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APS Finances in Good Shape
by VSC Staffer Mike LampsonThe new APS Treasurer, Kathy Johnson, reported on the state of the APS finances during the joint American Philatelic Society-American Philatelic Research Library board meeting Friday, August 12, 2011, during StampShow 2011. The presentation is available online at http://www.stamps.org/agenda/budget-financial-progress.pdf. The key points from Kathy's presentation are that the APS is now reaping the benefits of the budget cuts begun in 2008. The APS has a balanced budget without relying on donations to cover operating expenses. With a refinanced mortgage and the newest tenant - Graymont - now in place, the rental income at the APC covers the entire $30,000 monthly mortgage obligation. Money paid by the APS toward "rent" is used to pay down principal on the mortgage. Kathy closed her presentation by reminding the board that while the APS finances are sound, the board must remain future focused and careful to maintain responsible financial management.
Other news from the APS and APRL meetings can be found here and elsewhere in our message board.