2018 ICPI Annual Report ICPI 2018 Annual Report 0219_4 - Page 25

25 • Interlocking Concrete Pavement Institute ICPI Financial Activity 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, 2018. Consolidated Statement of Financial Position Since the ICPI Foundation is affiliated with the ICPI and is operated exclusively for its benefit, the two organization’s statements of financial position are consolidated. The ICPI Foundation Board of Trustees continues to manage Foundation finances from an endowment fund to support research and education benefiting the ICPI and the industry. With the Foundation, ICPI continues to be strong and well-positioned to advance its mission to deliver education and technical guidance leading to awareness, acceptance and use of segmental concrete pavement systems in the United States and Canada. ICPI Statement of Activities Revenue ICPI’s total operating revenue in 2017–18 reached $3.95 million, an increase of $228,449 or 6% from last year. Revenues from membership dues ($1.3 million) increased by $48,154. Meetings and Exhibits increased by $187,233 to ($1.7 million) due to additional revenue for the Hardscape North America trade show. Programs ($671 thousand), including contractor education, increased by $17,011. Services/ Investments ($154 thousand) increased by $72,717. Publications income ($146 thousand) decreased by $96,666. Expenses ICPI contained 2017–18 operating expenses to $3.55 million, an increase of $187,047 or 5%. ICPI continued to invest in member value to further its mission, while keeping administrative and governance expenses at a total of 16%, allowing 84% to be spent on programs and services for members. ICPI and ICPI Foundation Audited Consolidated Statement of Financial Position ASSETS Cash and cash equivalents .........................................$1,557,186 Investments, Certificates of Deposit......................$6,369,288 Accounts receivables, prepaid expense and deferred compensation...........................................$605,074 Foundation Pledges Receivable, net.........................$761,081 Inventory, property & equipment...............................$788,294 TOTAL ASSETS...................................................................$10,080,923 LIABILITIES AND NET ASSETS Liabilities Accounts and notes payable, accrued expenses and deferred compensation....................$808,256 Deferred revenue .............................................................$1,282,182 Total Liabilities.....................................................................$2,090,438 Meetings and Exhibits are the largest expense of $1.43 million, which Net Assets includes Hardscape North America, Annual and Summer Meetings. Unrestricted Programs/Research expense of $619,559 included expenditures for Undesignated .....................................................................$2,080,478 Concrete Paver Installation courses, development of Boot Camp Board-designated..............................................................$5,148,926 training, technical resources developed by the Technical and Total Unrestricted..............................................................$7,229,404 Construction committees, support of ASTM, CSA, ASCE standards Temporarily restricted ........................................................$761,081 and university curriculum. ICPI also provided webinars for design Total net assets....................................................................$7,990,485 professionals and contractors. Publications expenditures of $165,520 supported educating and informing design professionals, contractors TOTAL LIABILITIES AND NET ASSETS...................$10,080,923 and manufacturers though the Interlock Design Magazine, Tech Specs, The PICP Design, Construction and Maintenance Manual, software and other literature. In addition, $242,981 was invested in membership services and development. ICPI supports the ICPI Foundation administrative and governance expenses.