Unqualified Success
CAI experienced a tremendously successful 12 months in the 2010 fiscal year (ending June 30, 2010), recording one of the largest fiscal year surpluses in CAI history. We achieved this success as we:
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Reached the 30,000-member milestone for the first time in CAI history.
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Held the most well attended Annual Conference in CAI history.
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Generated increased average attendance in education courses.
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Increased the number of industry professionals holding CAI designations.
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Became even more aggressive advocates on behalf of the industry, associations and our members.
And we kept costs in check, the result being an operating surplus of $313,130 and a total net surplus of $434,180 including unrealized gains on investments.
Total revenue of $10,634,477 increased by nearly 10 percent over the prior fiscal year, thanks in large part to the Annual Conference, seminars and education courses. The conference drew more than 1,600 participants, primarily management professionals and service providers who took advantage of informative education sessions, peer networking and the excitement of Las Vegas. The annual Law Seminar in Tucson and the CEO-MC Retreat in Chicago also exceeded budget and attendance expectations.
The value of CAI’s professional development courses was affirmed by increased average attendance over the prior fiscal year. Combined with continued growth in CAI professional designations, the success of our professional development program illustrates that members value the professional and career benefits of these core CAI programs.
Membership dues, CAI’s biggest revenue source at nearly $5 million, increased commensurate with a net gain of more than 800 members during the fiscal year.
Expenses of $10,321,347 increased by 6 percent from FY 2009 as variable costs generally conformed to revenue, a reflection of thoughtful staff allocation of discretionary resources.
Contrary to the prior three fiscal years, during which CAI had to record significant unrealized or “paper” losses on the value of its investments, we showed a substantial unrealized gain in FY 2010. As stated in previous reports, we recognize that we have no control over the financial markets, but we believe our investment strategy is appropriately conservative and our portfolio is sound. We are confident that values will continue to return as the stock market improves.
On the Statements of Financial Position, assets increased by 30 percent over the prior year, primarily in cash and investments, while liabilities were up by 15 percent, mainly in accounts payable.
Based on the stellar financial results for FY 2010, we have turned our net assets back into positive territory. The future holds great promise as CAI grows domestically and expands internationally, with new initiatives under way in South Africa and Dubai.
Our growth is driven by a singular commitment to provide value to our members, the communities they support and all industry stakeholders. We work toward this objective by identifying and meeting the evolving needs of the homeowner leaders and professionals who serve associations and by helping our members learn, achieve and excel.
Our mission is to inspire professionalism and effective leadership, ideals reflected in communities that are preferred places to call home.
CAI's FY 2010 audited financial statements received an unqualified (“clean”) opinion by CAI’s independent auditors. Our narrative Annual Report—a summary of activities, challenges, accomplishments and trends for calendar year 2010—will be published in the March/April 2011 issue of Common Ground™.
(See the FY 2010 audited financial report for the Foundation for Community Association Research.)
Respectfully submitted,
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Thomas M. Skiba, CAE
Chief Executive Officer |
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Stephen Albert, CPA
Chief Financial Officer |