2012 Annual Report ICPI 2012AnnualReport_12202012-FINAL - Page 14

Financial Activity Summary of 2012 ICPI and ICPI Foundation Consolidated Financial Statements The following summary financial information is derived from the audited statement of financial position and the statement of activities for the year ending June 30, 2012. ICPI Statement of Activities Revenue ICPI’s total operating revenue in 2011-12 reached just over $2.71 million, a decrease of $8,000 from last period. Revenues from membership dues of $947,000 decreased Consolidated Statement of Financial Position by $12,000 due to consolidation and a net decrease in Since the ICPI Foundation is affiliated with the ICPI and membership of 2.6%. Meetings and Exhibits increased is operated exclusively for the benefit of, to perform by $41,000 to $959,000 due to a successful Hardscape functions of, and to carry out the purposes of the North America Trade Show in 2011. Programs at $449,000 Interlocking Concrete Pavement Institute the statement including contractor education also dropped by $83,000 of financial position is required to be consolidated. The due to a drop in attendance at PICP Specialist Courses ICPI Foundation Board of Trustees continues to manage and renewal of certified installers based on new experi- the finances of the Foundation and has established an ence and continuing education requirements. Publica- endowment fund to support research and education ben- tions income of $281,000 dropped by $12,000 due to the efiting the ICPI and the industry. The Foundation Trustees downturn in the economy with less magazine advertising approve funding of projects based on the interest and and literature sales. income earned by the endowment fund. ICPI continues to be well-positioned to advance our mission. Expenses ICPI contained 2011-12 operating expenses to $2.83 mil- lion a decrease of $15,000. ICPI continued to invest in ASSETS member value in furtherance of its mission and keeping Cash and cash equivalents $384,716 administrative and governance expenses at a total of Investments $2,927,757 20% allowing 80% to be spent on programs and services Accounts receivables, prepaid expense $290,405 for members. Foundation Pledges Receivable, net $671,439 Meetings and Exhibits are the largest expense of Inventory, property & equipment, deposits $92,218 $979,000 which includes the Hardscape North America TOTAL ASSETS $4,366,535 LIABILITIES AND NET ASSETS Show, Annual and Summer Meetings and ICPI’s exhibits at shows such