AOAC BOD June 2018 Pre-Meeting Materials

and 38.61% in bond funds. The account has had investment income of $15,531 during the two months of 2018 and experienced $34,945 in market gains during the year. 2.2 Financial Review and Analysis of the Association’s Operations in FY 2017 : Ms. Schumacher reported that as of the end of December 2017, the Association had an accrual basis net gain of $121,499. Stock market appreciation of investments for the year to date were $402,761. Removing this amount shows an operating net loss for the year of ($281,262). Accounts receivable at December 31, 2017 were $375,497. This means that the revenues were earned but the payment has not yet been received. Accounts payable and accrued expenses at December 31, 2017 were $670,743. These are expenses that the Association has incurred but payment has not yet been made. The accounting staff is making every effort to pay accounts payable as soon as possible. Ms. Schumacher provided a chart of revenues, expenses and net income/loss of each program as of the end of the year. All programs except OMB/Research are positive on their own. Once indirect costs are proportionally added to each program, only contracts have a net gain because indirect costs are considered when setting the fee for the contract. 2.3 Financial Review and Analysis the Research Institute’s Operations in FY2017: Ms. Schumacher reported that as of December 2017 the Research Institute had an accrual basis net gain of $690,868. The general Research Institute program has a net gain of $983,729 with revenue recognized of $2,244,592 and expenses of $1,260,863. The ISPAM program had expenses of $266,823. The Official Methods program had revenues of $100,000 and expenses of $81,603 resulting in a net income of $18,397. A working group on Gluten in Oats has $105,000 in sponsorships and $1494341 in expenses resulting in a net loss of ($44,434) at December 31. The Research Institute has $2,252,243 invested in CD’s and mutual funds as of February 28, 2018. 3.0 Adjournment There being no further business to come before the Committee, DeAnn Benesh asked for a motion to adjourn. Brad Goskowicz/ Darryl Sullivan moved/seconded to adjourn the meeting. The motion was approved unanimously.