Re: Trouble in Paradise?

I'm guilty of not following much about AAMT, but in line of the budget
problems, why is the convention being held in Hawaii--a very expensive place
to hold a convention, and where most of us working MT's cannot afford either
the time or the money to attend!

Barb C.
"Norman Braman" <nbraman@xxxxxxxxxxxxxxx> wrote in message
news:1122561144.476544.327080@xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
> As AAMT prepares to head to Hawaii for its annual meeting, it presents
> this financial picture on their website:
>
> AAMT began 2005 with a deficit budget. Therefore, setting fiscal
> direction in 2005 to line up with the strategic priorities of the
> organization was much more challenging than in previous years. The bad
> news is that we had a deficit budget and outstanding payables that we
> must overcome to regain solid financial footing. The good news is that
> we know where the budget shortfalls exist in real-time because the
> year-end financials reflect an accurate picture of actual and accrued
> revenues and expenses. We also have trend reporting now that enables us
> to better pinpoint areas of exposure much quicker. Many factors
> contributed to poor financial performance in 2004. The two biggest
> areas were membership and journal outsourcing. Membership accruals
> changed in 2004 to reflect standard accounting practices so revenue
> projections, if realized, occurred much later in the year. Compounding
> the accrual issue was the effects of discounting all categories of
> membership dues and to a lesser extent, the EZ Pay option. We under
> projected expenses for journal publishing by calculating costs based on
> a no growth assumption in membership. Membership soared in 2004,
> particularly the lower cost student category, while journal costs per
> member stayed fixed for all member categories, increasing this line
> item on the expense side. Other targets missed that factored into the
> equation included inability to sublet office space, employee turnover,
> higher speaker lodging expenses from the annual convention, development
> costs to automate the certification exam, and corrections to inventory
> depreciation. Worse still was the fact that revenue expectations on new
> product development were not realized. The good news is that the staff
> have identified issues early on and have begun to take an active
> approach to cut backs where ever possible, engaged our contractors to
> assist in developing solutions, discontinued outsourced vendors where
> necessary, and slowed down initiatives or brought projects in house to
> hold on expenses.
>


.

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  • Trouble in Paradise?
    ... AAMT began 2005 with a deficit budget. ... year-end financials reflect an accurate picture of actual and accrued ... areas were membership and journal outsourcing. ... projected expenses for journal publishing by calculating costs based on ...
    (sci.med.transcription)