The budget presented is for AAFSW’s 2018 fiscal year which runs from July 1, 2017 through June 30, 2018. The actual income and expense numbers for FY 2017 and FY 2016 are based on AAFSW’s Profit and Loss Statement. The Oral History Project monies, the AAFSW Secretary of State’s Award for Outstanding Volunteerism Abroad (SOSA) funds, and the spousal Professional Development Fellowships funds are accounted for separately and are not included in the budget.
FISCAL YEAR 2017
Income in FY 2017 was almost the same from the previous fiscal year. It decreased 0.3%.
Currently 61% of our income comes from Art & BookFair and BookRoom Sales and 12% from membership dues. Membership dues increased 16.7% with respect to the previous year.
Expenses also decreased 17.8% with respect to 2016.
FISCAL YEAR 2018
The budget for FY 2018 is based on the FY 2017 and FY 2016 income and expense numbers. Income may need to be supplemented by surpluses from previous years. Every effort will be made to reduce expenses.
AAFSW’s contributions to the AAFSW/AFSA scholarship program will be $1,000. Additionally, $5,500 will be distributed in merit scholarships by AAFSW. An award of $750 is given to the recipient of the Champions of Career Enhancement for Eligible Family Members Award.
As of June 2017, AAFSW had investments of $289,388, an increase of $32,914, for the year. Our investment advisor is Rose Price at VLP Financial Advisors.
SUMMARY OF OTHER ACCOUNTS
In November 2016, six SOSA awards of $2,500 each were given to recognize outstanding volunteers at posts abroad.
The Finance Committee met three times during the year. Finance Committee members were Carolyn Connell, Anna Dworken, MElissa Hess, Elaine Neumann, Sherry Rock, Patty Ryan, Troella Tyznik, Terry Walsh, and Lucy Whitley.
We thank them for their service.
If you have any questions or concerns about the budget or would like a computer printout of the Profit and Loss statements, please call Barbara Reioux at 703-820-5420.
Also call if you would like to attend a Finance Committee meeting.
The link to the full report is here.
Veronica Moran and Lucy Whitley
SUMMARY OF ALL ACCOUNTS
6/30/16 Income Expenses 6/30/17
AAFSW (including investments) $278,469 $139,711 $112,095 $330,340
SOSA $83,414 $18,348 $17,256 $84,410
Total Assets $361,883 $414,750
The amounts of Income and Expenses are from the period of 07/1/16 to 06/30/17.