NFFS 2023 Annual Report

2023 Fiscal Year Financial Report

for the period July 1, 2022 through June 30, 2023

Financial Highlights

The Society experienced a balanced financial scenario in 2023, with total income on par with total expenses, resulting in a relatively stable fiscal year. Income streams were primarily driven by the ICON program, membership dues, and membership meetings and events. 

Income Breakdown:

    • ICON Program: Contributed 57.2% ($654,454.78) of the total income
    • Membership Dues: Accounted for 21.7% ($248,737.53) of total income
    • Meeting & Events: Comprised 10.2% ($116,497.35) of total income
    • Non-Dues Revenues: Constituted 7.8% ($89,454.68) of total income
    • Advertising: Represented 2.6% ($29,586.55) of total income
    • Miscellaneous Income and Other: Combined for 0.5% ($5,923.61) of total income

Total Income: The overall income was $1,144,654.50 for the fiscal year.

Expense Allocation:

    • Administration: Accounted for the highest expense at 51% ($583,590.73)
    • ICON Program: Comprised 31.2% ($357,043.37) of total expenses
    • Meetings & Events: Constituted 12.3% ($141,181.00) of total expenses
    • Government Affairs and Membership Promotion: Combined for 4.6% ($52,943.42) of total expenses
    • Publications/Communications and Special Projects: Combined for 0.9% ($9,550.00) of total expenses

Total Expenses: Overall expenses amounted to $1,144,308.52.

Audit Committee Review (August 23, 2023):

    • Executive Director Jerrod Weaver presented the financial statements for the year ending June 30, 2023, to the NFFS Audit Committee on August 23, 2023 during an audit of the Society financial reports.
    • The Audit Committee reviewed the balance sheet, income statement, statement of cash flows, and supporting documentation to ensure accuracy of financial reporting. The Audit Committee identified no significant reportable issues or lack of proper documentation during the course of their review. 
    • Cash disbursements were reviewed twice monthly by the President and Treasurer, and records were maintained in the NFFS offices.

      

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