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: Moving from Injustice to Equity
  • Reviewers
    • Reviewer Instructions
    • 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: Moving from Injustice to Equity
  • Reviewers
    • Reviewer Instructions
    • 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

AACP Finance Committee Report

American Journal of Pharmaceutical Education December 2011, 75 (10) S14; DOI: https://doi.org/10.5688/ajpe7510S14
  • Article
  • Figures & Data
  • Info & Metrics
  • PDF
Loading

AACP's Treasurer Keith Herist along with COO Daniel Cassidy presented the Finance Committee report containing the 2012 Budget to the AACP Board. The agenda included a review of financial trends, major operating and financial assumptions, emerging opportunities and capital investments.

The Board adopted the 2012 Budget summarized below and accepted the preliminary budget projection for 2013.

2012 BUDGET SUMMARY

For 2012, revenue is budgeted to be $12,099,000 and expenses $12,063,000 resulting in net revenue of $36,000 or .6% of total revenue. For the comparative results and projections, see Table 1.

View this table:
  • View inline
  • View popup
  • Download powerpoint
Table 1.

Budget Summarya

Major Budget Assumptions

Revenue:

  1. An institutional dues increase of $3,000 per school plus one new school

  2. PCAS revenues consistent with the prior year; PCAT testing fees up significantly

  3. Conservative estimates for meeting registrations; continued softening of sponsorships

  4. TEVA grant monies moved into 2012 from 2011 ($100,000)

  5. NPF Research Awards entirely self-funded (2nd year in a row)

For sources of revenue, see Figure 1.

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

Sources of revenue.

Expense:

  1. Member needs assessment ($50,000) – NEW

  2. Congressional Fellow support of CMS Innovations Center ($25,000) - NEW

  3. Operating under new PharmCAS management agreement with Liaison

  4. Employee-benefit premiums at or below prior year levels

  5. Staff positions – Membership Manager plus two administrative positions ($120,000 prorated)

For summary of expenses, see Figure 2.

Figure 2.
  • Download figure
  • Open in new tab
  • Download powerpoint
Figure 2.

Summary of expenses.

Figure 3.
  • Download figure
  • Open in new tab
  • Download powerpoint
Figure 3.

Comparing net revenue from operations.

Emerging Opportunities (see attached “Emerging Opportunities Analysis and Recommendations”)

  1. Academic Research Fellows Program ($0 operating expense in 2012; potentially $100,000 in first program year)

  2. Milestone Exams ($20,000 budgeted in 2012 for assessing the market; revenue model in future years contingent on business plan)

  3. Standardized APPE Evaluation (e.g. Clinic-Eval) ($0 operating expense in 2012; potentially $225,000 in first program year and revenue model contingent on business plan)

  4. Program, Curriculum, and Assessment Consulting Service ($5,000 for feasibility evaluation in 2012; potentially $25,000 in first program year)

  5. Academic Practice Partnership Initiative – II (Experiential Education quality and capacity)*

  6. Teams Leadership Development (Deans & Department Chairs*

2013 Major Budget Assumptions:

Revenue:

  1. Three new schools

  2. PCAS revenues consistent with the prior year; PCAT testing fees level

  3. Meeting registrations moderately higher due to 2011 results and Orlando site

  4. TEVA grant renews for another year

  5. Sub-tenant lease is terminated early in anticipation of starting construction on new office space re-design

Expense:

  1. No new staff positions budgeted at this time and employee benefit premiums increase 10%

  2. No congressional fellow; will have a Scholar in Residence

  3. Higher annual meeting costs

  4. PharmCAS expenses increase due to higher WebAdMIT and background check fees

  5. No expenses budgeted for new emerging opportunities at this time.

The 2012 capital budget is shown in Table 2.

View this table:
  • View inline
  • View popup
  • Download powerpoint
Table 2.

2012 Capital Budget

Footnotes

  • ↵* APPI-II and Dean-Department Chair Development have already received attention leaving the other four needing specific planning and implementation attention.

  • © 2011 American Association of Colleges of Pharmacy
PreviousNext
Back to top

In this issue

American Journal of Pharmaceutical Education
Vol. 75, Issue 10
1 Dec 2011
  • 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.
AACP Finance Committee Report
(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.
18 + 0 =
Solve this simple math problem and enter the result. E.g. for 1+3, enter 4.
Citation Tools
AACP Finance Committee Report
American Journal of Pharmaceutical Education Dec 2011, 75 (10) S14; DOI: 10.5688/ajpe7510S14

Citation Manager Formats

  • BibTeX
  • Bookends
  • EasyBib
  • EndNote (tagged)
  • EndNote 8 (xml)
  • Medlars
  • Mendeley
  • Papers
  • RefWorks Tagged
  • Ref Manager
  • RIS
  • Zotero
Share
AACP Finance Committee Report
American Journal of Pharmaceutical Education Dec 2011, 75 (10) S14; DOI: 10.5688/ajpe7510S14
del.icio.us logo Digg logo Reddit logo Twitter logo CiteULike logo Facebook logo Google logo Mendeley logo
  • Tweet Widget
  • Facebook Like
  • Google Plus One

Jump to section

  • Article
    • 2012 BUDGET SUMMARY
    • Footnotes
  • 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

© 2021 American Journal of Pharmaceutical Education

Powered by HighWire