At its Oct. 30-31 meetings in Colorado Springs, Colo., the American Numismatic Association (ANA) Board of Governors passed a $5.63 million budget, set the stage for a fund development initiative, and discussed opportunities to grow the nonprofit organization’s membership and provide additional educational options.
The ANA will use 4.66 percent of its investment principal – or $861,152 – towards the FY 2016 operating budget of $5.63 million. The breakdown includes 3.76 percent of investment principal ($694,484) for operations and an additional 0.9% ($166,668) for higher-than-usual World’s Fair of Money expenses due to the convention’s location in Anaheim. A separate capital budget of $70,669 was also approved.
“The budget as proposed is very tight due to the significantly higher costs associated with holding the 2016 World’s Fair of Money in Anaheim, Calif.,” noted ANA President Jeff Garrett. “We expect future budgets to more closely align with approved budgeting guidelines.”
The board had previously set a guideline of utilizing three percent of the Association Investment Principal for operations, with an additional 1 percent for unanticipated expenses. Association Investment Principal is defined as current assets less liabilities and funds designated for a specific purpose.
Gary Adkins, ANA Vice President, suggested the Association should look at its budget for opportunities to grow its outreach.
“Working within the tight parameters we’ve set for ourselves will not move this organization forward,” he said. “If we are to grow our membership and increase our educational offerings, the board will need to make a commitment to providing the necessary resources while also committing to fiscal responsibility.”
Budget and Finance Committee Chair Greg Lyon noted that the investment principal will increase significantly in the future when additional Ben E. Keith stock, currently held in trust for the ANA, is received.
In FY 2014, the ANA’s net worth grew by $4.1 million, to a total of $73.7 million.
A copy of the approved budget is available online at money.org/financial-reports. Minutes from the meetings will be published in a future issue of The Numismatist.
