There are those who say people who work with financial statements think only in terms of numbers. Speaking as one who works with financial statements, I see a very different truth. Financial statements reflect the direct or indirect result of a series of human decisions. To read them only in terms of numbers is to miss seeing them in their most meaningful light – as a measure of the operating effectiveness of a group of people at a given time. I hope you will study the 1987-88 Audit Report that appears in this issue in that light.
The report is late because of the unusual amount of work required and because of key decisions that had to be made during the process. Of far more significance are the several ways in which this report differs from those of the past 10 years. I want to highlight some of those differences and their implications.
The first difference is the impact the sale of the Philadelphia property had on the financial picture as a whole. As the auditor’s footnotes indicate, we realized a substantial gain on the sale. We will realize still more gains, although in much smaller amounts, as the mortgage is paid off. However, the cash proceeds of the May sale are not available for current expenditures. They have been set aside investments to provide a measure of security for the Society’s future.
photography tips.com fact that this audit report is the first one in seven years in which the auditor has not expressed serious concern about the Society’s ability to continue operating. This omission is not because we have a new auditor, but because we had a “new” current ratio. In other words, at the end of 1987-88, we were no longer overburdened by current debts we lacked the resources to pay on time.
Add still a fourth difference – the fact that this audit report shows a substantial net excess of revenues over expenditures. That is not surprising in itself, in view of the photography tips desert gain on the sale of the Philadelphia property. It also needs to be said that even when all of the favorable, one-time dollars are eliminated, we still showed a net surplus. This news is largely the result of operating changes introduced at our Oklahoma City Headquarters.
However, still other changes are needed to improve efficiency throughout the system. The Executive Committee has already established firm budgetary controls against deficit spending. These controls are being diligently observed by the Headquarters staff and Division and Committee personnel. The Chapters, too, are continuing their valuable support of Society activities. If we continue to progress in this fashion, we can achieve much.
The favorable implications of the 1987-88 Audit Report notwithstanding, we must keep reminding ourselves that success is not a destination, but a continuing journey. For photography tips aperture all of us, it will take much longer and require greater effort than did the move from Philadelphia to Oklahoma City. But it is a journey that should seem brighter now, thanks to the many splendid individual and team efforts that continue daily. If we resolve, together, to plain thoughtfully and to use our resources wisely, there is every reason to believe that this Society will achieve the noble goals so many people have set for it.