World Aquaculture 5 World Aquaculture Society — Financial Report For the fiscal year ending March 31, 2011, the World Aquaculture Society experienced an increase of $90,461 in net assets (total assets minus total liabilities) from the previous year This increase was principally due to revenues from conferences and sound fiscal management from the Board and Home Office management to limit expenses. The financial situation over the past several fiscal years reflects well upon the overall health of the society: in a stable membership (although down in recent years), successful annual and chapter conferences, and production and distribution of high quality publications, including the journal, magazine, and sales of WAS and non-WAS books on the on-line book store. The outstanding accounting services by the WAS Home Office provides a solid fiscal foundation for our society. Our financial statements were audited by the independent accounting firm of T. A. Harris, Inc. in Baton Rouge, Louisiana. These modified cash basis financial statements reflect account balances based on cash receipts and disbursements and are considered “modified” cash basis statements due to the recording of cash disbursed for equipment as assets and the provision for depreciation on the equipment over their estimated useful lives. WAS undertakes a number of ongoing and future joint efforts in the organization of our annual conference with other associations. While the responsibility for conference-related assets and liabilities is shared among the partners, the revenues and expenses are mostly handled by WAS and the statements reflect the overall assets and liabilities related to our conferences, rather than just the proportional assets and liabilities for WAS. A comparative summary from the audited financial statements of the past five fiscal years is shown below. Summarized statement (Modified Cash Basis): Assets, liabilities and net assets for fiscal years ending March 31 Fiscal Year 2011 2010 2009 2008 2007 Cash and investments $986,953 $965,673 $728,923 $858,257 $710,476 Net fixed assets after depreciation $5,847 $5,094 $7,211 $4,465 $1,961 Total assets $992,800 $970,767 $736,134 $862,722 $712,437 Liabilities ($98,678) ($167,106) ($81,425) ($190,682) ($158,666) Net assets $894,122 $803,661 $654,709 $672,040 $553,771 Revenues collected, expenses paid and changes in net revenues for fiscal years ending March 31 Fiscal Year 2011 2010 2009 2008 2007 Revenue collected $661,639 $724,047 $602,126 $657,647 $648,133 Expenses paid ($571,178) ($575,095) ($619,457) ($539,378) ($629,020) Change in net revenues $90,461 $148,952 ($17,331) $118,269 $19,113 Components of revenues and expenses for fiscal years ending March 31 Fiscal Year 2011 2010 2009 2008 2007 Revenues Dues and home office 17% 18% 22% 29% 22% Conferences 57% 57% 54% 46% 47% Publications 14% 16% 17% 17% 20% Other 12% 9% 7% 8% 11% Total 100% 100% 100% 100% 100% Expenses (as a percent of total revenues) Dues and home office 23% 21% 24% 19% 24% Conferences 37% 29% 40% 35% 33% Publications 21% 24% 25% 20% 24% Other 5% 5% 14% 9% 10% Total 86% 79% 103% 83% 92% Excess 14% 21% -3% 17% 8%
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