ANNUAL BUSINESS MEETING 4.6.2013X
Our 50th anniversary has meant more
work, but more revenue as well....
By WARREN WATSON, executive director
The D.C. spring conference has punctuated a busy six
months in the headquarters
operation. During that time,
newcomers Lacey Clements and
Spring Eselgroth have grown in their
roles while on the treadmill of a busy
50th anniversary year.
In between, we completed grantfunded programs, including two-day
symposium on the business of
healthcare in NYC and participated
in activities ranging from the new SABEW history
project and the startup of a broad-based donation
program that will be known as the Century Fund.
After D.C., planning will begin in earnest for the 2014
spring conference in Phoenix and the Oct. 3-4 fall
conference in New York.
$71,500. That includes a special personal contribution
of $7,000 from a board member.
Category
Budgeted
Variance
Actual
Sponsors
$95,000
+$47,000
$142,320
Exhibitors
$25,000
+$7000
$32,000
Gala-Special
Sales
$25,000
$8,300
$33,300
Paid
Registration
$52,000
$50,255
-$1,645
Overall
Revenue
$197,000
Overall
Surplus
$266,000
+59,400
(approx)
Here are some highlights:
Upcoming
Personal Finance
Workshop
Oct. 3, 2013
Museum of
American Finance,
NYC
NYC Fall Workshop
Oct. 3-4, 2013
CUNY Graduate
School of
Journalism
New York City
Klott ethics seminar
Oct. 24-25 (tent.)
Arizona State
University
Phoenix
51th Annual SABEW
Conference
Spring 2014
Arizona State
University
Phoenix
1
DC Conference: This is the longest and most
complicated conference in years. Thursday was virtually
a full day, starting with an opening session, keynoters
and panels, and concluding with the opening reception.
Friday and Saturday will be replete with skills and other
sessions and noteworthy speakers. We will cap off
Friday with the Best in Business reception and awards
ceremony. Saturday will conclude with our first-ever
celebratory gala at which we will honor three most
valuable business journalists – founding member Gene
Miller, two-time president Mike Kandel and SABEW
Chair Marty Steffens.
Conference Revenue: I took the lead with Lacey
Clements and we enjoyed a banner year in recruiting
new sponsors and holding our long-held benefactors.
We raised $174,000 in sponsors and exhibits for this
conference against a budget of $120,000. We retained
every major sponsor and grew totals for several. New
sponsors included Yahoo Finance, AOL, Huffington
Post, AICPA, Kiplinger’s, the CFP Board and the
University of Maryland. We were also successful with
special gala table sales. Not counting last-minute sales,
we have exceeded our $25,000 budget for that separate
line by more than $8,000.
I predict that we will make $52,000 budget with
registrations (last year, we were at $34,000). We usually
pick up 5-7 walk-ins or single-days registrations at
conference time, and that would take us over the top.
DC Expenses: Things are not complete here, but
higher-than-envisioned expenses at George Washington
University will cut into the gains. As of Wednesday, we
had incurred $79,000 in GWU expenses. With 260
registrations, our catering appetite is high -- about
$45,000 for food on site. There was no opportunity to
shop around as we were required to use the GW
catering service. This is against an expense budget of
Overall budget for 2012: At year’s end, we showed a
budget surplus of $12,000. Our accountant, Carolyn
Sechler, then made non-cash adjustments of a negative
$16,694 to account for depreciation of the Delta CRM
system. So, officially, we were in a deficit situation of
$4,131. It was a good revenue year, but we picked up
extra expenses in the second half of the year as we were
gearing up for the 50th anniversary year and
conference. Extra travel related to marketing and
conference planning, and additional part-time hours
related to the history project and other planning were
factors. (see details later in this report).
First months of 2013: We are off to a good start
budgetwise through the first two months of the year.
BIB revenue was $12,000 beyond our estimate and
sponsors and exhibits came in at a brisk rate. (See
above.) Through Feb. 28, revenue for the year was at
$269,522. With a front-loaded revenue budget of
$411,090, that represents 64 percent of our revenue for
the full year through 59 days. (After March, which is
officially incomplete as I write this, revenue is
approximately 72 percent of our yearly budget.)
Donations: In 2012, we raised $23,822 against a
budget of $23,000. So far in 2013, we have raised
$12,531 in donations toward a budget of $23,000. We
expect to exceed that as fund-raising moves into higher
profile. Specific donation appeals to past presidents and
past board members are expected to do nicely. We will
be making special Century Fund appeals at the gala
Saturday night.
Grants: We closed out the $25,000 Ethics and
Excellence grant that funded four investigative reporting
workshops in the latter half of 2012. I have completed
a similar final report on two Commonwealth grants we
received in 2012. One of the grants funded a Business
of Healthcare symposium in New York City January
17-18.
SABEW ANNUAL MEETING 4.6.2013
How does SABEW
stack up
financially?
After a difficult fiscal year in 2009, with a deficit of
$25,000, SABEW improved its performance over the
next two years, registering a $33,000 surplus in 2011.
That performance softened in 2012 year end. The
organization showed a budget surplus of $12,000, which
was later adjusted down by $16,000 by our accountant,
Carolyn Sechler, because of amortization and
depreciation of its 3-year-old membership, contest and
website systems developed by Delta Systems of
Columbia, Mo, in 2008-09
2012 factors: The organization beat revenue budget
by more than $76,000 in 2012., thanks to a strong sales
effort and grand0-funded programs. Expenses also
exceeded plan by $80,000.
Major factors in that expense overage:
Travel: We are $9,000 over plan because of two
unbudgeted, round-trip visits to the Indianapolis
conference site to troubleshoot problems encountered
with IUPUI. In addition, our new marketing director
made two unbudgeted trips to New York and
Washington, respectively, to begin sponsor recruitment
for the 2013 spring conference. That eventually paid off
with Yahoo Finance, a $10,000 sponsor in 2013.
Payroll: We are $8,000 over budget because of
preparations for 2013 projects related to the 50th
Membership by the numbers...
3,676!
Why the increase?
• A record Best in Business competition with 1,120
entries, and only members can enter, of course!
• A marked increase in membership renewal
payments based on a quarterly invoicing approach
adopted in 2011.
• Better membership retention.
Last year:
This year:
Institutional
Individual
Students
Associates
Honorary
2
3,546
360
84
22
8
Institutional
Individual
Students
Associates
Honorary
anniversary, including the need for pre-January web and
video work related to the SABEW history project, and
other labor.
BiB plaques: Production and shipping of our BIB
plaques exceeded budget by $1,900, largely because we
honored 25 more winners in 2012 than in 2011.
BiB Technology: Contest changes and other work
needed for the 2011-12 BIB forced us to order a second
Delta maintenance contract to cover programming
work. That pushed Delta maintenance spending to
$13,440, up from a budgeted $10,000, So that line was
$3,440 over budget.
Lag in Spring Conference Registrations:
Registrations for the Indianapolis spring conference
trailed far short of plan. Revenue was $34,482 against a
budget of $47,000. That’s under budget by $12,518.
Lower-than expected numbers from our largest
members and a soft response from Midwest cities were
factors.
Legal Fees: over by $2,000 because of unbudgeted cost
related to contract for the executive director and
incorporation work in Illinois, where we are chartered.
The total of the above lines is $36,858. We had
budgeted for a surplus of $25,170.
SABEW YEAR-END FINANCIAL RESULTS
Year
Outcome
2009
2010
2011
2012
Deficit of $25,000
Deficit of $4,000
Surplus of $33,000
Deficit of $4,131
Your donation goes far!
Consider giving to SABEW’s
The Century Fund
Consider a personal donation to the Century Fund,
a 50th anniversary campaign to support SABEW
and its educational efforts in business journalism.
The goal of the campaign says
Warren Watson, executive
director of SABEW, is to help
the organization build its
capacity for service and
education in the next 50 years.
Mark Tatge, a SABEW board
member from DePauw
University of Indiana will be headlng a committee
leading the Century Fund effort.
Contributions can be made by check, credit card,
PayPal and through automatic recurring donations
set up through the headquarters office. You can also
give at tonight's gala celebration in an envelope
provided for your use.
3,322
245
55
21 Call Watson at 1-765-702-8824. You can reach him
8 at watson@sabew.org.
Official financials 2012 by category; Jan-Feb 2013 actuals
Quarterly unofficial results on next page.
2013 YTD
2013 YTD
Prior
YTD
SABEW REVENUE/EXPENSES BY CATEGORY Month YTD 2/28/2013
% Change
from
Budget
SABEW Budget
2012 YTD
2013 budget
Annual
1/1/2012
12/31/2012
BUDGET
2012
budget
Annual
INCOME
Advertising
$
$
BIB Contest/Reception
$
57,890 $
75,315
$
16,765
32% $
52,000 $
34,482 $
47,000
Spring Exhibitor
$
5,000 $
14,500
58% $
25,000 $
24,550 $
23,000
Spring Conf Sponsor
$
84,300 $
97,050
102% $
95,000 $
95,377 $
90,000
$
20,000
80% $
Spring Conf Registration
Spring Gala Table Sales/Sponsors
0% $
4,500 $
4,245 $
3,500
120% $
63,000 $
64,365 $
52,000
25,000
$ 113,000
Fall Conf Exhibitor
$
0% $
13,000 $
9,300 $
Fall Conf/Sponsor
$
0% $
10,000 $
7,860 $
5,000
50th Anniversary NY
$
0% $
10,000
$
19,000
Fall Conf Registration
$
14,000
0% $
17,000 $
17,916 $
15,000
$
25,263 $
29,165
50% $
58,000 $
59,574 $
53,000
Donations
$
2,355 $
12,531
54% $
23,000 $
23,822 $
23,000
Grants
$
3,000 $
3,000
15% $
20,050 $
69,750 $
20,000
$
47
7% $
652 $
652 $
1,225
0% $
15,000 $
9,000 $
9,500
6,375 $
500
Memberships Dues
Interest Income
Auctions/Spring & Summer
Misc/International Income
TOTAL INCOME $ 177,808 $
268,373
EXPENSES
0% $
1,000 $
62% $
432,202 $
427,269 $ 356,725
#DIV/0!
Accounting Fees/Payroll
$
147 $
297
16% $
1,900 $
2,383 $
1,080
Accounting Fees/ANA & Sechlar
$
1,350 $
2,650
16% $
16,560 $
17,544 $
16,560
Advertising
$
750 $
750
25% $
3,000 $
2,490 $
1,500
Bank & CC Charges
$
607 $
3,009
50% $
6,000 $
6,070 $
7,000
Fundraising
0% $
6,000 $
$
Promotion shirts/gifts/photography
0% $
1,500 $
891 $
1,250
BIB Plaques/Certificates
0% $
10,500 $
10,896 $
9,000
$
295
45% $
650 $
1,503 $
700
Website Maintenance Contracts
Dues/Registration Fees/Training
$
6,720 $
6,720
50% $
13,440 $
13,440 $
10,000
Web Site Hosting
$
100 $
200
10% $
2,000 $
1,446 $
2,000
0% $
1,400 $
1,415 $
1,400
7,500 $
34,530 $
Equipment Lease/AV Rental
Grant Specific Expenses
$
11,100 $
12,050
161% $
0% $
2,000 $
2,860 $
700
BIB Reception Expenses
$
300 $
471
7% $
7,000 $
11,906 $
7,000
Spring Conf Meeting Expenses
$
10,514 $
12,164
26% $
47,000 $
40,201 $
37,513
0% $
12,000 $
14,358 $
7,000
77% $
1,500 $
4,894 $
3,490
Legal Fees
Fall Conference Meeting
$
Office Supplies/Software/Misc
$
552 $
1,149
Postage/Shipping
$
18 $
33
Printing/Copies
$
$
2% $
2,125 $
3,871 $
2,325
0% $
2,200 $
2,246 $
2,000
Payroll (Salary)
$
11,429 $
27,683
16% $
172,000 $
176,900 $
168,000
Other Employee Costs (benefits)
$
436 $
586
2% $
25,000 $
32,286 $
27,000
Seasonal Staff Hours
$
$
426
9% $
4,500 $
2,821 $
3,500
50th Anniversary Gala
0% $
50th Anniversary NY event
35,000
$
0% $
4,000
Student Help
$
50 $
290
8% $
3,500 $
3,973 $
3,000
Travel
$
6,708 $
10,230
60% $
17,000 $
21,366 $
12,000
$
1,671
110% $
1,515 $
1,515 $
2,437
$
110 $
223
12% $
1,800 $
1,475 $
2,000
$
1,189
79% $
1,500 $
1,427 $
3,100
D&O Insurance
Telephone
Scholarship (David Morrow & Benita Newton)
** Other Expenses
$
2,284
#DIV/0!
International
Total Expense
Net Ordinary Revenue
$
$
1,000 $
54,151 $
82,085
$
411,090 $
$ 123,657 $
186,289
$
21,112 $
$
16,694
$
431,400 $ 331,555
(4,131) $
25,170
1 of 3
ANNUAL BUSINESS MEETING 4.6.2013X
5,750.00
Grant Income
23,000.00
0.00
23,000.00
63,000.00
63,000.00
Budget
Registration Fees
Sponsorships
31,679.73
Total Membership Dues
Institutional membership
80.00
8,910.00
22,329.73
Individual Memberships
Student Membership
300.00
60.00
186,159.48
Associate Memberships
Membership Dues
Total Meeting Revenue
133,500.00
150.00
32,009.48
Meals/Table Sales
Side Trip Income
38,000.00
20,500.00
Exhibitor Revenue
Fundraising
Equipment Rental
Dues/Subscriptions/Books
D&O Insurance
Contest Expenses
Bank & Credit Card Fees
Advertising Expense
400.00
295.00
1,671.00
470.99
4,105.96
750.00
$312,098.33
Gross Profit
Expenses
$312,098.33
Total Income
1,400.00
650.00
1,515.00
17,500.00
6,000.00
3,000.00
$432,202.00
$432,202.00
400.00
-1,400.00
-355.00
156.00
-17,029.01
-1,894.04
-2,250.00
$ -120,103.67
$ -120,103.67
-1,000.00
-5,075.00
1,000.00
5,152.00
77.00
Uncategorized Income
Total Other Income
47.00
47.00
Miscellaneous Income
30.00
-652.00
-4,500.00
30.00
652.00
4,500.00
-26,320.27
80.00
22,329.73
8,910.00
300.00
-57,940.00
-75,840.52
28,500.00
-10,000.00
-36,990.52
-24,850.00
-17,500.00
-15,000.00
0.00
-14,300.00
Job Posting Income
Interest Income
Advertising Income
58,000.00
58,000.00
262,000.00
105,000.00
10,000.00
69,000.00
25,000.00
15,000.00
0.00
20,050.00
Auction Revenue
Meeting Revenue
Other Income
-9,882.88
2,000.00
2,000.00
-11,882.88
12,315.00
17,040.00
-4,725.00
over Budget
Total
45.38 %
110.30 %
2.69 %
68.43 %
25.00 %
72.21 %
72.21 %
1.49 %
54.62 %
0.10 %
71.05 %
127.14 %
46.39 %
0.60 %
53.95 %
28.68 %
57.03 %
0.00
48.34 %
119.55 %
92.50 %
% of Budget
UN
O
th FF
ro IC
ug IA
h LR
M E
ar SU
ch L
31 TS
13,117.12
2,000.00
Total Contributions
Total Restricted Contributions
Benita Newton Fund
2,000.00
11,117.12
Contributions
Restricted Contributions
75,315.00
17,040.00
58,275.00
Total Contest Revenue
Best in Business Section
Contest Revenue
Income
Actual
January - December 2013
SABEW
Budget vs. Actuals: 2013 Budget - FY13 P&L
11,444.84
128.48
2,821.70
$ -4,130.65
$ -4,130.65
$431,398.81
14,827.35
4/1/2013 7:54 AM
Monday, Mar 11, 2013 03:44:28 PM PDT GMT-7 - Accrual Basis
Net Income
Net Operating Income
Total Expenses
zOther Expenses
21,366.19
Temporary Help
Travel/Entertainment
1,475.84
Telephone
424.19
1,426.20
Scholarships
Promotional Items
2,245.51
36,628.73
Printing & Publishing
Professional Fees
3,871.22
Postage & Shipping
218,463.16
3,594.44
Payroll Costs
-1,947.69
Office Supplies
53,793.43
Miscellaneous Expenses
37,530.06
Meeting Expenses
1,415.61
456.62
1,515.00
22,802.04
Grant Specific Expenses
Equipment Rental
Dues/Subscriptions/Books
D&O Insurance
Contest Expenses
6,070.14
Awards/Prizes/Gifts
Bank & Credit Card Fees
2,490.59
Advertising Expense
Expenses
$427,268.16
$2,689.87
Total Cost of Goods Sold
Gross Profit
2,689.87
Cost of Goods Sold
Cost of Goods Sold
$429,958.03
Other Income
Total Income
59,574.11
Membership Dues
69,750.00
201,001.21
23,822.87
Grant Income
Meeting Revenue
64,365.00
Contributions
Total
Contest Revenue
Income
January - December 2012
SABEW
Profit & Loss