Income……………………………………………Operating budget

4000 Membership Income

4001 Associate Member Dues………………......85,000.00

4002 Regular Member Dues……………………..270,000.00

Total 4000 Membership Income…..…….…...$355,000.00

4200 Platinum Sponsor………………………….…...55,000.00

4250 Flex Sponsorships………………….………...…15,000.00

4300 Interest Income…………………………..….…...4,000.00

Total Income………………………………….……….….$429,000.00

*1 Gross Profit…………………………………………..$429,000.00

Expenses

5100 Insurance…………………………………………...8,000.00

5200 Legal Expenses……………………………….…..9,000.00

5300 Auditing……………………………………………...6,000.00

5400 Committee Expenses……………….…….…..1,000.00

5600 Equipment Leases……………………………...3,000.00

5700 Rent and Cleaning……………………….…..37,000.00

5800 Telephone & Internet………………….……..7,000.00

5900 Dues/Subscriptions…………………………...4,000.00

6000 Travel Expenses……………………………....12,000.00

6200 Legislative Expenses……………………..…..8,000.00

6400 Other Expenses…………………………………18,100.00

6500 Communications……………………………....13,500.00

6600 Educational Programs………………………..9,000.00

6700 Outsourcing………………………………………38,300.00

6800 Sales Tax Expense………………………….…..1,500.00

7000 Payroll Expenses…………………………….392,200.00

Total Expenses…………………………………………$567,600.00

*2 Net Operating Income………………………..-$138,600.00

Notes

1. The COVID19 pandemic has challenged our industry financially and operationally. This budget shows a planned shortfall of $138,900 for FY2020/21 primarily due to the loss of income from the Convention. While the pandemic seems to be lasting a long time, the reality is that in the short-run (less than 12 months), business should start improving. In developing the budget for FY 2021, three main scenarios were considered:
a. Continue to provide PAMIC’s services to its members, knowing that PAMIC may have to use our strong financial reserve position to carry us through this period.
b. Consider raising member dues.
c. Consider reducing programs and services to our members to balance the budget.
The budget was built using item "a" which is consistent with Board practices.



2. The FY 21 budget is built using line-by-line review of expenses to address “belt-tightening” without harming the services PAMIC provides, resulting in a 0.5% reduction compared to last fiscal year.