Pre-audit December 2014 Highlights on Financial Statements
2014 Statement of Activities (Revenue and Expense)
Year-end financial statements (pre-audit) reflect total revenue of $1,886,737 and total expense of $1,916,501. PPI completes the year with an overall unfavorable variance of $29,765.
Key factors related to overall unfavorable variance are the less than planned membership revenue of $166,750, offset by the favorable variances in roundtable registration ($17,148) and expenses ($98,718), and the management of expense savings in the areas of subscriptions ($16,429), printing ($5,833), supplies ($3,996), conference fees ($3,917), telephone and internet ($3,559) .
Our revenue when compared to budget was $147,529 less than budget due to the shortfall in membership revenue. Expenses when compared to budget were $114,985 favorable to budget mostly due to conservative program management of expenses.
2014 Statement of Financial Position (Balance Sheet)
Total assets in 2014 are $2,164,481. This is inclusive of $312,525 in accounts receivable, the majority of which represent the first-quarter 2015 billings. Accounts receivable are 17% of membership dues.
Total assets are $2.164 million compared to total assets of $2.104 million in 2013, a year-over-year increase of $60,655 or 3%. Net assets of $25,267 were reclassified to the Temporary Restricted Net Assets Legacy Project. Total equity at the end of 2014 was $1.658 million compared to $1.688 million in 2013, a year-over-year decrease of $29,765.
PPI ends the year with 31 plan sponsors compared to budget of 36, or membership revenue of $282,900 compared to budget of $338,100, resulting in a shortfall of $55,200. Two new plan sponsors were added and four members departed as reflected in the chart on page two.
Membership in the plan sponsor category includes seven in Asia, five in Canada, two in Europe and 17 in the United States. All are dues paying except for Bhutan.
On the corporate side, PPI ends the year with 41 members compared to budget of 45, or membership revenue of $1,198,875 compared to budget of $1,313,875, resulting in a shortfall of $115,000. Two new corporates were added and four members departed as reflected in the chart on page two.
On the friends of PPI, PPI ends the year with 15 members compared to budget of 12, or membership revenue of $15,000 compared to budget of $11,550, resulting in a favorable variance of $3,450.
Net of all the membership categories is a shortfall of $166,750 when compared to budget.