I am pleased to report that APNA continues to enjoy positive results from operations. Last year the audit committee recommended that we convert our fiscal year from July to June to a calendar year (Jan to Dec). The Board accepted the recommendation. To implement it, we employed a short year closing for the period from July 1, 2009 to December 31, 2009. This allows January 1, 2010 to commence the first calendar fiscal year. We had the external auditors do a review of the short year. The financial statements from the review are in Appendix C. These reports are consolidated to show the complete APNA financial position to include the APNA Foundation. During the year the APNA and Foundation funds are accounted for separately. The former are under the supervision of the APNA Board of Directors and the latter are under the supervision the Foundation Board of Trustees. The results show a total positive return from operations of $64, 383. Of this amount, $55,574 is attributed to APNA. When the audit is completed at the conclusion of the current fiscal year that ends on December 31, 2010, we will publish a treasures report. We expect this will be the February/March timeframe.
In addition to the statements discussed above, we have prepared a financial report with Statement of Activity that covers the period from July 1, 2009 to June 30, 2010 and a Balance Sheet for June 30, 2010. See Appendix D. This enables a comparison to previous fiscal years. The statement shows positive results from operations for APNA of $27,520. This is the second successive year that APNA has produced positive operating results following several years of negative results. The following chart shows the revenue, expense and net operating results from July 1, 2004 through June 30, 2010.
The Board of Directors functions as the investment committee for APNA funds. It utilizes the services of an investment manager who invests the funds in accordance with the APNA investment policy. The investment policy calls for a diversification of funds with moneys invested in cash, equities, bonds and precious metals. The following chart shows the results of APNA investments from 2004 through August 2010. APNA investments have returned a total of $289,411 over that period.
It is my honor to serve as APNA Treasurer and I appreciate the support of staff, the Board and the members who make these positive results possible.
Richard Pessagno, DNP, PMHNP-BC, CGP
APNA Board of Directors, Treasurer