During the third year since our conversion from a fiscal year to a calendar year APNA remains financially sound. The audited financial statements for the year ending December 31, 2012 can be found in appendix E.
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 $407,237. Of this amount, $379,898 is attributed to APNA and $27,339 is attributed to APNF. It should be noted that the positive return reflected in the FY-2012 financial statements includes an educational grant in the amount of $272,150 for which a significant portion of its related expenses will not be incurred and recorded until FY-2013. This practice is in accordance with Generally Accepted Accounting Principals for grants and sponsorships.
In and effort to oversee the integrity of its financial statements and maintain a system of internal control APNA established an Audit Committee made up of Jeanne Clement, Elizabeth Poster, Larry Plant, Ben Evans and Avni Cirpili. The committee’s responsibilities include reviewing the results of the audited financial statements with the independent auditing firm annually. Last year’s audit resulted in an unqualified or “clean” opinion with no material misstatements.
In addition to the statements discussed above, we have prepared the following charts reflecting the revenues and expenses and the net operating results from July 1, 2004 through December 31, 2012.
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 charts show the results of APNA investments from June 2004 through June 2013. APNA investments have returned a total of $418,086 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.
Susan Dawson, EdD, PMHCNS/NP-BC
American Psychiatric Nurses Association