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Chair Report for the Finance Committee (Galley)

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David A. Knapp


American Journal of Pharmaceutical Education

Vol. 58, No. 4 Supplement (1994)
DOI: aj5804S21.pdf




American Association of Colleges of Pharmacy


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 Directors. 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.

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