FINANCE RISK AND AUDIT CHAIR’S REPORT

Julie Toop, Finance Risk and Audit Committee Chair, ASA T he ASA once again delivered a surplus for the 2021 financial year despite the ongoing challenges of operating in a pandemic. The surplus of $918,669 was well over double that of the 2020 financial year and was due in part to a significant reduction in expenses.

Many have contributed to this exceptional result, including our members, corporate partners, the ASA staff and my fellow directors, and I thank everyone for their ongoing support.

Whilst there was no annual conference in the 2019/2020 year, in 2021 the ASA was able to hold two successful conferences, one virtual, and the Brisbane Hybrid Conference. The hybrid model proved to be very popular, and based on members’ feedback having the option of attending face to face or virtually, met the needs of many members.

Revenue

The ASA revenue in 2021 was $4.6m, an increase of 39% on the 2020 financial year. The variance is accounted for in part by the fact that there was no conference held in the 2020 year, whereas two were held in the 2021 year. Other

contributing factors were the 3.5% increase in membership fees earned, and the revenue recognition of conference sponsorship receipts.

Revenue from investments had been budgeted for conservatively given the volatile market; however, the market performed better than expected and investment income was $65,745 over budget.

FINANCE RISK AND AUDIT REPORT

Expenses

The ASA has continued to manage its expenditure throughout the year and remained focused on enhancing value to members whilst at the same time reducing overheads wherever possible.

Expenses overall were up 23% on the previous year, largely due to the fact that there were no conferences in 2019/2020, whereas two were held in 2021. The COVID restrictions in place for face-to-face events and travel resulted in a significant reduction in staff and Board travel costs, coupled with savings in expenditure for SIG days and Travelling Workshop expenses. IT and website costs increased due to the investment of the new database and learning management system, and the addition of Zoom functionality. In addition, the need to set staff up to work from home resulted in laptop and remote phone system expenses.

In the 2021 year, the ASA increased its research grant funding and incurred expenses related to the Sonographer Code of Conduct Review, the Work Health Safety Survey, and the finalisation of the Industry Report that was commenced in 2020. The ASA also funded its major partnership with Radiology Across Borders delivering education and programs in sonography to save lives in developing nations.

The ASA also continued allocating funds to the Sonographer Awareness Campaign, which promotes the expertise of sonographers to the general public.

Assets and cash reserves

The ASA finished the year in a strong financial position, with net assets having grown to $3.38 million as of 30 June 2021. From a financial perspective, there has not been a major adverse impact on the ASA due to COVID-19. This means the ASA is able to continue to deliver valued services to members and continue the work on the recognition and regulation of the profession.

Julie Toop Director and Finance Risk and Audit Committee Chair Australasian Sonographers Association

The ASA has continued to manage its expenditure throughout the year and remained focused on enhancing value to members whilst at the same time reducing overheads wherever possible.