Skip to main content

Main menu

  • Articles
    • Current
    • Early Release
    • Archive
    • Rufus A. Lyman Award
    • Theme Issues
    • Special Collections
  • Authors
    • Author Instructions
    • Submission Process
    • Submit a Manuscript
    • Call for Papers - Intersectionality of Pharmacists’ Professional and Personal Identity
  • Reviewers
    • Reviewer Instructions
    • Call for Mentees
    • Reviewer Recognition
    • Frequently Asked Questions (FAQ)
  • About
    • About AJPE
    • Editorial Team
    • Editorial Board
    • History
  • More
    • Meet the Editors
    • Webinars
    • Contact AJPE
  • Other Publications

User menu

Search

  • Advanced search
American Journal of Pharmaceutical Education
  • Other Publications
American Journal of Pharmaceutical Education

Advanced Search

  • Articles
    • Current
    • Early Release
    • Archive
    • Rufus A. Lyman Award
    • Theme Issues
    • Special Collections
  • Authors
    • Author Instructions
    • Submission Process
    • Submit a Manuscript
    • Call for Papers - Intersectionality of Pharmacists’ Professional and Personal Identity
  • Reviewers
    • Reviewer Instructions
    • Call for Mentees
    • Reviewer Recognition
    • Frequently Asked Questions (FAQ)
  • About
    • About AJPE
    • Editorial Team
    • Editorial Board
    • History
  • More
    • Meet the Editors
    • Webinars
    • Contact AJPE
  • Follow AJPE on Twitter
  • LinkedIn
Meeting ReportAACP Reports

Report of the AACP Finance Committee, June 15, 2010

American Journal of Pharmaceutical Education December 2010, 74 (10) S19; DOI: https://doi.org/10.5688/aj7410S19
  • Article
  • Figures & Data
  • Info & Metrics
  • PDF
Loading

The Finance Committee held a call on June 14 to review the following financial and budget information:

  • Financial Reports through April 2010

  • FY2010 year-end Forecast

  • Proposed FY2011 Budget

  • Projected Budget for FY2012

The Committee recommends the Board:

  1. Adopt the 2011 Budget as presented and

  2. Consider establishing an Endowment for faculty research funded with projected net revenues from fiscal years 2010 and 2011. This fund could be more actively promoted among individual members and schools for matching contributions with the application and grant issuance processes managed internally.

Summary of Key April 2010 Financial Results

  • Assets have risen 6% since the beginning of the year on account of growth in investments and strong operating performance in key revenue / program areas.

  • The receivable balance of $163,500 for 2007–2008 Crystal Apple Award Grant from Merck remains outstanding though; we are inching closer to collection now that we are working with a new contact within Merck's contract compliance division. Payables consist mainly of accrued leave ($182,000) and the Sanofi Aventis grant ($416,000).

  • Operating revenue totals $10,700,000 and has already surpassed FY09 year end on account of stronger than expected individual membership dues, PharmCAS applications, royalties from PCAT and meetings revenues. There is an additional $458,000 of realized / unrealized gains from the investment portfolio reporting as income and $71,000 of Wal-Mart scholarship funds received in FY09 to be applied as income this year.

  • Operating expenses total $6,900,000 (or 64% of revenue) in FY10 and are on par with last year $7,069,000 (or 70% of revenue) save for one final license payment due to Liaison International.

  • Diligent budget management has resulted in $237,000 of reductions to administration costs this fiscal year. The reductions between 2009 and 2010 were concentrated in the following areas:

    • Conversion of print publications to electronic ($132,000)

    • Renegotiating merchant credit card fees ($40,000)

    • Supplies, postage and maintenance ($22,000)

    • Legal fees ($22,000)

    • Travel ($17,000)

    • Investment fees ($4,000)

    • Employee medical plan (held premiums constant from a proposed 17% increase through a change in plan design)

  • Furthermore, no new staff positions were added this year while professional fees incurred were only 10% over the prior year actual.

Summary of Key FY2010 Forecasted Financial Results

  • The 2010 Forecast calls for revenue of $11,071,000 and net revenue of $365,000 or 3.2% before investment gains.

  • All major sources of revenue met or exceeded budget targets helping to drive net revenue significantly above the $31,000 budget goal at the start of the year (Table 1).

Table 1.
  • Download figure
  • Open in new tab
  • Download powerpoint
Table 1.

Summary of the FY2011 Budget Review

  • For 2011, revenue is budgeted to be $11,596,000 and expenses $11,243,000 resulting in net revenue of $353,000 or 3.0%

  • Revenue Assumptions:

    • No change in dues rates; three new institutional members

    • PharmCAS applications level with prior year; $10 increase in each subsequent application beyond the first one

    • PCAT testing fee royalties down slightly from record levels in 2010

    • Annual Meeting registration exceeds prior year; lower corporate support

    • AFPE to fund 1/3 of NIP program at $100,000

  • Expense Assumptions:

    • New Investigator Program ($150,000) – NEW

    • Additional issue of AJPE ($8,000) – NEW

    • PEAS operating costs ($116,000) – NEW

    • Global Alliance Website ($12,000) – NEW

    • Webinars / Technology enhancements ($40,000) – NEW

    • Staff costs rise 5.8% overall (including promotions and a 3.5% medical plan increase)

  • © 2010 American Journal of Pharmaceutical Education
PreviousNext
Back to top

In this issue

American Journal of Pharmaceutical Education
Vol. 74, Issue 10
1 Dec 2010
  • Table of Contents
  • Index by author
Print
Download PDF
Email Article

Thank you for your interest in spreading the word on American Journal of Pharmaceutical Education.

NOTE: We only request your email address so that the person you are recommending the page to knows that you wanted them to see it, and that it is not junk mail. We do not capture any email address.

Enter multiple addresses on separate lines or separate them with commas.
Report of the AACP Finance Committee, June 15, 2010
(Your Name) has sent you a message from American Journal of Pharmaceutical Education
(Your Name) thought you would like to see the American Journal of Pharmaceutical Education web site.
CAPTCHA
This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.
2 + 1 =
Solve this simple math problem and enter the result. E.g. for 1+3, enter 4.
Citation Tools
Report of the AACP Finance Committee, June 15, 2010
American Journal of Pharmaceutical Education Dec 2010, 74 (10) S19; DOI: 10.5688/aj7410S19

Citation Manager Formats

  • BibTeX
  • Bookends
  • EasyBib
  • EndNote (tagged)
  • EndNote 8 (xml)
  • Medlars
  • Mendeley
  • Papers
  • RefWorks Tagged
  • Ref Manager
  • RIS
  • Zotero
Share
Report of the AACP Finance Committee, June 15, 2010
American Journal of Pharmaceutical Education Dec 2010, 74 (10) S19; DOI: 10.5688/aj7410S19
del.icio.us logo Digg logo Reddit logo Twitter logo Facebook logo Google logo Mendeley logo
  • Tweet Widget
  • Facebook Like
  • Google Plus One

Jump to section

  • Article
    • The Committee recommends the Board:
    • Summary of Key April 2010 Financial Results
    • Summary of Key FY2010 Forecasted Financial Results
    • Summary of the FY2011 Budget Review
  • Figures & Data
  • Info & Metrics
  • PDF

Similar AJPE Articles

Cited By...

  • No citing articles found.
  • Google Scholar

More in this TOC Section

  • Report of the Journal Editor
  • Strategic Plan Priority 1: Enriching the Applicant Pipeline
  • AMERICAN ASSOCIATION OF COLLEGES OF PHARMACY, INC. & SUBSIDIARY
Show more AACP Reports

Related Articles

  • No related articles found.
  • Google Scholar

Home

  • AACP
  • AJPE

Articles

  • Current Issue
  • Early Release
  • Archive

Instructions

  • Author Instructions
  • Submission Process
  • Submit a Manuscript
  • Reviewer Instructions

About

  • AJPE
  • Editorial Team
  • Editorial Board
  • History
  • Contact

© 2022 American Journal of Pharmaceutical Education

Powered by HighWire