ALCTS Financial Reports:
FY 2000 and First Quarter FY 2001

Olivia M. A. Madison, Chair, ALCTS Budget and Finance Committee

Final ALCTS Fiscal Year 2000 Report

ALCTS ended its fiscal year for 1999–2000 with an unexpected net budget surplus of $35,333, a sound operating reserve of nine months, and an endowment of $50,454 (representing a ten percent increase). The budget surplus was due primarily to the extraordinarily successful metadata conference, sponsorships raised through aggressive fund-raising initiatives (primarily by Peggy Johnson, ALCTS president 1999–2000), and staff salary savings resulting from key vacancies. New Initiative funds continued to support strategic and tactical planning. As reflected by this past fiscal year, association revenues remain overly dependent on membership dues, and need to have growing reliance on continuing education, advertising, and fund-raising revenues. Given the association’s highly successful tactical planning (based upon our new strategic plan) that took place at 2001 Midwinter Meeting, the Budget and Finance Committee is confident that future budgets will reflect more balanced revenue streams.

Figure 1. ALCTS Fiscal Year 2000 Final Revenue

Figure 2. ALCTS Fiscal Year 2000 Final Expenditures

First Quarter ALCTS Fiscal Year
2001 Report

The fiscal year 2001 budget remains projected with a deficit of approximately $25,000. Central to this projected deficit is the level of FY01 continuing education programs—only one preconference and one regional institute are planned. The salary/benefits expenses are projected tentatively for full office staffing. However, it is anticipated that there will be some level of salary savings incurred this year, which might offset some of the projected deficit. Due to poor stock market performance, the ALCTS endowment stands at $44,836, an eleven percent decline. Fortunately ALCTS does not depend upon endowment earnings for its core budget—instead it routinely reinvests endowment earnings back into the endowment fund. During this fiscal year, the Budget and Finance Committee will be reviewing the association’s membership dues policy and finalizing an association financial plan for consideration by the ALCTS board of directors.

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