By: Elaine Ogden, PharmD, BCPS, BC-ADM
Each year, the MSHP Treasurer has the responsibility to provide a financial report to its membership. The fiscal year is July 1 through June 30th which coincides with the policy development process and timetable. The report below describes MSHP past and project financial performance.
Fiscal Year Ending June 30, 2020 (actual)
The internal audit team will plan on conducting a review of the finances in Fall when we can meet inperson. This is generally completed in May during the board live meeting, but was postponed this year due to COVID. The internal audit will review all finances covering the entire fiscal year. The external audit was also postposed due to the pandemic, but the plan is to complete this during the next year.
As of June 30, 2020, the MSHP balance sheet reported total assets at $175,986 with a net income of $6,896 for the fiscal year. For the fiscal year the organization collected over $20,000 in membership dues. The FIRST EVER VIRTUAL Spring Meeting had a net income of over $12,000.
Fiscal Year Ending June 30, 2021 (projected)
The board met virtually in July to finalize and approve the 2020-2021 budget which noted a surplus of $5,700. Most notable changes for 2020-2021 include addition of a 50 year celebration in the Fall, additional social media resources for public relation outreach campaigns, and small increase in operating fees for online transitions.
It is exciting to see how MSHP continues to grow and expand. I feel blessed to have the opportunity to serve on the Executive Board and as the Treasurer of an organization that is committed to supporting its members and our profession.