Board passes budget, adopts new membership structure
The budget for the 2013-14 fiscal year was passed during a regular teleconference meeting of the American Numismatic Association Board of Governors on Tuesday, Dec. 10.
According to ANA Treasurer Larry Baber, the $6.35 million budget includes the use of $748,365 from board-designated reserves, which emanate from last year's investment growth. This represents about 6.25 percent of the reserves previously designated by the board for future use. The designated and undesignated reserves are projected to be about $17.5 million at the end of 2014.
"We realize the ANA is very fortunate to have the financial strength that it does in its reserve funds and endowments," said Gov. Greg Lyon during the meeting. "We realize that is not something that can be splurged or spent unwisely. There are times where we undertake big capital expenditures, like the website this year, where it is a prudent use of reserve funds so that the Association can make better program offerings."
Lyon added that it will be important for the board and staff to work together to increase revenue and cut expenditures wherever possible. The board will hear a report from staff at the Atlanta National Money ShowSM, Feb. 27-March 1, that will detail attempts to cut expenditures and increase revenues over the next three to five years. The board will review the budget every six months.
The goal is to reduce the reliance on board-designated reserves over the next three to five years, said Executive Director Kimberly Kiick.
"Simply put, this is an investment year. We are investing in a new, state-of-the-art website and database that will help us grow our membership and fulfill our educational mission," said Kiick. "And we'll continue to invest in the Association so that we may grow our ranks and grow our hobby. But we will also work diligently to raise revenue and cut expenditures to continue to ensure our long-term financial stability."
The final vote was 7-1. Voting no on the proposed budget was Gov. Gary Adkins. Gov. Laura Sperber was absent.
The board also passed a pair of motions to adopt a new, simplified membership model that will take effect once the new Association Management System is online. Member name types of Regular, Basic and Associate will be replaced by Platinum, Gold and Silver. Additionally, a new option, Bronze, was adopted for collectors who only want a subscription toThe Numismatist. The Bronze option would include no member benefits, and those utilizing the option would pay a monthly rate for access to the digital edition.
"The Board chose to adopt a new naming convention that reflects the true prestige and importance of a membership in the ANA," said President Walter Ostromecki. "The new Bronze option is a nice way for potential members to try out our award-winning magazine and become exposed to the benefits of ANA membership, all part of our A New Approach strategy."
Both motions regarding membership name types passed 8-0.
Full audio of the board meeting can be heard on the Board of Governors page at Money.org and on the ANA's YouTube Channel. The full budget can also be found on the Board of Governors page, under Past Agendas and Minutes.
The American Numismatic Association is a congressionally chartered nonprofit educational organization dedicated to encouraging people to study and collect money and related items. The ANA helps its 25,500 members and the public discover and explore the world of money through its vast array of education and outreach programs, as well as its museum, library, publications, conventions and seminars. For more information, call 719-632-2646 or go to www.money.org.