By Jennifer Cryder, CPA, CFO and vice president - operations
The Audit Committee of the PICPA met on Thursday, June 28, to review and approve for issuance the combined audited financial statement of the PICPA. A copy of the statements can be found here. The combined statements include the accounts of the Pennsylvania Institute of Certified Public Accountants, the PICPA Foundation for Education & Research, and the Pennsylvania CPA Foundation. I am pleased to report that the audited financial statements once again received an unmodified opinion!
For the year ended April 30, 2018, the assets of the combined group totaled $15.1 million. Taken together, cash, cash equivalents, and investments comprise $14.5 million of the combined group’s assets. Liabilities for the combined group totaled $2.95 million, which are composed primarily of deferred revenue. The combined group continues to have no long-term debt. Net assets of the combined group totaled $12.2 million. Most of these assets are unrestricted, except for $2.7 million which is restricted for the funding of college scholarships.
Unrestricted operating support and revenues for the combined group totaled $12 million for the year ended April 30, 2018. About 39 percent of revenues came from membership dues, while another 45 percent came from the sale of continuing professional education programs. Operating expenses for the combined group totaled $11.1 million for the period. About 49 percent of expenses were related to personnel costs, while another 23 percent were incurred in direct support of delivering continuing professional education. As a result, the combined group experienced an increase in net assets from operations of $930,269. Investment returns net of spending policy allocations totaled $375,485, which resulted in a change in unrestricted net assets of $1.3 million for the period. Temporarily restricted net assets also increased by $229,556 for the period.
Overall, the PICPA experienced another very successful year thanks to the dedication of our members and volunteers, as well as the hard work of our team!