10/29/2019

Treasurer’s Report

by Terry Ammons

When I was first appointed as Treasurer for AFT and became responsible for the oversight of the financials, the executive team emphasized how important ensuring that the Board remained good stewards of the association’s money. My goal is as treasurer is to continue along that path by using my professional experience to deliver value to the association. I want to thank Brian Otte, my immediate predecessor, and the ME team for the work they do on the budget and day to day management of the books and records. 2019 was a good year for cash flow and the association grew its reserve to $650,000, which as a percentage of next year’s cost is about 86%. Our goal and industry standards for the cash reserve percentage is between 50 % and 100%.

The Fall 2018 and Spring 2019 summits resulted in a modest profit which helps fund scholarships and helps build the reserves noted previously. Revenue sources, consistent with prior year, are derived 80% from the summits and 20% from membership fees.

AFT is in a very good financial position. The Board continues to focus on adding value to the association’s members by creating relevant program agenda’s with great speakers held in locations that make the trip worthwhile.