The current financial crisis has prompted the ICA Finance Committee to carefully evaluate the financial health of the association so that each member can feel at ease when renewing their membership.
ICA has four major sources of income: membership dues, conference income, journal royalties and rent from Starbucks at our headquarters property. Our major liabilities are the loan to purchase the headquarters property and administrative costs. The balance sheet is stable and positive. The majority of these investments are in cash equivalents that continue to make money.
For instance, the Executive Committee has recently decided to invest more of our assets in the equity of the headquarters building. Washington, D.C.'s property values have been stable, unlike many parts of the U.S. and the world. We have, as such, invested some of our assets in both long- and short-term funds. These accounts are underperforming at the current time, but are not causing any undue stress on our overall financial outlook.
The Finance Committee has concluded that ICA remains in good financial health; however, it welcomes any question or comment. These can be addressed to Jon Nussbaum, Finance Committee Chair (JFN5@psu.edu) or Michael Haley, ICA Executive Director (mhaley@icahdq.org).
