annual report - starchapter · cfa society atlanta is a member society of the cfa institute, a...
TRANSCRIPT
2018-2019
Annual Report
2018-2019 Board of Trustees Natalia Jones, CFA President; Name Change Task Force George Chen, CFA CIPM Executive Vice President; Governance Chair Aaron Jacobson-Swanson, CFA VP of Programs Fred Tulley, CFA VP of Education Marc Altschull, CFA Treasurer James Shilkett Secretary Aradhana Kejriwal, CFA Trustee; Past President; Diversity Task Force Co-Chair Christy M. Loop, CFA Trustee; Diversity Task Force Co-Chair David Lee, CFA Trustee; Past President; Corporate Outreach Chair Polina Denissova, CFA Trustee; Career Chair John Skinner, CFA Trustee; Volunteer Chair Andretta S. Weaver Trustee; Technology Chair Evan Byers, CFA Trustee; Membership Chair
Emilie Sumera, CFA Trustee; Marketing & PR Celia Anderson, CFA Trustee; Research Challenge Co-Chair Dyer Kennedy, CFA Trustee; Research Challenge Co-Chair William Hanna Hope II, CFA, CIPM Advocacy Vincent Baria, CFA Past President; SAC Chair
Mission
CFA Society Atlanta is a member society of
the CFA Institute, a non-profit organization,
which promotes the highest standards of
ethics, education, and professional
excellence among the investment
professionals of Greater Atlanta and all
surrounding areas of Georgia. We serve our
members and the local financial community
through educational and other programs,
and thereby contribute to the enhancement
of our profession. CFA Society Atlanta also
supports Financial Literacy and Diversity in
Finance initiatives.
From the President I want to thank everyone for all that we have achieved this year. This has been a year of major accomplishments and changes for our society. Our volunteers have contributed enormous effort to make this year a success. Speaking personally, it has been an honor to lead you through this period, and an inspiration to be a part of such a dedicated group of professionals. We had a very successful Research Challenge Southern Classic (co-chairs: Celia Anderson and Dyer Kennedy) covering the Atlanta-based company HD Supply Holdings. We also pursued multiple Diversity initiatives and continued annual Women Networking in Finance event. Thank you to Aradhana Kejriwal and Christy Loop for co-chairing all these endeavors.
Our Education team, led by Fred Tulley, held mock exams, worked on the scholarships, and in general made it friendlier for the potential CFA candidates to work with us. In November 2018, we held our traditional Annual Conferment Dinner to welcome new charter holders to our society.
And of course, thank you to our Programs team led by Aaron Jacobson-Swanson for putting together so many fantastic events and organizing our Soft Skills series events that opened a new area of learning for our members. Mark Zandi, from Moody’s, was our speaker for the Annual Forecast event. The society also continued the Asset Owners Series; our long-term volunteer Joe Beattie led the discussion. Our Future of Finance series event this year focused on Private Wealth topics.
The Society’s Executive VP, George Chen, led a working group that pulled together the inaugural Southeast Region Leadership Conference that welcomed to Atlanta leadership groups from CFA societies all over the Southeast to exchange experiences and ideas.
One of the biggest developments to happen was the decision to change our name from Atlanta Society of Finance and Investment Professionals to CFA Society Atlanta. We look forward to an exciting couple of years as we implement the name change and bring our new identity to life.
There are multiple other efforts that our society continues to work on. Next year, we will the host the Society for the CFA Institute’s Annual Conference, and we laid the ground for the steps leading up to it; the Society has also contributed financially to the Financial Literacy efforts through continued support of the Foundation.
Thank you to Cathy Ford, our fantastic Executive Director, for all the efforts she puts into our society. As we anticipate the next year, we are sure that our society will be even more successful. Thank you to all for a great year! Natalia Jones, CFA
Southeast Region Leadership Conference The Southeastern CFA Societies, comprising 16 societies in total, held their inaugural sub-regional Society Leadership Conference in Atlanta, GA on March 7-8, 2019. This event brought together society leaders with the goal to strengthen all the societies in our regions through sharing best practices and expertise.
Sponsors and other professionals led development sessions, which focused on board and leadership training, working with paid staff and how Societies can get the most from CFA Institute initiatives like Societies
2.0. Paul Smith, CEO and President of CFA Institute, attended and contributed to the conference. The event was hosted to coincide with the CFA Society Atlanta International Women's Day networking event, which had around 140 attendees.
The conference was very productive in terms of Southeastern Societies exchanging ideas on initiatives to strengthen their impact on their members and industry. The regional collaboration paired with relevant updates from CFA Institute made for an excellent and memorable conference. George Chen, CFA
Programs Over the past fiscal year, CFA Society Atlanta organized many events and addressed many topics of interest to our members.
This year we kicked off our Soft Skills Series, designed to provide our members with opportunities to round out their skill set. The Soft Skills Series included a diverse array of programs, including meditation, investment writing and effective communication. These attracted significant positive feedback, so continue to look for Soft Skills Series events in
the future.
Our 15th Annual Forecast Event featuring Mark Zandi, head of Moody’s Analytics, was held at the Cobb Energy Performing Arts Center in February. We would like to thank our Diamond Sponsor - Voya, as well as other sponsors, for their generous support of this event.
Our annual April Future of Finance conference focused on Private Wealth, and we were fortunate to have speakers and panelists with a variety of backgrounds and expertise in the private wealth field. Topics included the running of a private wealth management business, changes in estate planning, the economics of divorce, advances in robo-advisory and how to communicate value to a client effectively.
CFA Society Atlanta also hosted its second annual Asset Owners Series, bringing together individuals representing pensions, family offices, university endowments and investment consulting to discuss current trends in asset management and risk management.
Thank you to all the volunteers who put in so much effort to bring our 2018-2019 events to life. In particular thank you to Joe Beattie, Chuck Grosvenor, CFA and Charlie Waterman, CFA for their invaluable contributions during the year.
Special gratitude is also owed to our Executive Director, Cathy Ford, who ensured that all our event ideas came to fruition and were seamlessly executed.
Lastly, we are extremely grateful to our sponsors, partnering organizations, and speakers for helping us make the Programming year a success. Aaron Jacobson-Swanson, CFA
Education This year, the Education Committee worked on the CFA Research Challenge Southern Classic, University Outreach, Scholarships and other initiatives.
We would like to congratulate the University of South Carolina for winning this year’s CFA Research Challenge Southern Classic. A record 21 teams submitted reports for this year’s competition. South Carolina managed to beat teams from across Georgia, Alabama and South Carolina. They were
able to compete in the Americas Regional Final in New York, NY which was held in April.
The Education Committee hosted the Annual Conferment Dinner in November and charters were awarded to 18 new Charterholders during the evening. The keynote speech was delivered by Heather Brilliant, CFA Managing CEO at Diamond Hill Investment Group, Inc. and is Chair of the CFA Institute Board of Governors.
The Education Committee, in cooperation with the Diversity Task Force Committee and the ASFIP Foundation, adopted the Diversity Scholarship initiative. 11 scholarships were awarded for the June 2019 exam to CFA Candidates across the state of Georgia.
This year’s University Outreach saw CFA Atlanta members attend the Student Managed Investment Fund meetings at Georgia State University and Kennesaw State University. We would like to thank Valerie Nichols, CFA for speaking at Georgia State and the WomenLead organization. She talked on the topic of empowering women in the workplace and the financial world.
The Education Committee was involved in the Southeastern Hedge Fund Competition which took place in April. Numerous CFA Charterholders volunteered their time as graders and attended the final competition on Georgia State University Buckhead Campus.
Many thanks to Dyer Kennedy, CFA, Celia Anderson, CFA and all the members of the Education Committee. Fred Tulley, CFA
CFA Institute Research Challenge Southern Classic The 11th annual event was held on March 2, 2019. Hosted by CFA Society Atlanta, in conjunction with CFA Society Alabama and CFA Society South Carolina, university teams from Alabama, Georgia, and South Carolina took part in the challenge beginning in October 2018 and culminating on March 2, 2019. The CFA Institute Research Challenge is a global competition which tests the analytic,
valuation, report writing, and presentation skills of university students. Last year over 5,700 students from over 1,000 universities in 81 countries participated and learned best practices in equity research from leading industry experts. The challenge comprises each team preparing research and a written report and making a presentation on a publicly traded company. This year, eighteen teams submitted written reports on our subject company, HD Supply Holdings Inc. Sixteen teams then gathered at Kennesaw State University on March 2 to present equity analysis and investment recommendation on HD Supply Holdings Inc to a group of industry judges. We would like to give special thanks to HD Supply for agreeing to be the subject company this year and for its support throughout the challenge. We would also like to specifically thank Evan Levitt, CFO, and Charlotte McLaughlin, Senior Manager Investor Relations, for hosting an investor relations conference call with the teams in October and especially Aaron Zeide, Director of Strategic Finance and Treasurer, for his ongoing support throughout the challenge. Teams submitted written reports in January and presented their investment analysis the morning of March 2nd at Kennesaw State University. Scores from the written reports and presentations were compiled, and three teams, Auburn University, the University of West Alabama, and the University of South Carolina advanced to the final round in the afternoon. Congratulations to the University of South Carolina for winning the 2019 CFA Institute Research Challenge | Southern Classic. They advanced to the Americas Regional competition in New York, NY on April 23rd.
The CFA Society Atlanta Board would like to thank the Research Challenge Committee and all the industry mentors, report graders, presentation judges, and other volunteers who helped produce another successful challenge this year. The challenge’s success is a result of countless hours of hard work and planning by students, faculty, and volunteers over numerous months. Dyer Kennedy, CFA & Celia Anderson, CFA
Membership Your Membership Committee worked to attract and process new memberships and assist with other membership changes during the year just ended. Committee: Evan Byers, CFA, Membership Chair
Curtis R. Kimball, CFA
Aradhana Kejriwal, CFA
Scott Crenshaw, CFA
Marilyn Kimball, CFA
As of July 31, 2019, the CFA Society of Atlanta had 1,590 active members of all types; of this number, 61 are classified as Student or Participant Associates. Regarding 2020 retention, our chapter membership rate rose 5.8 percent this year (1,458 vs 1,418 active member renewals as of July 31, 2018). In comparison to other chapters in the Americas, we are approximately 2% above the retention average for renewal year 2020.
We continued to focus our efforts on our diversity initiatives and have had strong success with membership drives at the 2019 Southeast Region Leadership Conference & Invest in Women Conference (sponsored by Financial Advisor Magazine). Since the start of our 20 by 2020 Initiative (20% female membership by 2020), we have added 43 new members; we are rapidly approaching our goal with a current level of 19.17%! Evan Byers, CFA
Treasurer The 2019 fiscal year included $140,290 funding from CFA Institute, which will offset the cost of the speaker for the 2020 Forecasting Dinner and the cost of an additional administrator hired in early 2019. This past fiscal year saw a 74% increase in job posting revenue due to enhanced sharing of job posting information with the CFA Institute. With the increasing programming and focus on diversity, the spending on the Diversity Task Force increased by 75%.
During this past year the Board revised the investment policy to invest a portion of the reserves in less liquid, higher yielding mutual funds, which has resulted in a 70% increase in dividend income. Approximately 20% of the net profit for the 2019 fiscal year has been donated to the ASFIP Foundation. As of June 30, 2019, the Society held approximately $469,787 in reserves, which sufficiently covers the Society’s basic or core operational expenditures. We anticipate our position of financial strength to improve during FY20, helping support the ASFIP Foundation.
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 6/30/19. Thank you, and it’s been a pleasure serving as the Society’s Treasurer during this past fiscal year. Marc Altschull, CFA
Investment Policy | Effective as of January 1, 2019
The purpose of these assets is to provide a 1x cost coverage for the Society’s total budgeted annual expenses (“Required Reserves”). Given that the annual budget is established based on the expected annual income and thus fully funded, 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. Excess reserves are expected to result from positive investment results and net operating income.
Investment Policy (continued) • Investment Time Horizon – Because these assets are primarily viewed as
reserves, the investment time horizon is long term. • Risk/Return Tolerance – Because these assets are primarily viewed as reserves,
the risk tolerance for any loss of principal is low such that the return
expectations should be commensurate with an intermediate credit bond fund
targeting an aggregate credit rating of single A.
• Cash Requirements – Excess reserves will be set aside, while Required Reserves
can be invested in 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
currently.
• Other Considerations – The following items need to be confirmed going
forward:
o Documentation of the 1x total budgeted annual expenses to secure
those assets as Required Reserves.
o Determine excess if any beyond Required Reserves and discuss liquidity
needs associated with those assets.
Volunteer This year, volunteers were indispensable in putting on several major Society programming events. Dozens of volunteers worked together to put on this year's CFA Research Challenge Southern Classic, the year's single largest event. Several Society volunteers provided industry mentoring to teams of college students researching this year's featured company, HD Supply and many more graded students' research papers, judged their presentations and handled logistics at the competition finals held on March 2nd at Kennesaw State University. For the second year in a row, our society also provided
volunteer graders and judges for the Southeastern Hedge Fund Association (SEHFA)’s annual hedge fund competition.
Other events made possible by Society volunteers this year included society representation at Georgia State University’s career expo and the FA Mag Invest In Women conference. Volunteers also donated their time to financial literacy efforts led by the CFA Society of Atlanta Foundation, presenting or reading at Woodward Academy, GSU Women Lead, FBLA, and Atlanta Public Schools among others.
We are pleased with the great turnout at all events, as well as the enthusiasm and dedication of this year's volunteers. We look forward to further building on our increasing roster of society members willing to help with future events. John Skinner, CFA
“One of the greatest gifts you can give is your time.” -
unknown
VOLUNTEER LEAD INSPIRE
Diversity Task Force The Diversity Committee had an exciting year. As a refresher, the Women in Finance Initiative, 20 by 2020 aims to increase the number of women memberships to 20%, from current 16% in our society. We seek to encourage more women to join the investment profession, to support their career success, and to encourage employers to realize the business value of diverse teams. Here are highlights of our activities: In 2019, we awarded 10 diversity scholarships to a diverse group of students from local universities in GA like GSU, Emory, Kennesaw State.
We were a sponsor and speaker at Invest in Women, FA-Magazine conference in May 2019. The FA-Magazine has nationwide readers and the conference was attended by more than 300 women from around the country. We enjoyed networking with women from various area of finance and learning about the opportunities and challenges in their fields. As a speaker, we shared findings related specifically to women, including: the men/women divide in our industry, what has worked/not worked to increase diversity, the initiatives of the society to increase diversity and the path forward. The session offered practical guidance on how firms can implement diversity strategies to increase the number of women serving clients. We held the 2nd Annual Women Networking in Finance event March 2019. It was attended by more than 150 women from local companies, non-profit organizations and we were delighted to have Paul Smith, CEO, CFA Institute as our guest of honor for the event. In line with promoting STEM among girls at a young age, we along with CFA Institute, supported an All Girls Robotics team of middle schoolers as they participated in the World Championship, First Lego League (FLL) Robotics. CFA Society Atlanta Volunteers continue several outreach initiatives:
• Outreach to women’s networks at various corporations (such as Invesco's Women's Network and SunTrust’s Women’s Network) to partner with them to increase diversity in finance
• Outreach to Finance clubs at local universities and colleges to spread the CFA brand message and build a pipeline.
• Outreach to various organizations locally such as Women in Alternative Investing, Women in Pensions Network, Women in ETFs and National Association of Securities Professionals.
We continue to strive to have more women speakers at our programming events. We have an exciting year planned with small luncheons, networking events to connect CFA and non-CFA women together and have more high caliber women speakers. Aradhana Kejriwal, CFA
Strategic Advisory Committee The Strategic Advisory Committee (SAC) completed its fifth year. Vince Baria, CFA, former President, chaired the SAC. The objective of the SAC is 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 held two in-person meetings as listed below:
• September 13, 2018: Former Presidents, SAC members and current leadership met to review “State of the Society”, discuss the CFA Institute’s Societies 2.0 Roadmap, consider the possibility of a name change from ASFIP, and explore the benefit a society data book.
• April 24, 2019: The Committee continued to discuss topics from the Fall meeting as well as potential mandatory CPD, the appropriate breadth of topics for member events, and the reserve fund size and definition. Members of the executive committee also shared updates on and needs to support the upcoming Southeast Leadership Conference and Atlanta’s hosting of the 2020 CFA Institute Annual Meeting and Conference.
Additional events:
• Members of the SAC have been invited to serve for another year at their discretion.
• Former President Natalia Jones, CFA accepted the invitation to join the SAC.
It is my pleasure to continue serving as Chair of the SAC for a second year. Vincent Baria, CFA
Strategic Advisory Committee Members:
Vincent Baria, CFA, (Chair), William Annis, CFA, Dean Austin, CFA, Janet Bunch, CFA, George Chen, CFA (Society President), Kathleen Chrisman, CFA, Carole Cox, CFA, Anna Craig, CFA, Stephen Davenport, CFA, George Hauptfuhrer, CFA, Aradhana Kejriwal, CFA, (President), David Lee, CFA, Rex Macey, CFA, Dustin Martin, CFA, Thomas Martin, CFA, John Skinner, CFA, Bradford Young, CFA
ASFIP Foundation The mission of ASFIP Foundation is to provide life-long learning and development in financial and investment knowledge in order to contribute to the stability and success of individuals and families in our community.
Do you know where Georgia stands nationally in various measures of financial literacy? WalletHub’s recent ranking had Georgia at 29th Georgia varies from 22nd in Education to 37th in Wallet knowledge, unfortunately Georgia was 48th in the percentage who are unbanked.
These statistics highlight the need for our work to continue and to expand. We believe that we can do better. We have a great opportunity to help other financial literacy organizations and to be impactful with our own volunteer events. The most important goal is to show we care about the community. The 2018/2019 year was filled with some good results and expanding influence:
Foundation Accomplishments • Established our videos on KSU Student Services site to help students • Held a “Manage Risk” seminar for seniors at Woodward Academy • Investment Committee had meeting at VOYA with students to discuss foundation
management • Held several volunteer events with GSU Women Lead, FBLA, Atlanta Public
Schools • Donated $7,500 to MyRightPath, $2,500 to Girls Inc. and $2,500 to Buckhead
Christian Ministry • Animations continue to be viewed online and incorporated in local literacy
programs
Future Activity • Work on strengthening governance practices with CFA Society Atlanta and
changing our name • Develop Spanish voice over to the animations so we can target another
community • Continue to grow our partnerships with the Secretary of State and Georgia
Universities
Since our October 2015 inception, we have donated over $45,000 to Atlanta literacy efforts and we have impacted thousands of young people trying to achieve financial wellness! Learn more by checking us out on YouTube, LinkedIn, Facebook, Instagram, and Twitter, CFAAtlanta.org/Foundation Please help support our mission by volunteering or going to the website, CFAAtlanta.org/Donate Steve Davenport, CFA, ASFIP Foundation, President Download our report.
Members Making Events
Appendix
CFA Society Atlanta 5:52 PM
Balance Sheet 07/03/2019
As of June 30, 2019 Cash BasisJun 30, 19
ASSETS
Current Assets
Checking/Savings
5th|3rd Business Savings 126,043.75
5th|3rd Business Elite Checking 29,539.62
Petty Cash 100.00
Total Checking/Savings 155,683.37
Accounts ReceivableAccounts Receivable 1,333.33
Total Accounts Receivable 1,333.33
Other Current Assets
Accrued Receivable 1,009.80
Prepaid expenses -107,892.48
Total Other Current Assets -106,882.68
Total Current Assets 50,134.02
Fixed Assets
Original Cost 6,750.00
Accum Depreciation -6,750.00
Total Fixed Assets 0.00
Other Assets
Vanguard Accounts
Intermediate-Term Investment 59,224.46
Long-Term Corporate Bond 127,037.60
Short-Term Investment Grade Fun 233,390.87
Total Vanguard Accounts 419,652.93
Total Other Assets 419,652.93TOTAL ASSETS 469,786.95
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Other Current Liabilities
SE Leadership Conference Revenu 8,243.07
Deferred Revenue - Dues 38,760.00
Total Other Current Liabilities 47,003.07
Total Current Liabilities 47,003.07
Total Liabilities 47,003.07
Equity
Opening Bal Equity 158,223.00
Retained Earnings 186,614.68
Unrealized Capital Gains 12,594.89
Net Income 65,351.31
Total Equity 422,783.88TOTAL LIABILITIES & EQUITY 469,786.95
Page 1 of 7
CFA Society Atlanta 1:14 PM
Profit & Loss Budget vs. Actual 07/03/2019
July 2018 through June 2019 Cash BasisTOTAL
Jul '18 - Jun 19 Budget
Ordinary Income/Expense
Income
SE Leadership Conference - INC 24,481.93 32,725.00
Education Income
CFA Review Course 2,198.42 1,000.00
Research Challenge Income 12,550.00 10,000.00
Total Education Income 14,748.42 11,000.00
CFAI Operational Support
Staff Resources 27,290.00 27,290.00
Project Funding 113,000.00 32,000.00
CFAI Operational Support - Other 64,190.00 64,190.00
Total CFAI Operational Support 204,480.00 123,480.00
Forecasting Dinner
Future of Finance 27,500.00 15,000.00
Forecasting Dinner Member Fees 5,400.00 6,000.00
Forecasting Dinner Sponsors 56,000.00 68,000.00
Forecasting Dinner Guest Fees 4,875.00 3,250.00
Total Forecasting Dinner 93,775.00 92,250.00
Career ResourcesJob Posting 9,607.09 5,000.00
Total Career Resources 9,607.09 5,000.00
Member Dues
Student Associate 425.00 425.00
Participant Associate 2,900.00 4,000.00
Member Dues - Other 149,655.01 140,000.00
Total Member Dues 152,980.01 144,425.00
Program Fees
Sponsorships 4,500.00 8,000.00
Member Fees 4,095.00 8,000.00
Guest Fees 4,370.00 8,000.00
Program Fees - Other 0.00
Total Program Fees 12,965.00 24,000.00
Miscellaneous RevenueASFIP Member Nametag 235.06 0.00
Total Miscellaneous Revenue 235.06 0.00
Total Income 513,272.51 432,880.00
Gross Profit 513,272.51 432,880.00
Expense
SE Leadership Conference - EXP 24,481.93 24,500.00
Professional Dues
TBC Membership Dues 2,580.00 2,500.00
Professional Dues - Other 510.00 1,000.00
Total Professional Dues 3,090.00 3,500.00
Office Expense
Office Equipment
Software 572.73 1,000.00
Office Equipment - Other 915.79 250.00
Total Office Equipment 1,488.52 1,250.00
Corporate Registration 170.00 30.00
Bank Charges
Merchant Fees 3,398.02 3,750.00
Bank Charges - Other 1,238.50 0.00
Total Bank Charges 4,636.52 3,750.00
Postage & Delivery 1,133.58 500.00
Telephone Services 960.00 960.00
Office Supplies
Printing 127.08 0.00
Office Supplies - Other 403.40 1,000.00
Total Office Supplies 530.48 1,000.00
Total Office Expense 8,919.10 7,490.00
Committee Expense
Committee Meetings
Diversity Task Force 15,368.53 10,000.00
Career Resources 0.00 0.00
Volunteer 0.00 0.00
Technology 0.00 0.00
Marketing & PR 0.00 0.00
Outreach
Corporate 0.00 0.00
University 0.00 0.00
Total Outreach 0.00 0.00
Education 53.44 0.00
Programs 505.91 0.00
SAC 2,678.33 0.00
Committee Meetings - Other 0.00 7,000.00
Total Committee Meetings 18,606.21 17,000.00
Technology
Website 2,040.00 2,500.00
Technology - Other 2,743.28 1,500.00
Total Technology 4,783.28 4,000.00
Programs Expense
CFP Credits 0.00 0.00
Social Events 5,205.23 0.00
Speaker Fees 7,676.33 0.00
Speaker Gifts 0.00 0.00
Audio Visual 3,362.50 0.00
Catering 40,968.74 0.00
Programs Expense - Other 392.08 70,000.00
Total Programs Expense 57,604.88 70,000.00
Education
CFA Review Course 0.00 350.00
Research Challenge Expense 12,464.18 13,000.00
Conferment Dinner 8,818.34 6,000.00
Education - Other 1,966.66
Total Education 23,249.18 19,350.00
Total Committee Expense 104,243.55 110,350.00
Public Relations
Promo Items 0.00 0.00
Advertising 0.00 5,000.00
Public Relations - Other 375.00 0.00
Total Public Relations 375.00 5,000.00
Forecasting Event Expenses
Future of Finance 31,985.59 20,000.00
Forecasting Event A-V 9,908.29 0.00
Forecasting Event Catering 37,279.33 0.00
Forecasting Event Speaker Fees 117,275.88 0.00
Forecasting Event Expenses - Other 1,353.83 77,500.00
Total Forecasting Event Expenses 197,802.92 97,500.00
Board of Trustees
Gifts & Condolences 1,300.02
OutreachCharitable Contributions 10,382.03 5,000.00
Total Outreach 10,382.03 5,000.00
Local Meetings 6,627.87 5,000.00
CFAI Conferences 12,819.26 15,000.00
Board of Trustees - Other 880.53 1,000.00
Total Board of Trustees 32,009.71 26,000.00
Management Fees
Staff Resources 27,290.00 27,290.00
Administrative Assistant 160.00 1,000.00
Management Fees - Other 65,103.78 66,064.00
Total Management Fees 92,553.78 94,354.00
Accounting Fees 4,900.00 7,500.00
Uncategorized Expenses 0.00 0.00
Total Expense 468,375.99 376,194.00
Net Ordinary Income 44,896.52 56,686.00
Other Income/Expense
Other Income
Dividend Income 10,224.64 0.00
Interest Income 251.14 0.00
Total Other Income 10,475.78 0.00
Other Expense
Reserve Drawdown
Foundation 0.00 0.00
Total Reserve Drawdown 0.00 0.00
Total Other Expense 0.00 0.00
Net Other Income 10,475.78 0.00Net Income 55,372.30 56,686.00
CFA Society Atlanta 5:32 PM
Profit & Loss Prev Year Comparison 07/03/2019
July 2018 through June 2019 Cash Basis
Jul '18 - Jun 19 Jul '17 - Jun 18 $ Change % Change
Ordinary Income/Expense
Income
Donated services-income 0.00 21,250.00 -21,250.00 -100.0%
SE Leadership Conference - INC 24,481.93 0.00 24,481.93 100.0%
Education Income
CFA Review Course 2,198.42 1,985.86 212.56 10.7%
Research Challenge Income 12,550.00 10,850.00 1,700.00 15.67%
Total Education Income 14,748.42 12,835.86 1,912.56 14.9%
CFAI Operational Support
Staff Resources 27,290.00 0.00 27,290.00 100.0%
Project Funding 113,000.00 32,000.00 81,000.00 253.13%
CFAI Operational Support - Other 64,190.00 62,050.00 2,140.00 3.45%
Total CFAI Operational Support 204,480.00 94,050.00 110,430.00 117.42%
Forecasting Dinner
Future of Finance 27,500.00 15,000.00 12,500.00 83.33%
Forecasting Dinner Member Fees 5,400.00 6,095.00 -695.00 -11.4%
Forecasting Dinner Sponsors 56,000.00 68,000.00 -12,000.00 -17.65%
Forecasting Dinner Guest Fees 4,875.00 3,250.00 1,625.00 50.0%
Total Forecasting Dinner 93,775.00 92,345.00 1,430.00 1.55%
Career ResourcesJob Posting 9,607.09 5,533.20 4,073.89 73.63%
Total Career Resources 9,607.09 5,533.20 4,073.89 73.63%
Member Dues
Student Associate 425.00 425.00 0.00 0.0%
Participant Associate 2,900.00 3,300.00 -400.00 -12.12%
Member Dues - Other 149,655.01 138,600.00 11,055.01 7.98%
Total Member Dues 152,980.01 142,325.00 10,655.01 7.49%
Program Fees
Sponsorships 4,500.00 9,333.33 -4,833.33 -51.79%
Member Fees 4,095.00 8,475.00 -4,380.00 -51.68%
Guest Fees 4,370.00 9,060.00 -4,690.00 -51.77%
Program Fees - Other 0.00 0.00 0.00 0.0%
Total Program Fees 12,965.00 26,868.33 -13,903.33 -51.75%
Miscellaneous RevenueASFIP Member Nametag 235.06 179.60 55.46 30.88%
Total Miscellaneous Revenue 235.06 179.60 55.46 30.88%
Total Income 513,272.51 395,386.99 117,885.52 29.82%
Gross Profit 513,272.51 395,386.99 117,885.52 29.82%
Expense
Donated services-expense 0.00 21,250.00 -21,250.00 -100.0%
SE Leadership Conference - EXP 24,481.93 0.00 24,481.93 100.0%
Professional Dues
TBC Membership Dues 2,580.00 2,476.30 103.70 4.19%
Professional Dues - Other 510.00 660.71 -150.71 -22.81%
Total Professional Dues 3,090.00 3,137.01 -47.01 -1.5%
Office Expense
Office Equipment
Software 572.73 899.73 -327.00 -36.34%
Office Equipment - Other 915.79 0.00 915.79 100.0%
Total Office Equipment 1,488.52 899.73 588.79 65.44%
Corporate Registration 170.00 30.00 140.00 466.67%
Bank Charges
Merchant Fees 3,398.02 3,618.08 -220.06 -6.08%
Bank Charges - Other 1,238.50 12.54 1,225.96 9,776.4%
Total Bank Charges 4,636.52 3,630.62 1,005.90 27.71%
Postage & Delivery 1,133.58 911.84 221.74 24.32%
Telephone Services 960.00 960.00 0.00 0.0%
Office Supplies
Printing 127.08 290.30 -163.22 -56.23%
Office Supplies - Other 403.40 564.51 -161.11 -28.54%
Total Office Supplies 530.48 854.81 -324.33 -37.94%
Total Office Expense 8,919.10 7,287.00 1,632.10 22.4%
Committee Expense
Committee Meetings
Diversity Task Force 15,368.53 8,773.80 6,594.73 75.16%
Career Resources 0.00 601.28 -601.28 -100.0%
Marketing & PR 0.00 857.58 -857.58 -100.0%
Outreach
Page 6 of 7
Jul '18 - Jun 19 Jul '17 - Jun 18 $ Change % Change
Corporate 0.00 215.18 -215.18 -100.0%
Total Outreach 0.00 215.18 -215.18 -100.0%
Education 53.44 0.00 53.44 100.0%
Programs 505.91 0.00 505.91 100.0%
SAC 2,678.33 1,100.89 1,577.44 143.29%
Total Committee Meetings 18,606.21 11,548.73 7,057.48 61.11%
Technology
Website 2,040.00 1,920.00 120.00 6.25%
Technology - Other 2,743.28 1,867.46 875.82 46.9%
Total Technology 4,783.28 3,787.46 995.82 26.29%
Programs Expense
CFP Credits 0.00 350.00 -350.00 -100.0%
Social Events 5,205.23 9,261.12 -4,055.89 -43.8%
Speaker Fees 7,676.33 13,375.74 -5,699.41 -42.61%
Speaker Gifts 0.00 104.00 -104.00 -100.0%
Audio Visual 3,362.50 3,485.00 -122.50 -3.52%
Catering 40,968.74 41,143.74 -175.00 -0.43%
Programs Expense - Other 392.08 10.00 382.08 3,820.8%
Total Programs Expense 57,604.88 67,729.60 -10,124.72 -14.95%
Education
CFA Review Course 0.00 350.00 -350.00 -100.0%
Research Challenge Expense 12,464.18 12,795.13 -330.95 -2.59%
Conferment Dinner 8,818.34 6,663.09 2,155.25 32.35%
Education - Other 1,966.66 0.00 1,966.66 100.0%
Total Education 23,249.18 19,808.22 3,440.96 17.37%
Total Committee Expense 104,243.55 102,874.01 1,369.54 1.33%
Public Relations
Promo Items 0.00 1,604.04 -1,604.04 -100.0%
Advertising 0.00 11,303.19 -11,303.19 -100.0%
Public Relations - Other 375.00 2,850.00 -2,475.00 -86.84%
Total Public Relations 375.00 15,757.23 -15,382.23 -97.62%
Forecasting Event Expenses
Future of Finance 31,985.59 60,127.67 -28,142.08 -46.8%
Forecasting Event A-V 9,908.29 7,486.88 2,421.41 32.34%
Forecasting Event Catering 37,279.33 57,494.77 -20,215.44 -35.16%
Forecasting Event Speaker Fees 117,275.88 0.00 117,275.88 100.0%
Forecasting Event Expenses - Other 1,353.83 1,296.62 57.21 4.41%
Total Forecasting Event Expenses 197,802.92 126,405.94 71,396.98 56.48%
Board of Trustees
Gifts & Condolences 1,300.02 0.00 1,300.02 100.0%
OutreachCharitable Contributions 10,382.03 4,558.52 5,823.51 127.75%
Total Outreach 10,382.03 4,558.52 5,823.51 127.75%
Local Meetings 6,627.87 8,299.97 -1,672.10 -20.15%
CFAI Conferences 12,819.26 16,180.36 -3,361.10 -20.77%
Board of Trustees - Other 880.53 818.21 62.32 7.62%
Total Board of Trustees 32,009.71 29,857.06 2,152.65 7.21%
Management Fees
Staff Resources 27,290.00 0.00 27,290.00 100.0%
Administrative Assistant 160.00 0.00 160.00 100.0%
Management Fees - Other 65,103.78 64,140.20 963.58 1.5%
Total Management Fees 92,553.78 64,140.20 28,413.58 44.3%
Accounting Fees 4,900.00 4,730.00 170.00 3.59%
Total Expense 468,375.99 375,438.45 92,937.54 24.75%
Net Ordinary Income 44,896.52 19,948.54 24,947.98 125.06%
Other Income/Expense
Other Income
Dividend Income 10,224.64 6,021.48 4,203.16 69.8%
Interest Income 251.14 184.32 66.82 36.25%
Income Dividends 0.00 -5,437.05 5,437.05 100.0%
Total Other Income 10,475.78 768.75 9,707.03 1,262.7%
Other Expense
Reserve Drawdown
Foundation
ASFIP Contributions 0.00 13,692.27 -13,692.27 -100.0%
Foundation - Other 0.00 81.13 -81.13 -100.0%
Total Foundation 0.00 13,773.40 -13,773.40 -100.0%
Total Reserve Drawdown 0.00 13,773.40 -13,773.40 -100.0%
Total Other Expense 0.00 13,773.40 -13,773.40 -100.0%
Net Other Income 10,475.78 -13,004.65 23,480.43 180.55%Net Income 55,372.30 6,943.89 48,428.41 697.43%
Page 7 of 7
