2011 Annual Report 2011 ICPI Annual Report - Final - Page 14

Financial Activity Summary of 2011 ICPI Financial Statements The following summary financial information is derived from the statement of financial position and the statement of activities for the year ending June 30, 2011. Revenue ICPI’s total operating revenue in 2010-11 reached just over $2.79 million. Revenues from membership dues ($959 thou- sand) increased due to a net increase in membership of 6.1% and Meetings and Exhibits increased to ($918 thousand) due a successful Hardscape North America Trade Show in 2010. However publications income ($293 thousand) dropped due to the downturn in the economy. Programs including contractor education remained relatively stable ($532 thousand), ICPI’s core operations continued to be strong through strategic cost-containment efforts. ICPI Statement of Financial Position ASSETS Cash and cash equivalents $228,437 Receivables, prepaid expense, inventory $591,315 Investments less current portion, other assets $517,809 TOTAL ASSETS $1,337,561 CURRENT LIABILITIES Accounts payable $259,840 Deferred income $602,724 TOTAL CURRENT LIABILITIES $862,564 Expenses NET ASSETS ICPI contained 2010-11 operating expenses Unrestricted $406,410 to $2.98 million. ICPI continued to invest in member value in furtherance of its Unrestricted - board designated $56,615 mission and keeping administrative and Temporarily restricted - PAC $11,972 governance expenses at a total of 19% TOTAL NET ASSETS $474,997 allowing 81% to be spent on programs and services for members. TOTAL LIABILITIES AND NET ASSETS $1,337,561 Meetings and Exhibits are the largest expense of $971 thousand which includes the Hardscape North America Show, Annual and ICPI statement of financial position reflected a Summer Meetings and ICPI’s exhibits at shows such planned decline in net assets, as the Board has estab- as Greenbuild, Stormcon and the American Society of lished a reserve policy of $544 thousand and designated Landscape Architects in promotion of pavers. Programs/ additional program funding over a three year period Research of $445 thousand included expenditures of $472 thousand for crosswalk research, permeable for Concrete Paver Installation courses, technical interlocking concrete pavement (PICP) design software, resources developed by the Technical and Construction permeable interlocking concrete pavement fact sheets committees and support of PICP cold climate research and regional workshops for design professionals and a at the University of New Hampshire. ICPI also provided PICP cold climate research to bring the net assets in line webinars for design professionals and contractors. with the reserve policy. Our publications expenditures of $384 thousand ICPI continues to be well-positioned to advance our supported educating and informing design professionals, mission to increase the application of segmental con- contractors and manufacturers t YH[\[˜ܙ]H][Y[\[\[Hܝ[Y\X[[Y\Bۘܙ]H][Y[XY^[KX]]Y\\]KXX[ []][ۘ[ ݙ\Y[[ [\X[ [\Y[BX Y][ۈوHP\YۋۜX[ۈ[X[X\]˂XZ[[[HX[X[[\]\]\K[Y][ۂ \[\[\Y[Y[X\\\X\˜[][Y[ LBPH[X[\ܝ L