Categories
Committee Reports

Finance Report

Amy Nitza, PhD
Amy Nitza, Ph.D.

2016 End of the Year Financials 

Dr. Nitza reviewed end of year financials; The division spent significantly less than we thought we would spend in 2016 and had more income than we thought we would. Part of the reason that we had extra money was that we did not spend some of the money we said we would spend (we didn’t give money for several awards). Dr. Parks pointed out that we are a profitable division because of the journal (even though membership is low).

Dr. Nitza noted we have an investment account with about $47,000 in it as a safety net. It earns $5 a quarter. There might be better ways that money could be handled. Dr. Ribeiro asked if there is a problem with not spending the money we budgeted for last year. Dr. Nitza said no, we do not have to zero out. Dr. Dennis Kivlighan said there are three things that need to be discussed together: the structure of the Board, the budget, awards. One of the reasons that the money didn’t get spent was that there was no one responsible. One of the reasons for the new board structure was so that there would be certain people who would “own” certain aspects of what we do, like the awards.

Categories
Committee Reports

Finance Report

Amy Nitza, PhD
Amy Nitza, Ph.D.

Division 49 continues to be in good financial condition.  We ended 2015 with $45,312 in revenue, which included $40,911 in royalties from the journal, and $3,864 in membership dues.   Expenses were slightly over revenue at $48,388; this net loss was planned in order to pay off our contributions to the Foundation in full.  Our overall assets remain strong; we ended the year with net assets of $87,766 (cash balance and investments).

With our commitment to the Foundation paid off in 2015, there was room in the 2016 budget to use some of our revenue in new ways. In doing so, the board prioritized two related goals: reinvesting our revenue into division membership, and encouraging the involvement of student members.  With these goals in mind, the board voted to dedicate funds to establish Student Travel Awards and Research Grants.  Additionally, the board voted to provide stipends for the Group Psychologist of the Year, Diversity, and Practice awards.  The breakdown of these funds for 2016 is as follows:

Group Psychologist of Year                          $1,000
Diversity                            $1,000
Practice Award                            $1,000
Student Travel Awards                            $4,000
Research Grant                            $4,000

 Other highlights of the 2016 budget include joining with other organizations to hire a professional writer for the CRISP application, supporting the activities of the ECP task force, and promoting suite programming and social time at upcoming conventions. We have also begun investing in the recording of Fellows talks at conventions as well.

If I can answer any questions related to Division 49 finances, please feel free to contact me at amynitza@gmail.com.