Ques 02: THE CASE IS BASED ON a nonprofit organization. Students are required to analyze the...
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Ques 02: THE CASE IS BASED ON a nonprofit organization. Students are required to analyze the information given in the case to determine what information is relevant for analyzing variances, determine the reason for variances, and provide suggestions to avoid further losses. In addition, the case simulates a real-world situation where all relevant information is not available or not in a format that allows for detailed analysis. Keywords: budgeting, variance analysis, not-for-profit, and volunteer board's responsibility. Budgeting is important in all organizations, but it is especially in nonprofit organizations where revenue sources are often inconsistent from year to year. Nonprofit leadership has a fiscal responsibility to monitor the variances between actual revenues and cost and make operating decisions to ensure the organization's viability and success. INTRODUCTION In August 2003, the Steering Committee of the American Accounting Association Midwest Region (AAA-MW) discovered that its 2003 annual meeting had a net loss of $24,232, leaving a net account balance at less than $50,000. This was on top of a loss of $13,264 the previous year. Concerned about a possible trend, the board created a treasurer position and asked the treasurer to investigate these losses. THE ORGANIZATION The steering committee is an entirely volunteer board whose task is to organize and run an annual conference targeting members of the American Accounting Association who reside in the states of llinois, Indiana, lowa, Kansas Michigan, Minnesota, Missouri, North Dakota, South Dakota, Nebraska, and Wisconsin. The American Accounting Association (AAA) is a not-for-profit organization whose members are primarily accounting academics. organization "promotes worldwide excellence in accounting education, research and practice. Founded in 1916 as the American Association of University Instructors in Accounting, its present name was adopted in 1936. The Association brings together the academic community to further accounting education and to advance the discipline and profession of accounting." The steering committee meets twice a year; every spring at the annual AAA-MW Region meeting and in August at the national meeting of the American Accounting Association. The typical process for organizing the AAA-MW annual meeting was as follows: 1. Eighteen months prior to the meeting (usually at the August AAA national meeting), the steering committee determines in which city within the Midwest region to hold the meeting and submits a meeting site search request to the AAA national office. 2. The program chair for the meeting is a volunteer of the steering committee and is a different (and new) person each year. 3. The event coordinator (a third party hired by the AAA national office) contacts hotels in the chosen city and provides the AAA-MW steering committee with a list of hotels, room rates, and parking rates. 4. At the spring AAA-MW regional meeting, one year prior to the next meeting, the steering committee chooses a hotel based on its location in the city and room rates offered. 5. The event coordinator negotiates the final contract, it is signed by the AAA executive director, and a copy is kept in the AAA headquarter files. 6. The new AAA-MW regional meeting program chair is then responsible for organizing the meeting. There was little in the way of a formal process, so each program chair would determine how he/she wanted to run the meeting. There was a tradition of charging a registration fee that covered food, audiovisual needs, and meeting rooms. The program chair, working with a few other volunteers, would organize the call for papers, review of papers, 2|Page program speakers, receptions, and communication with members within the region. Typically, the meeting had multiple continuing professional education (CPE) sessions, offered breakfast on Friday and Saturday, lunch on Friday, snack breaks on Friday and Saturday morning and Friday afternoon, and evening receptions on both Thursday and Friday. All of this planning was a significant amount of effort and generally consumed the program chair's attention. All cash inflows and outflows were handled by the AAA staff members. They collected registration fees, paid the hotel bills, etc., charging or crediting the region's accounts. The AAA-Mw steering committee president would receive periodic account activity reports. Prior to 2002, the AAA-MW meetings had generally resulted in an increase in cash flow and the steering committee had little need to worry about finances. BACKGROUND At the August 2002 meeting of the AAA-MW steering committee, the committee learned that the spring 2002 regional meeting showed a loss of $14,389.13. The comparison of 2001 and 2002 is shown in Exhibit 1. The 2002 AAA-MW regional meeting had been held in Milwaukee in March and the attendance at that meeting was 170. This was a 30.6 percent drop from the previous year's meeting held in St. Louis, and one of the few times in the region's recent history that the meeting attendance was below 200 attendees. The committee believed the main reason for the low attendance was reluctance to fly (travel) so soon after the after the 9/11 terrorist attack. In addition, the committee believed the location (Milwaukee, Wisconsin)in early spring was difficult to travel to and may not have been appealing. Therefore, the committee was satisfied that the net cash outflow for the 2002 meeting was an anomaly and there was no need for more investigation. As such, the committee proceeded to discuss the plans for the 2003 AAAMW annual meeting, which was to be held the following spring at the Millennium Hotel in St. Louis. The Midwest region had the policy of holding the annual meeting in St. Louis every other year and, because of the central location and more favorable spring weather, the St. Louis meetings had always been well attended. For that reason, the committee was not concerned that the 2003 meeting might result in a loss. Exhibit 1 Comparison of 2001 and 2002 OUTFLOWS Mid-year Meeting Printing S 2,890.55 S 2,425.52 Mailing Exhibitor Expense 752.35 470.17 Financial Report AAA Midwest Region 354.82 460.00 For years ending September 30, 2001, and September 30, 2002 Food/Bev 28,527.36 18,490.63 Audio Visual 0.00 2,965.85 09/01-08/02 170 09/00-08/01 Speakers 489.76 1477.92 Mtg Coord Postage Attendance 245 2,231.05 0.00 55.97 0.00 INFLOWS Travel 0.00 184.79 Mid-year Meeting AAA Statt 154.00 105.00 Registration $ 14,835.00 S 20,125.00 CPE travel 350.00 1,990.00 Contributions 0.00 1,990.00 Total Meeting $35,785.86 $ 28,569.88 1,351.61 $37,137.47 Exhibitor Fees 4,200.00 4,500.00 G&A 1.590.02 CPE 2.400.00 3.270.00 Total Outflows S 30,159.90 Total Meeting $21,435.00 $ 29,885.00 $ 4,037.30 84,746 25 S 88,783.55 Interest 1,313.29 4,312.20 Net change in assets $14,389. 18) Total Inflows $22,748.29 $ 34, 197.20 Beginning Cash 88,783.55 Ending Cash S74,394.37 The March 2003, AAA-MW meeting was held and followed the typical two-and-a-half-day format, with participants attending a number of CPE sessions and other activities included in their registration fee. The schedule of events for the 2003 AAA-MW annual meeting is shown in Exhibit 2. Immediately after the meeting. during the Saturday steering committee luncheon meeting, the new AAAMW president (the 2003 program chair) presided over the meeting. As normal, the event coordinator attended and reported the final attendance numbers. The attendance was 185, which was higher than the previous year's attendance of 170, but still lower than the 200 or more expected. The steering committee, not yet having any financial figures from the meeting, did not consider that the low attendance might result in a loss. Therefore, the remainder of the meeting was spent discussing the plans for the 2004 meeting in Kansas City and the plan for the 2005 meeting, which would be back in St. Louis. The steering committee met again in August 2003 at the AAA national meeting and received from AAA headquarters staff the financial information about the March 2003 meeting. (See Exhibit 3.) The committee was shocked to find that the spring meeting had resulted in a loss that was almost twice the loss incurred in 2002. If this pattern continued, the Midwest region would be bankrupt within a couple of years. Concerned, the committee decided to appoint a treasurer. The official duties of the treasurer would be to receive monthly financial reports of the AAA-MW from the AAA and report on the AAA-MW region's financial situation at steering committee meetings and the annual me 2003 loss. er, the treasurer would need to investigate the Сopy REQUIRED 1. As treasurer, determine what additional infor 2. Analyze the information and prepare a report for the stering committee explaining the losses. 3. Provide suggestions to the steering committee on how to avoid future meeting losses. Exhibit 2 Midwest Region at the Amarican Accounting Asseciation 200 Meting Progra Sering Commie Activitie Dey Thundey Afternn Evening Time Perticipant Frats Tour of Cardaals Banchall Sadn Wekome reoeption with appeties and apen hr Roception was ponsoned in puri by the teheok peblishers Baflet hreal fa cotineal creal, a yogurt, truit, cofler. mik te T00 p a aIa s meing mendance and ssues the seededo he adressad and finlie kocation e uber detals yet decide art ye's Friday 30-10 Somcument CE Moming reepeon with fod and drisk (afee botled wer, and juce) 7 concurtett CPE sesi Lunchen wih peaker Fconcumene C ese Aftemoon seedment beck wih oofleodi nd ak 17 concurer CE sestines Roception wth bt and cold he doeres dadng o canving sis iroa becf d terke)wl vagetales, og rolh, chipe and dipnandmapen 10-1030 p 10:30- Noen-130 pm 145315 m 315-3:45 pm Awads for papers nd lifetime nenhers 3:45-515 pm 130 pm cream elpuored by the Teaching nd Curiculun Section of dhe AAA AAA-MW besines mecting 7:3090 pm Saturday Prodt nd prog chair preside over themoting Nemie and vate on new skering commit menhers 7:30-90 am . 1010 10.30-11 00 am I1- 1230 pen FASH de and 2 odr conan CPF Moming hreak with collor and unacks Sconcunen CPE sessin No events coeference han ended 1230-200 pm Saccring Committee Meeting *AAA for Aaenan Aarang A Steering comminer luncheon and mecting the pregram chair becmes the providetand presides ever the meting Exhibit 3 AAA-MW Financial Information Provided to Steering Committee for 2002-2003 Prier Oet 42 00 M Dec- 745297 Feba 7039244 Sep2 74394.37 May-00 Jun43 Ang 3 TOTAL Year Tetale Ne42 Ma Jul43 Begening Cash belance 744227 12040 53 NFLOWMIO TEARMEETING Tvtang 00 103200 1247700 2919.00 Contrtuton Ear Fees M835.00 00 4200.00 100.00 00.00 0.00 000 2020 Tta Mer Ming OTHER INCOME Cabutions iarat com 00 000 000 000 100 00 201200 291.00 2145.00 6747 3324 0.00 2026 DUYFLOWMIDVEAR MEETING Freting Copying 2716 25 200M 0.00 0.00 Rugstton Espee Esher tpene Hetel Roomod Hotel Aut Vals Mg. Entartanen Speken 0.00 3337030 40.00 8400 B00 Cord E Pstage 1244 0 0.00 TOK00 6.00 1344.50 2231.06 55.97 Telephone Tevel XXAS Suppert Mac 000 15400 0.00 Hete R o Hete Aulin Vouls Speakars Jravel Mesting GENERALAGMIN Fustage Mac Cnc Fas 0.00 100 0.00 202125 1711M 000 6.00 5745 146 0.00 200.30 COMMITTLES OFFICERS Hotel Roomad Travel Ta Commte Kren Tatal Dutlow nting Cnh Balanc 0.00 20127 11254 37137.47 7580156 755483 7639244 3214 Ques 02: THE CASE IS BASED ON a nonprofit organization. Students are required to analyze the information given in the case to determine what information is relevant for analyzing variances, determine the reason for variances, and provide suggestions to avoid further losses. In addition, the case simulates a real-world situation where all relevant information is not available or not in a format that allows for detailed analysis. Keywords: budgeting, variance analysis, not-for-profit, and volunteer board's responsibility. Budgeting is important in all organizations, but it is especially in nonprofit organizations where revenue sources are often inconsistent from year to year. Nonprofit leadership has a fiscal responsibility to monitor the variances between actual revenues and cost and make operating decisions to ensure the organization's viability and success. INTRODUCTION In August 2003, the Steering Committee of the American Accounting Association Midwest Region (AAA-MW) discovered that its 2003 annual meeting had a net loss of $24,232, leaving a net account balance at less than $50,000. This was on top of a loss of $13,264 the previous year. Concerned about a possible trend, the board created a treasurer position and asked the treasurer to investigate these losses. THE ORGANIZATION The steering committee is an entirely volunteer board whose task is to organize and run an annual conference targeting members of the American Accounting Association who reside in the states of llinois, Indiana, lowa, Kansas Michigan, Minnesota, Missouri, North Dakota, South Dakota, Nebraska, and Wisconsin. The American Accounting Association (AAA) is a not-for-profit organization whose members are primarily accounting academics. organization "promotes worldwide excellence in accounting education, research and practice. Founded in 1916 as the American Association of University Instructors in Accounting, its present name was adopted in 1936. The Association brings together the academic community to further accounting education and to advance the discipline and profession of accounting." The steering committee meets twice a year; every spring at the annual AAA-MW Region meeting and in August at the national meeting of the American Accounting Association. The typical process for organizing the AAA-MW annual meeting was as follows: 1. Eighteen months prior to the meeting (usually at the August AAA national meeting), the steering committee determines in which city within the Midwest region to hold the meeting and submits a meeting site search request to the AAA national office. 2. The program chair for the meeting is a volunteer of the steering committee and is a different (and new) person each year. 3. The event coordinator (a third party hired by the AAA national office) contacts hotels in the chosen city and provides the AAA-MW steering committee with a list of hotels, room rates, and parking rates. 4. At the spring AAA-MW regional meeting, one year prior to the next meeting, the steering committee chooses a hotel based on its location in the city and room rates offered. 5. The event coordinator negotiates the final contract, it is signed by the AAA executive director, and a copy is kept in the AAA headquarter files. 6. The new AAA-MW regional meeting program chair is then responsible for organizing the meeting. There was little in the way of a formal process, so each program chair would determine how he/she wanted to run the meeting. There was a tradition of charging a registration fee that covered food, audiovisual needs, and meeting rooms. The program chair, working with a few other volunteers, would organize the call for papers, review of papers, 2|Page program speakers, receptions, and communication with members within the region. Typically, the meeting had multiple continuing professional education (CPE) sessions, offered breakfast on Friday and Saturday, lunch on Friday, snack breaks on Friday and Saturday morning and Friday afternoon, and evening receptions on both Thursday and Friday. All of this planning was a significant amount of effort and generally consumed the program chair's attention. All cash inflows and outflows were handled by the AAA staff members. They collected registration fees, paid the hotel bills, etc., charging or crediting the region's accounts. The AAA-Mw steering committee president would receive periodic account activity reports. Prior to 2002, the AAA-MW meetings had generally resulted in an increase in cash flow and the steering committee had little need to worry about finances. BACKGROUND At the August 2002 meeting of the AAA-MW steering committee, the committee learned that the spring 2002 regional meeting showed a loss of $14,389.13. The comparison of 2001 and 2002 is shown in Exhibit 1. The 2002 AAA-MW regional meeting had been held in Milwaukee in March and the attendance at that meeting was 170. This was a 30.6 percent drop from the previous year's meeting held in St. Louis, and one of the few times in the region's recent history that the meeting attendance was below 200 attendees. The committee believed the main reason for the low attendance was reluctance to fly (travel) so soon after the after the 9/11 terrorist attack. In addition, the committee believed the location (Milwaukee, Wisconsin)in early spring was difficult to travel to and may not have been appealing. Therefore, the committee was satisfied that the net cash outflow for the 2002 meeting was an anomaly and there was no need for more investigation. As such, the committee proceeded to discuss the plans for the 2003 AAAMW annual meeting, which was to be held the following spring at the Millennium Hotel in St. Louis. The Midwest region had the policy of holding the annual meeting in St. Louis every other year and, because of the central location and more favorable spring weather, the St. Louis meetings had always been well attended. For that reason, the committee was not concerned that the 2003 meeting might result in a loss. Exhibit 1 Comparison of 2001 and 2002 OUTFLOWS Mid-year Meeting Printing S 2,890.55 S 2,425.52 Mailing Exhibitor Expense 752.35 470.17 Financial Report AAA Midwest Region 354.82 460.00 For years ending September 30, 2001, and September 30, 2002 Food/Bev 28,527.36 18,490.63 Audio Visual 0.00 2,965.85 09/01-08/02 170 09/00-08/01 Speakers 489.76 1477.92 Mtg Coord Postage Attendance 245 2,231.05 0.00 55.97 0.00 INFLOWS Travel 0.00 184.79 Mid-year Meeting AAA Statt 154.00 105.00 Registration $ 14,835.00 S 20,125.00 CPE travel 350.00 1,990.00 Contributions 0.00 1,990.00 Total Meeting $35,785.86 $ 28,569.88 1,351.61 $37,137.47 Exhibitor Fees 4,200.00 4,500.00 G&A 1.590.02 CPE 2.400.00 3.270.00 Total Outflows S 30,159.90 Total Meeting $21,435.00 $ 29,885.00 $ 4,037.30 84,746 25 S 88,783.55 Interest 1,313.29 4,312.20 Net change in assets $14,389. 18) Total Inflows $22,748.29 $ 34, 197.20 Beginning Cash 88,783.55 Ending Cash S74,394.37 The March 2003, AAA-MW meeting was held and followed the typical two-and-a-half-day format, with participants attending a number of CPE sessions and other activities included in their registration fee. The schedule of events for the 2003 AAA-MW annual meeting is shown in Exhibit 2. Immediately after the meeting. during the Saturday steering committee luncheon meeting, the new AAAMW president (the 2003 program chair) presided over the meeting. As normal, the event coordinator attended and reported the final attendance numbers. The attendance was 185, which was higher than the previous year's attendance of 170, but still lower than the 200 or more expected. The steering committee, not yet having any financial figures from the meeting, did not consider that the low attendance might result in a loss. Therefore, the remainder of the meeting was spent discussing the plans for the 2004 meeting in Kansas City and the plan for the 2005 meeting, which would be back in St. Louis. The steering committee met again in August 2003 at the AAA national meeting and received from AAA headquarters staff the financial information about the March 2003 meeting. (See Exhibit 3.) The committee was shocked to find that the spring meeting had resulted in a loss that was almost twice the loss incurred in 2002. If this pattern continued, the Midwest region would be bankrupt within a couple of years. Concerned, the committee decided to appoint a treasurer. The official duties of the treasurer would be to receive monthly financial reports of the AAA-MW from the AAA and report on the AAA-MW region's financial situation at steering committee meetings and the annual me 2003 loss. er, the treasurer would need to investigate the Сopy REQUIRED 1. As treasurer, determine what additional infor 2. Analyze the information and prepare a report for the stering committee explaining the losses. 3. Provide suggestions to the steering committee on how to avoid future meeting losses. Exhibit 2 Midwest Region at the Amarican Accounting Asseciation 200 Meting Progra Sering Commie Activitie Dey Thundey Afternn Evening Time Perticipant Frats Tour of Cardaals Banchall Sadn Wekome reoeption with appeties and apen hr Roception was ponsoned in puri by the teheok peblishers Baflet hreal fa cotineal creal, a yogurt, truit, cofler. mik te T00 p a aIa s meing mendance and ssues the seededo he adressad and finlie kocation e uber detals yet decide art ye's Friday 30-10 Somcument CE Moming reepeon with fod and drisk (afee botled wer, and juce) 7 concurtett CPE sesi Lunchen wih peaker Fconcumene C ese Aftemoon seedment beck wih oofleodi nd ak 17 concurer CE sestines Roception wth bt and cold he doeres dadng o canving sis iroa becf d terke)wl vagetales, og rolh, chipe and dipnandmapen 10-1030 p 10:30- Noen-130 pm 145315 m 315-3:45 pm Awads for papers nd lifetime nenhers 3:45-515 pm 130 pm cream elpuored by the Teaching nd Curiculun Section of dhe AAA AAA-MW besines mecting 7:3090 pm Saturday Prodt nd prog chair preside over themoting Nemie and vate on new skering commit menhers 7:30-90 am . 1010 10.30-11 00 am I1- 1230 pen FASH de and 2 odr conan CPF Moming hreak with collor and unacks Sconcunen CPE sessin No events coeference han ended 1230-200 pm Saccring Committee Meeting *AAA for Aaenan Aarang A Steering comminer luncheon and mecting the pregram chair becmes the providetand presides ever the meting Exhibit 3 AAA-MW Financial Information Provided to Steering Committee for 2002-2003 Prier Oet 42 00 M Dec- 745297 Feba 7039244 Sep2 74394.37 May-00 Jun43 Ang 3 TOTAL Year Tetale Ne42 Ma Jul43 Begening Cash belance 744227 12040 53 NFLOWMIO TEARMEETING Tvtang 00 103200 1247700 2919.00 Contrtuton Ear Fees M835.00 00 4200.00 100.00 00.00 0.00 000 2020 Tta Mer Ming OTHER INCOME Cabutions iarat com 00 000 000 000 100 00 201200 291.00 2145.00 6747 3324 0.00 2026 DUYFLOWMIDVEAR MEETING Freting Copying 2716 25 200M 0.00 0.00 Rugstton Espee Esher tpene Hetel Roomod Hotel Aut Vals Mg. Entartanen Speken 0.00 3337030 40.00 8400 B00 Cord E Pstage 1244 0 0.00 TOK00 6.00 1344.50 2231.06 55.97 Telephone Tevel XXAS Suppert Mac 000 15400 0.00 Hete R o Hete Aulin Vouls Speakars Jravel Mesting GENERALAGMIN Fustage Mac Cnc Fas 0.00 100 0.00 202125 1711M 000 6.00 5745 146 0.00 200.30 COMMITTLES OFFICERS Hotel Roomad Travel Ta Commte Kren Tatal Dutlow nting Cnh Balanc 0.00 20127 11254 37137.47 7580156 755483 7639244 3214
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