2018 Finances Show Positive Bottom Line
The AHMP board of directors has unanimously approved an operating budget for 2019 of over $500,000, with projected net income of nearly $33,000. The approved budget, which also shows 2018 year-to-date results, is posted on the AHMP website (logon required).
The budget relies heavily on membership dues and the National Conference, with those two items accounting for 95 percent of income. The conference also accounts for the lion’s share of expenses, with the event representing a slight majority of total expenditures.
AHMP Treasurer Mark Bruce, CHMM, reported very positive financial results for the organization this year. He said, “For the first time in many years, the AHMP 2018 fiscal year will end with positive net income exceeding $70,000!” This, he noted, will enable AHMP to finally create and begin contributing to a reserve fund for future contingencies.
Bruce added that “the entire board and volunteers on the Finance Committee are extremely proud of this accomplishment, especially when only two years ago, the organization was near financial ruin. There are so many people to thank for their commitment to this strategic goal, including our partners at Management Solutions Plus (MSP).”
Bruce also noted that membership showed some expected losses in 2018, which benchmarking studies show is normal for professional associations. He said that AHMP projects an easing of membership attrition in 2019 and is cautiously optimistic that a restructured organizational membership program will draw new members, and he believes that a strong marketing campaign will result in growth in younger professionals.
Because the National Conference is so critical to AHMP’s financial success, Bruce said that the organization had recently renegotiated its contract with the Hyatt Regency Atlanta for more realistic terms than were contained in the prior contract executed four years ago. The national leadership felt changes were needed to mitigate potential financial losses. “The board is very optimistic for a strong showing in Atlanta,” he said.
Finally, he concluded that “expectations are high for a successful release” of the 4th edition Hazardous Materials Management Desk Reference manual in 2019, with sales of the revised publication generating additional revenue streams for the Alliance.