2008 Annual Report
2008 Financial Report
NSGC’s overarching financial goal is to increase revenues to support continued growth and implementation of the initiatives outlined in Strategic Plan. Several additional financial goals were implemented for 2008, including:
- Reduce expenses in those areas that are not tied to revenue and in those areas that do not help to further the strategic direction of NSGC.
- Diversify revenue through the enhancement of and addition of non-dues revenue programs and we are pleased to state that several new revenue opportunities were introduced in 2008, including the Online Conference, the CEU Providership Program and the Platinum Sponsorship program.
- Focus resources on operational needs and strategic growth of the organization.
The past three years have been a period of investment in many of our strategic initiatives, and NSGC has utilized some of our healthy reserves for this planned investment in services that support our members, such as our Billing and Reimbursement strategic initiative, educational strategic planning and the Genetic Counseling Foundation. . Areas where NSGC judiciously managed expenses The Finance Committee and Board of Directors are working aggressively with all of NSGC’s Committees to evaluate our current services and develop new services that will benefit our members and provide ongoing support for our organization.
Overview of Major Operating Expenses
| |
|
Revenues |
Expenses |
| General Administration (1) |
|
25,460 |
568,338 |
| Membership Services |
|
518,542 |
11,672 |
| Leadership |
|
0 |
33,192 |
| Committees/CEU Providership |
|
24,460 |
3,312 |
| Conferences (2) |
|
613,925 |
496,629 |
| Publications |
|
|
|
| |
Journal of Genetic Counseling |
62,647 |
140,688 |
| |
Other |
115,542 |
30,640 |
| Investments |
|
36,918 |
4,309 |
| TOTAL |
|
$1,417,555 |
$1,302,831 |
Overview of Major Strategic Expenses
| |
|
Revenues |
Expenses |
| Online Conference |
|
37,285 |
2,697 |
| Leadership |
|
0 |
46,600 |
| Government Relations/B&R |
|
0 |
112,159 |
| Traveling Short Courses |
|
46,680 |
119,739 |
| State Licensure Grant Awards |
|
0 |
3,440 |
| TOTAL |
|
$83,965 |
$284,635 |
Overview of Major Non-Operating Expenses
| |
|
Revenues |
Expenses |
| Grants |
|
|
|
| |
Audrey Heimler Special Projects Fund (4) |
0 |
0 |
| |
Jane Engelberg Memorial Fellowship (3) |
76,429 |
44,248 |
| |
Rollnick Fund (3) |
2,539 |
1,999 |
| TOTAL |
|
$78,968 |
$46,247 |
| (1) |
Expenses include staff, legal, insurance, public relations, accounting, bank fees, web services, printing, postage, teleconferences, etc. |
| (2) |
Annual Education Conference and Short Course |
| (3) |
Restricted fund. Revenues and expenses are reported separately from NSGC operating revenue and expenses. |
| (4) |
Moved to Genetic Counseling Foundation in 2008. |
Account Balances as of December 31, 2008
| Cash and Equivalents |
|
|
|
| Operating Cash |
|
|
124,708 |
| SmithBarney - Operating |
|
|
70,632 |
| SmithBarney - Short Term |
|
|
4,277 |
| SmithBarney - Long Term |
|
|
707,844 |
| Other Investments |
|
|
2,794 |
| Total Operating |
|
|
$910,255 |
| |
|
|
|
| Restricted Funds |
|
|
|
| JEMF |
|
|
85,397 |
| Rollnick |
|
|
30,809 |
| Total Restricted Funds |
|
|
$116,206 |
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