Treasurer's Report

George Bishop, DVM By

The CVMA Finance Committee recommends a balanced budget to the Board of Governors each year. The Board reviews and approves the budget, which adheres to the CVMA’s objective to maintain fiscal responsibility. Budgeted revenue and expense for the 2021–22 fiscal year is $4,024,980 and is closely monitored throughout the year.

The total membership on June 30, 2021 was 7,647 members. At the fiscal year-end, 34% of revenue was derived from membership dues, 16% from the Pacific Veterinary Conference and other continuing education seminars, and 50% from other income. Non-dues revenue supplements the many programs and projects that the CVMA offers its membership.

The CVMA’s continuing education programs faced quite a challenge since the beginning of the global pandemic in March of 2020, and we quickly revamped all of our seminars and the Pacific Veterinary Conference to virtual events through the end of the 2020–21 fiscal year. While this was not an ideal situation, all events were successful and profitable.

CVMA investments are overseen by the Investment Committee and approved by the Board of Governors. The CVMA’s investment firm administers the asset allocation and makes suggestions based on periodic reviews of the asset performance and goals set forth by the CVMA Investment Policy. During the CVMA’s 2020–21 fiscal year, the Board approved the addition of $323,000 to the investment portfolio. Although the investments were hit hard as a result of the pandemic in the spring of 2020, they rebounded considerably in 2020–21.

The CVMA was able to take advantage of two Employee Retention Credits in excess of $183,000 and secure a Paycheck Protection Program loan in the amount of $264,000, on which we anticipate full forgiveness.

At the October 2021 Board of Governors meeting, the Board approved the transfer of $1,464,155 into reserves, increasing the total reserves to over 100% of the current budget. This amount exceeds the Board’s goal of maintaining 50% of the current annual budget in reserves, which is a minimum recommended reserve for professional membership associations.

I will be meeting with the CVMA staff to review the proposed 2022–23 budget. The Finance Committee meets in March to review the proposed budget in detail and recommend a final 2022–23 budget to the Board of Governors at its April meeting. The Board will review the proposed budget, make revisions if needed, and approve the final budget for the next fiscal year.