WWW.WAS.ORG • WORLD AQUACULTURE • DECEMBER 2015 67 Table 1. Summarized statement (Modified Cash Basis): Assets, liabilities and net assets for fiscal years ending March 31. Fiscal Year 2015 2014 2013 2012 2011 • Cash and investments.........................................................$1,167,688................... $1,334,9071.................... $1,273,200................... $1,233,671. ...................... $986,953 • Net fixed assets after depreciation.............................................$4,026....................... $4,115........................... $4,056.......................... $4,790. .......................... $5,847 • Total assets..........................................................................$1,171,714...................... $1,339,022.................... $1,277,256................... $1,238,461. ...................... $992,800 • Liabilities............................................................................. ($145,424). ....................... ($212,977).....................($212,763)....................($264,869).......................($98,678) • Net assets............................................................................$1,026,290...................... $1,126,045.................... $1,064,493...................... $973,592. ...................... $894,122 [1,041,483]1 World Aquaculture Society — Financial Report The outstanding accounting services by the World Aquaculture Society (WAS) Home Office provide a solid fiscal foundation for our Society. The WAS financial statements were audited by the independent accounting firm of Postlethwaite & Netterville in Baton Rouge, Louisiana as of the year ended March 31, 2015. For the fiscal years 2014-2011, financial statements were audited by the independent accounting firm of Harris CPA, LLC in Baton Rouge, Louisiana. The resultant summarized financial statement is shown in Table 1 and reflects the assets and liabilities of the World Aquaculture Society. This statement is considered a “modified” cash basis statement due to the recording of cash disbursed for equipment as assets and the provision for depreciation on the equipment over their estimated useful lives as well as recognizing as a liability payroll withheld and the related taxes which have not been paid at fiscal year-end. The reported assets also include the cash accounts and investments of our contributing WAS Chapters. A comparative summary from the audited financial statements of the past five fiscal years is shown below (Table 1). Table 3. Components of revenues and expenses for fiscal years ending March 31. Fiscal Year 2015 2014 2013 2012 2011 Revenues • Dues and home office.......................................................................22%. ................................. 18%............................... 17%.............................. 20%............................... 17% • Conferences......................................................................................58%. ................................. 60%............................... 55%.............................. 54%............................... 57% • Publications. .....................................................................................12%. ................................. 12%............................... 13%.............................. 18%............................... 14% • Other...................................................................................................8%. ................................. 10%............................... 15%................................ 8%............................... 12% • Total................................................................................................100%. ............................... 100%............................. 100%............................ 100%............................. 100% Expenses (as a percent of total revenues) • Dues and home office.......................................................................26%. ................................. 26%............................... 22%.............................. 25%............................... 23% • Conferences......................................................................................49%. ................................. 44%............................... 40%.............................. 36%............................... 37% • Publications. .....................................................................................19%. ................................. 16%............................... 15%.............................. 22%............................... 21% • Other...................................................................................................8%. ................................... 6%............................... 12%................................ 4%................................. 5% • Total................................................................................................102%. ................................. 92%............................... 89%.............................. 87%............................... 86% • (Deficit) or Excess............................................................................ (2%)................................... 8%............................... 11%.............................. 13%............................... 14% 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 2014-2015 that ended in March 31, 2015, substantial revenue was invested in future meetings (Table 3). WAS undertakes a number of ongoing and future joint efforts in the organization of our annual conferences and with other associations. While the responsibility for conferencerelated 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 (58%) and expenses (49% 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. The next largest contributors to revenue are dues (22%) and publications (12%). Table 2. Revenues collected, expenses paid and changes in net revenues for fiscal years ending March 31. Fiscal Year 2015 2014 2013 2012 2011 • Revenue collected..................................................................$804,225........................... $729,205....................... $805,775...................... $621,767. ...................... $661,639 • Expenses paid...................................................................... ($819,418). ....................... ($667,653).....................($714,874)....................($542,297).....................($571,178) • Change in net revenues.......................................................... ($15,193). .......................... $61,552......................... $90,901........................ $79,470. ........................ $90,461 For the fiscal year ending March 31, 2015, the World Aquaculture Society experienced a decrease of $15,193 in net revenue (total annual revenues minus total expenses, Table 2). This decrease is substantially less than the 2014-15 projected decrease in net revenues of $81,649 for the 2015 fiscal year. A decrease in net revenues was projected due to the Parent Society’s increased investment in communications, Chapter secretariats, and publications. For the 2014-2015 year, most budgeted items were within expected ranges. Board travel, Committee and Chapter expenses were below expected amounts. Chapter expenses were lower because of delayed starts in establishing the regional secretariat offices. The largest overage in terms of what was budgeted versus actual expenses was related to conferences. This was primarily due to higher than expected expenses for future meeting planning and delays in profit/repayment distribution post the WAS Jeju conference which resulted in revenues applied to the 2015-2016 fiscal year. The increased revenue to help off-set the projected budget deficit in 2014-2015 was primarily due to increased membership revenues and the previously cited lowerthan-expected Board, Chapter and Committee expenses. 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 $1,026,290 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. However, the WAS Board of Director also has identified a goal, as part of our long-term financial strategy, to build up a balanced and diversified Parent Society investment portfolio to a level that, at a minimum, will allow access to available funds that would equal our annual budget expenses. An estimate of this target can be derived from averaging the operating budget from 2011-2015 and yields a target of $663,084. Current Parent Society investments, when Chapter investments are removed from the reported total, have an amortized cost of $446, 707. In 2014-2015, a decrease in net revenues of $15,193 prevented investment toward the Society’s long-term investment portfolio goal. Thus, future budgets should endeavor to re-commit to an investment strategy that decreases the risk of financial hardship should a catastrophic financial event occur within the Society in manner that does not compromise member benefits. In summary, WAS maintains a stable financial position with a commitment to continued long-term positive member benefits of our activities. Respectfully submitted to the WAS membership, Wendy Sealey, WAS Treasurer 1 During the year ended March 31, 2015, the Society discovered an investment account that was not previously included in the consolidated financial statements. Accordingly, an adjustment of $52, 379 was made to the March 31, 2015 beginning assets. Additionally it was determined that investments should be reported at cost in accordance with the modified cash basis of accounting rather than at fair value. Accordingly, an adjustment of $136, 941 was made to the March 31, 2015 beginning net assets. As a result of this adjustment the restated net assets for 2014 are directly comparable with 2015 but not with the previously published net assets for previous years. Unrestricted Net Assets Prior period adjustments: • Addition of investment account................................................................$ 52, 379 • Adjustment of investment from fair value to cost....................................$ (136,941) Total adjustments. ...............................................................................$ (84,562) • Net assets as reported March 31, 2014..................................................$ 1,126,045 • Net assets as restated at March 31, 2014...............................................$ 1 041,483
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