2016 2015

Benefit obligation, at the beginning of the year $ 1,387 $ 1,296

Service cost 53 57

Interest cost 47 51

Curtailment - -

Actuarial loss (gain) (62) 42

Net benefits paid (estimated) (76) (59)

Benefit obligations at end of year 1,349 1,387

Noncurrent liabilities (1,277) (1,311)

Net amount recognized (1,349) (1,387) Amount recognized on the statement of financial position $ (1,277) $ (1,311)

A summary of benefit cost, contributions, and benefits paid for the years ended June 30, 2016 and 2015, is as follows:

2016 2015

Fair value of plan assets at the beginning of year $ - $ -

Employer contributions (76) (59)

Benefits paid (76) (59)

Fair value of plan assets at end of years $ - $ -



(in thousands)

28

Net periodic postretirement cost included the following components:

2016 2015

Service cost $ 53 $ 57

Interest cost 47 51

Recognized actuarial gain (4) -

Recognized transition obligation (asset) - 62

Total $ 96 $ 170

The estimated future benefit payments are as follows:

Fiscal year ending 2017 $ 72 2018 71

2019 69

2020 70 2021 72 2022-2026 377

Total $ 731

Note 8 - Commitments and contingencies

IMA and Affiliates are subject to claims and suits in the ordinary course of business. Management believes that the ultimate resolution of all suit proceedings will not have a material effect on IMA and Affiliates.

Note 9 - Administration and occupancy expenses

Administration and occupancy expenses consisted of the following as of June 30, 2016 and 2015:

2016 2015

Executive office $ 1,685 $ 1,512

Information technology 1,460 1,935

Finance 2,564 1,827

Building and general services 331 873

Human resources 926 329

Total $ 6,966 $ 6,476

Of the above totals, $3,654 and $3,335 were for salaries and wages as of June 30, 2016 and 2015, respectively.

Supplementary Information


Combined Statements of Financial Position - Five Year Summary, as of June 30th (in thousands)

See Independent Auditor's Report. 30

Assets 2016 2015 2014 2013 2012

Current assets

Cash and cash equivalents 4,903$ 5,661$ 6,775$ 6,130$ 4,809$

Investments, at fair value 17,834 16,672 16,218 13,913 12,489

Accounts receivable, net of allowance for doubtful accounts

of $20 and $50 for 2016 and 2015, respectively 634 734 559 479 460

Other current assets 811 621 647 469 321

Prepaid expenses 68 36 32 30 29

Total current assets 24,250 23,724 24,231 21,021 18,108

Fixed assets, net 2,993 2,968 2,662 3,232 3,868

Total assets 27,243$ 26,692$ 26,893$ 24,253$ 21,976$

Liabilities and Net Assets

Current liabilities

Accounts payable and accrued expenses 3,250$ 2,891$ 2,987$ 2,332$ 1,975$

Accrued payroll and related benefits 1,848 1,723 1,437 1,285 1,152

Deferred revenue - membership dues 5,307 5,428 5,236 5,380 5,208

Deferred revenue - other 330 427 650 508 558

Current portion of accrued postretirement benefits 72 76 89 87 89

Total current liabilities 10,807 10,545 10,399 9,592 8,982

Accrued postretirement benefits, less current portion 1,277 1,311 1,206 1,174 1,112

Total liabilities 12,084 11,856 11,605 10,766 10,094

Net assets

Unrestricted

IMA

Current operating fund 2,830 228 131 812 (428)

Board-designated reserve fund 6,526 6,020 5,680 4,402 3,582

ICMA 2,848 5,564 6,356 5,490 6,094

IMAMEF

Board-designated 100 100 100 100 100

Undesignated 2,817 2,811 3,036 2,605 2,391

IMARF 38 113 (15) 78 143

Total net assets 15,159 14,836 15,288 13,487 11,882

Total liabilities and net assets 27,243$ 26,692$ 26,893$ 24,253$ 21,976$


Combined Statements of Activities - Five Year Summary, for the Years Ended June 30th (in thousands)

See Independent Auditor's Report. 31

2016 2015 2014 2013 2012

Operating revenue

Examination fees 14,993$ 13,166$ 11,289$ 8,226$ 7,360$

Membership dues, fees and contributions 10,075 9,904 9,840 9,859 9,204

Education programs 1,992 2,131 1,747 2,113 2,255

Conferences 1,338 1,157 1,039 709 828

Affinity program royalties and interest group products 829 1,092 770 1,539 974

Advertising and sales of publications 358 549 714 299 334

Other 153 66 104 136 180

Total operating revenue 29,738 28,065 25,503 22,881 21,135

Operating expenses

Program services directly charged

Support for chapters 392 345 455 384 322

Chapter and member services 906 1,087 794 780 742

Publications and information center 3,284 3,201 2,687 2,271 2,047

Education programs 1,684 1,457 1,516 1,351 1,394

Continuing education conferences, webinars and events 1,270 920 1,157 904 1,141

Professional and academic relations 203 493 330 278 284

CMA/CFM program 6,223 6,355 5,312 4,036 3,547

Total program services directly charged 13,962 13,858 12,251 10,004 9,477

Shared program services

Marketing 4,180 3,810 3,402 3,122 2,796

International and domestic membership development 4,552 4,244 3,821 3,192 2,874

Total shared program services 8,732 8,054 7,223 6,314 5,670

Total program services 22,694 21,912 19,474 16,318 15,147

Supporting services

Administration and occupancy 6,966 6,476 6,283 6,154 5,654

Other 383 406 413 304 295

Total supporting services 7,349 6,882 6,696 6,458 5,949

Total operating expenses 30,043 28,794 26,170 22,776 21,096

(Deficit) surplus of operating revenue over expenses (305) (729) (667) 105 39

Net investment income 545 253 2,407 1,461 466

Change in unrestricted net assets before change in

unfunded accumulated benefit obligation 240 (476) 1,740 1,566 505

Change in unfunded accumulated benefit obligation 83 24 61 39 (66)

Change in unrestricted net assets 323$ (452)$ 1,801$ 1,605$ 439$

Statistical DataPercent of membership dues, fees and contributions

revenues to total operating revenue 34% 35% 39% 43% 44%

Membership at Year-EndDues-paying members 77,839 74,694 68,814 64,047 60,894

Emeritus Life Associates 3,883 4,001 4,107 4,153 4,205

Total 81,722 78,695 72,921 68,200 65,099


Combined Supplemental Information - Revenue and Expenses by Area of Activity For the Year Ended June 30, 2016 (With comparative totals for 2015)

(in thousands)

See Independent Auditor's Report.

32

Current

Operating Fund Reserve Fund Total ICMA IMAMEF IMARF Eliminations

June 30, 2016

Combined

June 30, 2015

Combined

Membership services

Revenues 15,173$ 226$ 15,399$ -$ 1$ 4$ (4,500)$ 10,904$ 10,996$

Expenses (4,544) (4,544) (74) (61) (4,679) (4,822)

Total membership services, net 10,629 226 10,855 - (73) (57) (4,500) 6,225 6,174

CMA/CFM programs

Revenues - - - 14,993 - - - 14,993 13,166

Expenses - - - (15,125) - - 4,500 (10,625) (10,133)

Total CMA/CFM programs, net - - - (132) - - 4,500 4,368 3,033

Educational programs

Revenues 1,992 - 1,992 - - - - 1,992 2,131

Expenses (2,269) - (2,269) - - - - (2,269) (2,068)

Total educational programs, net (277) - (277) - - - - (277) 63

Conferences and events

Revenues 1,338 - 1,338 - - - - 1,338 1,157

Expenses (1,732) - (1,732) - - - - (1,732) (1,527)

Total conferences and events, net (394) - (394) - - - - (394) (370)

Publications and information center

Revenues 358 - 358 - - - - 358 549

Expenses (3,389) - (3,389) - - - - (3,389) (3,362)

Total publications and information center, net (3,031) - (3,031) - - - - (3,031) (2,813)

Other

Revenues 153 - 153 - - - - 153 66

Expenses - - - - - - - - -

Total other, net 153 - 153 - - - - 153 66

IMA, Inc*


Combined Supplemental Information - Revenue and Expenses by Area of Activity For the Year Ended June 30, 2016 (With comparative totals for 2015)

(in thousands)

See Independent Auditor's Report.

33

Current

Operating Fund Reserve Fund Total ICMA IMAMEF IMARF Eliminations

June 30, 2016

Combined

June 30, 2015

Combined

Supporting services

Adminstration and occupancy (4,191) - (4,191) (2,735) (22) (18) - (6,966) (6,476)

Other (383) - (383) - - - - (383) (406)

Total supporting services, net (4,574) - (4,574) (2,735) (22) (18) - (7,349) (6,882)

Change in net assets from operations 2,506 226 2,732 (2,867) (95) (75) - (305) (729)

Net investment income (loss)

Interest and dividends - 201 201 109 68 - - 378 381

Realized gains - 934 934 505 260 - - 1,699 666

Unrealized gains (losses) 13 (855) (842) (463) (227) (1,532) (794)

Total net investment income (loss) 13 280 293 151 101 - - 545 253

Change in net assets before change in unfunded

accumulated benefit obligation 2,519 506 3,025 (2,716) 6 (75) - 240 (476)

Change in unfunded accumulated benefit

obligation 83 - 83 - - - - 83 24

Net change in net assets 2,602$ 506$ 3,108$ (2,716)$ 6$ (75)$ -$ 323$ (452)$

IMA, Inc*

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