Page 13 - February 2021 PPIAC Newsletter FINAL

Greetings Fellow PPIAC Members:

As your new Treasurer, please find my report which focuses on our 2020 year-end
results.

2020 FINANCIAL REVIEW COMMITTEE

Currently, the 2020 year-end review is in process by the Financial Review Committee
(FRC) comprised of William Wall, Michael Dupree, and John Morris. William and
Michael are current PPIAC Board Members as well as previous Treasurers. John too,
was a previous Treasurer, but will serve in the capacity of a non-board member,
which is required by our by-laws. As Treasurer, I do not sit on this review committee.
Thank you to the FRC committee members for volunteering.

PRELIMINARY 2020 YEAR-END FINACIAL STATUS

As we all know too well, 2020 was an anomaly as we dealt with Covid-19 which
precipitated a virtual conference versus an in-person conference. The good news is
the virtual conference was profitable as we had a great turnout plus the costs to
hold the conference were less.
All-in-all, income was down but so were expenses. With the sunsetting of
licensing in 2020 and the strong efforts of our Legislative Committee to advocate
for the renewal of licensing for five more years, legislative (our lobbyist) was our
largest expense. Our 2020 Budget vs. Income, prior to the completion of the FRC
shows:

BUDGETED INCOME: $37,125.00
ACUTAL INCOME: $27,196.21

SHORTFALL: -$9,928.79 or 73.26 % under budget

BUDGETED EXPENSES: $42,163.03

ACUTAL EXPENSES: $26,224.38

UNDER BUDGET: $ -15,938.65 or 62.20 % under projected expenses

BUDGETED LOSS: $ -5,038.03

ACTUAL PROFIT: $ 971.83

LOOKING AHEAD - 2021