Summary


Summary

The major goals, action tracks and budget figures for each of the five areas.


Pre-audit December 2014 Highlights on Financial Statements

Overview

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.

2014 Revenue

Membership Dues

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.

2014 2013
REVENUE (Chart A)
     Membership Dues 1,496,774 1,537,025
     Roundtable Registration 200,140 182,455
     Asian Development Bank Grant 135,432 69,937
     PPI Executive Seminar Registration 37,550 77,000
     Investment Income 8,457 2,447
     Other Income 1,400 -
Total Revenue 1,879,753 1,868,864
SUPPORT
     Contributions 30,220 20,000
     In-Kind Donations 2,031 -
Total Support 32,251 20,000
TOTAL REVENUE & SUPPORT 1,912,004 1,888,864
EXPENSES (Chart B)
     Program Services 1,912,004 1,494,253
     Support Services 614,210 463,083
Total Expenses 1,916,502 1,957,336
CHANGE IN NET ASSETS (4,498) (68,472)
NET ASSETS AT BEGINNING OF YEAR 1,687,717 1,756,189
NET ASSETS AT END OF YEAR $1,683,219 $1,687,717

Roundtable Fees

Combined revenue from Winter, Summer and Asia roundtable registration fees is $200,139 compared to budget of $182,991, or a favorable variance of $17,148. Total registration fee underwrites 45% of the total direct roundtable expenses.

PPI Executive Seminar (PES)

Total revenue realized from PES is $37,550, reflecting eleven attendees. Total expense was $42,347, resulting in a net unfavorable variance of $4,797.

Asian Development Bank (ADB) Grant

The final payment of $135,432 was received from ADB for Grant II. Total expenses paid was $25,318.

Investments

Investment income from PPI’s investment fund and its operating accounts totaled $8,456.

Legacy Project

The Legacy project is classified as a “Temporarily Restricted Project based on Purpose.” The funds released from deferred liability and posted as revenue was $4,952 based on expenses paid in 2014 for the project.

2014 Expense

Roundtables

Total expenses for Winter, Summer and Asia roundtables were $445,726, compared to budget of $544,444, or $98,718 under budget. Program management, lower than anticipated food and beverage, and speaker expenses contributed to the favorable variance.

Personnel

Total expense was at 100% of budget and reflects seven full time staff as of August 1, 2014. The unfavorable variance in salaries was offset by the favorable expenses in benefits and staff development.

Professional Services

Total expense was $201,588 and $39,978 unfavorable to budget. The unfavorable variance is the result of payments to Boyden Global Executive Search and legal governance consulting fees.

Printing and Postage

Total expense was $4,867 and $5,833 favorable to budget. The favorable variance is the result of the use of online and digital programs and limited mail deliveries.

Books/Periodicals/Subscriptions

Total expense was $13,921 and $16,429 favorable to budget. The favorable variance is the result of the non-renewals on subscriptions that could be accessed digitally (instead of hardcopy) or from other publicly available internet sources.

Occupancy/Rent

Total expense was $96,084 and $6,336 favorable to budget. Building management’s operating and property tax expenses were not available as of the close and the amount was an estimated accrual at year-end.

Staff, Executive and Board Travel

Total expense was $91,242 and slightly over budget by $902. The Board of Directors unfavorable travel expenses of $5,927 incurred due to the CEO transition were offset by the favorable variances in Executive and Staff expenses.


Review each section of the plan and budget: