Report of the Treasurer to the FOTA Board
July 20, 2012
Treasurer: Debbie Murphy-Fischer, MBA OTR
Strategic Planning Tasks
V. Clear ,compelling public image
5.b Design long range plan for annual conference
5.b.2 Prepare a conference budget annually for approval by BOD
Action: Met with Vice President on 2 occasions to develop and modify annual conference Budget for; Tampa/Nova- Nov 2-3, 2012
Status: ongoing
5.6 Promote benefits of OT to the public
5.c.3 Determine the feasibility of adding a formal marketing component to the roles of FOTA
Action: Established a Public Relations Budget line item, which was used last fiscal year to advertise conference to all OT’s including non members; i.e. postcard
Status: ongoing
VIII. Science fostered innovation in occupational therapy practice
8.a.Promote research in Florida
8.a.1. Partner with AOTA to resurrect the Lela Lorens Research Fund
Action: Limited discussion at the last board meeting regarding this fund, EB identified that the current fund is too small to really assist researchers and that partnering with AOTA was really not feasible, as the AOTA Foundation is a separate entity. Treasurer suggested taking a percentage of yearly Association profits and adding it to the account until such time as we can put this into a higher yielding account. Treasurer would suggest 10% of annual profits that would be if approved $365.75 from FY 2011-2012
Status: This was to be revisited at the next board meeting.
IX. To meet the SP Elements, fiscal and operational excellence
9.b. Manage fiscal resources to ensure ongoing solvency
9.b.1 Investigate methods to invest funds
9.b.2 Investigate other revenue streams
9.b.3 Create and implement a plan to orient Treasurer elect
9.b.4 Assure ongoing oversight by a certified financial professional
Action: Attached Profit and Loss Statement for FY 2011-2012, Net profit $36,575.22
Proposed Budget for FY 2012-2013
This needs to be voted and approved by the board at this meeting
Profit and Loss Statement for FY 2012-2013
Copy of 6/30/2012 Bank Statement, Operating Account $98,599.37
Lela Lorens Acc’t $6,726.50
Status: ongoing, the Financial Health of FOTA is strong
Action as to items 9.b.1 and 9.b.2: the current financial opportunities for growth products is limited to higher risk products. As a non profit organization we need to carefully consider if no growth is better than risky growth. We also would need to invest a minimum of 25K.
We have a healthy bank account and have been making profits we need to financially establish places for money to go, such as basing investments on a profits percentage such as the treasurer’s recommendation for the Lela Lorens Fund at 10%. We might also suggest that we assist in funding the Suze Dudley Marketing endeavor to the tune of 2%of profits. This way we have established and financially structured use of our money to the benefit of the whole association.
Currently, we have 4 additional revenue streams, our newsletter the Focus, the Job Target program our website and our Education forums and Sanctioning which together generated $14,000 plus dollars. This represent just less than 50% of the income generated by membership $29k plus. This is a great deal of money but we need to be using this for our members, I am not sure an AA will do all that we request for 14K. I am aware that the future could hold a role for an administrative assistant, but I am not sure that we are ready for that possibility.
Action related to 9.b.3: ongoing, I plan to run for second term as treasurer and will proceed with this task at a later date, if and when this needed
Action related to 9.b.4: ongoing; I have quarterly calls with Sue Sutton our Accountant and last month met with her to review and develop our 2012-2013 budget. I also instructed the president to sign her yearly contract to maintain our relationship.
Respectfully submitted
Debbie Murphy-Fischer , MBA OTR FOTA Treasurer