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FAST FORWARD Building the Profession of Tomorrow

FAST FORWARD Building the Profession of Tomorrow. Item 12. Finance and Operations Report Tom Hilton, CPA, CGMA Anthony Pugliese , CPA, CGMA, CITP Spring Council | May 18-20, 2014. Agenda. Review 2014 Forecast Membership, Operational, and Balance Sheet Highlights Pension Update

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FAST FORWARD Building the Profession of Tomorrow

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  1. FAST FORWARD Building the Profession of Tomorrow Item 12 Finance and Operations Report Tom Hilton, CPA, CGMA Anthony Pugliese, CPA, CGMA, CITP Spring Council | May 18-20, 2014

  2. Agenda • Review 2014 Forecast • Membership, Operational, and Balance Sheet Highlights • Pension Update • Review Proposed 2015 Budget

  3. 2014 Forecast Update ($ in thousands) * FY14 forecast is 3% higher than FY13 actual

  4. 2014 Membership Highlights • General Membership • Retention rate of 94% versus budget of 94.75% • On track to meet or exceed this year’s budget • Sections and Credentials • Retention trends in line with prior years • International expansion • CGMA Designation • On track to meet budget of 42,000 designees • Exam launch in Spring 2015

  5. 2014 Operational Highlights • Leveraging Horizons 2025 to advance AICPA’s Digital Strategy • Re-designing and re-launching Journal of Accountancy website • Implementing new operating systems to enhance member service and interaction • Growing Product Lines and Revenue • Created new on-demand and group study products • Enhanced marketing efforts and streamlined product delivery methodology

  6. AICPA L/T Investments vs. Blended L/T Indices Liquidated $10M in October-2013 $7.2M gains year to date $97.7M $97.0M 6

  7. Domestic CPA Exam Reinvestment ($ in millions) Max. Deferred Liability

  8. International CPA Exam • Administering in six countries • Collaborating with NASBA on expansion to other countries • 2014 profit of $1.4 million and 10,000 sections

  9. Long-Term ($ in millions)

  10. Pension Plan Update • Environmental factors for plan sponsors: • Negatively being impacted by low interest rate environment • Mortality table changes will increase pension expense • Increase in PBGC premiums may accelerate plan funding strategy • Recent changes to reduce pension exposure: • Accelerated plan freeze from April 30, 2017 to June 30, 2013 • Offered lump sum payouts to terminated vested participants

  11. 2015 Proposed Budget ($ in thousands)

  12. Cash Flow Projections through July 2015

  13. Council Resolution Resolved: That the proposed operating budget for the American Institute of Certified Public Accountants for the 2014-2015 fiscal year, as presented to Council as agenda item 12, be approved and adopted.

  14. 2014 AICPA Spring Council Scottsdale, Arizona May 18-20, 2014

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