FEES TO MEMBERS REGISTRATION FEES: No increase in registration - - PDF document

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FY 2014-’15 BUDGET

Process:

• Lisa Beaty sent draft copy of proposed 2014-’15

Budget to Executive Committee, Finance Chair, ION Treasurer and Satellite Division Treasurer for review (11/27/13).

• Executive Committee approved 2014-’15 Budget

for formal presentation to Council (Jan 2014).

• Budget presented to Council January 26, 2014

for Council ratification.

FEES TO MEMBERS

REGISTRATION FEES:

• No increase in registration fees for ION GNSS+, JNC or ITM.

PLANS registration fees were set and approved by ION and IEEE in 2013 during the PLANS budgeting process.

• PTTI registration fees will increase in 2014 to the same rates as the

ITM meeting. MEMBERSHIP DUES:

• There is no proposed increase in membership rates. (Last dues

increase was in 2005.)

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ITEMS TO NOTE

• Government Fellows Program would require Executive Committee action to

authorize expenditure of reserve funds.

• Satellite Division and Military Division expenses include the

rebates/commissions to the Divisions for Division meetings. The meeting commissions are included as expenses to the National organization as these funds are restricted for Division purposes. Satellite & Military Division expenses are for informational purposes only. Divisions retain autonomy to expend their funds separate from the national organization.

RESERVE FUNDS INVESTMENTS

January 2013 (reserve fund value $3,487,620):

• Holding $200K excess cash reserves for MUC cash management
• Holding $65K reserves Pacific PNT New Initiatives
• $335K Program Excess from FY 2011-’12
• Cancellation of JNC 2013 Pending
• Made decision to defer the final $80K of the $400K transfer to the investment fund (approved

September 2012) due to current economic conditions/pending JNC cancellation. December 2013 (reserve fund value $4,330,753):

• Investments returned average 24% past 11 months.
• $325K Program Excess from FY 2012-’13
• MUC discontinued, books closed and grants finalized.
• Pacific PNT operated at $104K profit (not including overhead).
• All liabilities JNC 2013 cancellation accounted for.
• PTTI 2013 operated at $67K profit (not including overhead).

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$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000

Operating Account $300,000

Short Term Budget $478,916 Intermediate Term Budget $650,000 Balance Reserves Investment Long Term = Balance of Investments 3,603,125 Long Term Account $2,647,218 Intermediate Term Account $837,842 Short Term Account $845,963

Operating Fund $701,288

(Does Not Include Military Division and PTTI Restricted Funds)

Targets for 2014-2015 Actual Account Balances as of 12/31/13

FY 2014-’15 Reserve Fund Allocation Based on Reserve Fund Formula (approved June 2011)

(as of December 31, 2013)

TARGET BALANCES: CURRENT BALANCES: $5,032,041

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PROPOSED MOTIONS

MOTION #1:

• Council approves the 2014-’15 National Budget as submitted.

MOTION #2:

• Council approves the following cash management transfers:

– $300K transfer from ION’s cash/operating accounts to the Long Term Investment Fund in six monthly installments of $50K each. – $300K transfer from ION’s short term investment fund to the Long Term Investment Fun in six monthly installments of $50K each.

MOTION #3:

• Council approves CliftonLarsonAllen, CPA’s, to conduct ION’s FY 2013-’14

audit and prepare draft 990’s.