NJCPA Publishes 2023/24 Audit Report

BY GREG TONDI, CPA, CGMA, NJCPA DIRECTOR OF FINANCE AND ADMINISTRATION

The combined financial statements for the NJCPA and affiliates (NJCPA Education Foundation and NJCPA Scholarship Fund) for the year ended May 31, 2024, have been published at njcpa.org/about .

New Jersey Society of CPAs

For the Society, membership dues were 3.8% higher than fiscal 2023, ascribable to an increase in the dues rates, though the number of dues-paying members declined by the end of May 2024.

Peer review fees were slightly lower compared to fiscal 2023, due to ongoing firm mergers, acquisitions and practitioner retirements. Total expenses decreased slightly compared to fiscal 2023.

Overall, the Society experienced an increase in net assets of $395,000 which was driven mainly by investment income and overall operations that were better than budget.

NJCPA Education Foundation

The Foundation continued to operate in a “virtual-first” mode but still hosted its key in-person events such as the Convention and Atlantic City CPE Cluster. NJCPA chapters continued hosting in-person events but at a reduced level compared to pre-pandemic times. The Convention had the most attendees and sponsors since pre-pandemic times.

Educational program fee revenue increased by 31% compared to fiscal 2023, with a corresponding increase in the direct costs of education programs due to food, beverage, audio-visual and other site-related charges that are not found with virtual programs.

The Foundation ended the fiscal year with a positive change to net assets of $412,000 driven by investment income and increased program fees relating to the third year of the triennial, which was also higher than budget.

NJCPA Scholarship Fund

To address the shortfalls in scholarship contributions, the Education Foundation Executive Committee and the NJCPA Board of Trustees approved a funding formula that will be budgeted annually and revisited triennially going forward. The Fund still managed to provide $218,000 in scholarships during the fiscal year. The Fund’s investment portfolio also experienced a similar increase to the Society and the Foundation, with the overall results being a $328,000 positive change to net assets, which was also better than budget.