WWW.WAS.ORG • WORLD AQUACULTURE • DECEMBER 2014 69 Summarized statement (Modified Cash Basis): Assets, liabilities and net assets for fiscal years ending March 31 Fiscal Year 2014 2013 2012 2011 2010 • Cash and investments............................................ $1,334,907. ..................$1,273,200................ $1,233,671. .................$986,953...................$965,673 • Net fixed assets after depreciation................................ $4,115. .........................$4,056....................... $4,790. .....................$5,847.......................$5,094 • Total assets............................................................ $1,339,022. ..................$1,277,256................ $1,238,461. .................$992,800...................$970,767 • Liabilities.................................................................($212,977)....................($212,763). ...............($264,869)................. ($98,678).................($167,106) • Net assets............................................................... $1,126,045. ..................$1,064,493................... $973,592. .................$894,122...................$803,661 Revenues collected, expenses paid and changes in net revenues for fiscal years ending March 31 Fiscal Year 2014 2013 2012 2011 2010 • Revenue collected.................................................... $729,205. .....................$805,775................... $621,767. .................$661,639...................$724,047 • Expenses paid........................................................... $667,653. ....................($714,874). ...............($542,297)............... ($571,178).................($575,095) • Change in net revenues.............................................. $61,552. .......................$90,901..................... $79,470. ...................$90,461...................$148,952 Components of revenues and expenses for fiscal years ending March 31 Fiscal Year 2014 2013 2012 2011 2010 Revenues • Dues and home office.......................................................... 18%.............................. 17%. ......................... 20%..........................17%........................... 18% • Conferences......................................................................... 60%..............................55%. ......................... 54%..........................57%...........................57% • Publications......................................................................... 12%.............................. 13%. ......................... 18%..........................14%...........................16% • Other.................................................................................... 10%..............................15%. ........................... 8%..........................12%.............................9% • Total................................................................................... 100%............................ 100%. ....................... 100%........................100%......................... 100% Expenses (as a percent of total revenues) • Dues and home office.......................................................... 26%..............................22%. ......................... 25%..........................23%...........................21% • Conferences......................................................................... 44%.............................. 40%. ......................... 36%..........................37%...........................29% • Publications......................................................................... 16%..............................15%. ......................... 22%..........................21%...........................24% • Other...................................................................................... 6%..............................12%. ........................... 4%............................5%........................... 5% • Total..................................................................................... 92%..............................89%. ......................... 87%..........................86%...........................79% • Excess.................................................................................... 8%.............................. 11%. ......................... 13%..........................14%...........................21% World Aquaculture Society — Financial Report This is my final financial report as Treasurer as I am rotating off the Board at the annual meeting in Jeju, Korea. It has been my pleasure to serve the Society as its fiscal officer, but I could not have done it without the help of the Home Office, particularly Mrs. Carol Mendoza, and our Executive Director, Mr. John Cooksey, who wisely manages our conferences and overall activities. I also appreciate the various Board and EXCOM members who make decisions that affect the finances of the Society. I encourage them to invest your money wisely and consider carefully the return on investment to continue to grow the Society and the benefits to its members. For the fiscal year ending March 31, 2014, the World Aquaculture Society experienced an increase of $61,552 in net assets (total annual revenues minus total expenses) from the previous year. This increase was principally due to revenues from conferences and sound fiscal management from the Home Office management and Board to limit expenses. The financial situation over the past several fiscal years reflects well upon the overall health of the society despite the global economic situation: in a stable membership, 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 and the 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. The audit showed that these financial statements are a fair representation. A comparative summary from the audited financial statements of the past five fiscal years is shown below. Due to the nature of the timing of our Society’s conferences and meetings, cash basis revenues and expenses for any one period may vary significantly from other single periods. For the fiscal year 2013-2014 that ended in March 31, 2014, conference revenues and expenses included the AQUACULTURE 2013 triennial conference in Nashville, Tennessee, the Asia Pacific Chapter 2013 meeting in Ho Chi Minh, Vietnam and the Aquaculture America conference in Seattle, Washington with some income and expenses from previous and future meetings. WAS undertakes a number of ongoing and future joint efforts in the organization of our annual conferences 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. Conferences continue to account for a significant portion of the revenues (60%) and expenses (44% as a percent of total revenues) for the society; hence, the long-term financial strength of the society and the success of our meetings are based upon good attendance and participation by WAS members and others. In 2013-2014, our cash and investments increased $61,707 over the previous year despite the global economy. The next largest contributors to revenue are dues (18%) and publications (12%). To facilitate fiscal stability and long-term planning, the WAS Board of Directors considers at least a three-year planning horizon. The current net assets of $1,126,045 provide an important buffer that allows for the continued emphasis on internationalization of the society in terms of meeting venues, chapter development and promotion of new initiatives for information and knowledge exchange. In addition, the WAS Board of Director as part of our long-term financial strategy continues to build up a balanced and diversified investment portfolio to a level that, at a minimum, will allow access to available funds that would equal our annual budget expenses ($583,431 for 2013-14). By striving to increase our investments to a level of our annual expenses, this will put the society in a stronger financial position; whereby, we would have a lower risk of financial hardship should a catastrophic financial event within the society ever occur. Making sound investments has been challenging under current global conditions, but the Board continues to move cautiously in this area. In summary, WAS maintains a stable financial position with continued long-term positive monetary outcomes of our activities to date and for the future. Respectfully submitted to the WAS membership, Bill Daniels, WAS Treasurer
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