PMA Board Status Report & Action Agenda
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In November, your PMA Board held its last meeting of 2002. I’m happy to report that all of our key programs for 2003 are well organized and right on track for this upcoming year.
Several new concepts for strengthening our services to members are in the planning and development process. Here are the highlights.
Good News & New Moves
We have received our outside accounting firm’s year-end financial review.PMA continues to be in excellent financial health. Most industry associations receive 50% or more of their revenue from membership fees. If their membership numbers drop even slightly, they need to cut programs to survive. PMA, in contrast, is well diversified. It sponsors 10 major marketing programs, and each one supports a portion of the PMA budget. Since our membership fees need to produceonly 20% of our yearly revenue, wehave been able to implement high-quality programs while keeping dues quite reasonable.
Our administration is very efficient compared to other industry associations of the same size, with operating expenses below 33%. Hats off to Jan Nathan and Associates, our manager for PMA’s entire 20-year history. As we grow into our third decade, the Board is moving toward strengthening PMA’s long-term financial stability by building a restricted reserve fund of 5% of our annual operating budget.
PMA University is now set for 2003.<…IBPA Members – Click here to view the full article (login required).
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