AOAC BOD June 2018 Pre-Meeting Materials

LEADING THE WORLD IN PERFORMANCE-BASED VALIDATION

EXECUTIVE SUMMARY

Finance Committee Item 2.3a

DATE:

June 6, 2018

TO:

AOAC Research Institute Directors, AOAC INTERNATIONAL Board of Directors

FROM: Joyce L Schumacher SUBJECT: Accrual Basis Financial Statements – as of 31 March 2018 __________________________________________________________________ The statement of financial position at March 31, 2018 and the statement of revenues and expenses for the first quarter of 2018 follow this summary. In the first quarter of 2018, the Research Institute experienced an overall net gain of $190,137 on income of $564,117 and expenses of $373,980. This is lower than the same period in 2017 when the net gain was $275,609 due to the completion of the Gluten in Oats project. The general Research Institute program has a net gain of $296,832 with revenue recognized of $564,117. Expenses were $267,285. The ISPAM/Harmonization program has expenses of $79,426. Official Methods has expenses of $27,269. Investment account holdings at May 31, 2018 total $2,265,765 which is an increase of $28,697 since the beginning of 2018. The balance in the investment is more than 100% of annual budgeted expenses of $2,097,595.