According to the AACP Bylaws, the Finance Committee is charged
with advising the Executive Director in preparing the annual
budget of the Association for review and approval by the Board of
RESULTS OF OPERATIONS FOR 1992/93
The audited financial statements document excess budgeted revenues
of $38,595. Non-budgeted expenses included:
• $52,489 (depreciation of AACP headquarters building, land,
real estate improvements and debt service);
• $117,237 (a single accrual of the pathophysiology course/
Curricular Resources Clearinghouse); and
• $22,674 (accrued vacation and sick pay).
It should be noted that the Association’s capital expenditures are
made by special approval of the Board of Directors from reserves;
AACP is a non-profit organization and depreciation and other
accruals are not budgeted as an annual operating expense.
In accordance with Association policy, the complete audited
financial statements have been published in the American Journal
of Pharmaceutical Education. Additionally, graphic presentations
of the Association’s finances were published in the AACP NEWS,
and summary information was distributed to the House of Delegates.