Treasurer’s Report
The Treasury portfolio is focused on all aspects of the Society’s financial operations, including the Society’s annual budgeting process, financial and taxation reporting, as well as payments and cash flows.
The financial management and reporting capabilities are now well established, including budgeting and forecasting capabilities. Following the budget approval process each portfolio chair can operate with their team of volunteers to implement agreed initiatives with reasonable flexibility and autonomy.
The surplus for the 22/23 year was $23,015 compared to $47,500 for the 21/22 year. This year the Society’s net revenue was again supported by a positive contribution from a very successful International Women’s Day event, growth in membership, and a favourable exchange rate movement. However, the lower staffing costs were the largest variance to budget. Like many businesses, maintaining a full complement of staff proved difficult and we thank our staff and volunteers for their additional support to maintain our service delivery for our members. As budgeted, our support for CFA Australia increased over the year, yet a planned reduction in CFA Institute support was offset by a favourable exchange rate movement. The Society ended the year with net assets of $736,790.
We are forecasting a small deficit for the 23/24 year with a full program of activities planned. The forecast result is supported by ongoing CFA Institute support and a US$20 member fee increase, the first fee increase in 5 years. The increase is to support the ongoing update of our products and services to keep pace with and meet member needs.
Our purpose is to sustainably support our membership including focusing on strategically important initiatives that will drive future benefits. The proposed merger with CFA Society of Sydney, and the creation of CFA Society Australia is to assist us in achieving our goals for our members. The change will enable the CFA Society Community to optimise the impact of the collective network and deliver greater membership value and member experience.
Brett Elvish, CFA
Board Member and Treasurer