2011 Treasurer’s Report

This is the first full year in which the APNA fiscal year is the same as the calendar year – prior to this, finances were reported on a July to June fiscal year. The financial statements from the fiscal year (calendar year) are in Appendix E.   These were prepared by the external auditing firm of Haymaker & Associates. The audit was reviewed by the Audit Committee, which is chaired by Avni Cirpili. The Audit Committee report was then provided to the APNA Board of Directors. The results of the external audit state that the APNA financial statements provide an accurate representation of the APNA finances. These reports are consolidated to show the complete APNA financial position to include the APNA Foundation. During the year APNA and the Foundation’s 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 $297,547. Of this amount, $298,818 is attributed to APNA and $(1,271) is attributed to APNF.

In addition to the statements discussed above, we have prepared the following chart reflecting the revenue, expense and net operating results from July 1, 2004 through December 31, 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 2011. APNA investments have returned a total of $322,337 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.

Respectfully submitted,

Rick Pessagno
APNA Treasurer