By: Cherry Wright, MS, CCC, SLP, Financial Advisory Committee Chair 

Members of the Financial Advisory Committee (FAC) included Cherry Wright (Chair), Brad Briscoe (Public Member), Jennifer Giles (Student Member), Lynn Flahive, Peggy Kipping, Martha McGlothlin, Lisa Millikin, Margarita Limon-Ordonez, Judy Rich, Michelle Mendietta, (TSHA President, Ex-Officio), and Robyn Martin (President-Elect, Ex-Officio). 

The Financial Advisory Committee met on June 4, 2021, and September 24, 2021. 

Activities included:

• Reviewed the 2019 audit. The auditors identified no discrepancies.
• Met with the TSHA Financial Advisor and reviewed the Investment Portfolio. As of September 13, 2021, the portfolio totaled $1,945,063. This included $418,845.07 in aggressive growth and income for the long term (actively managed) and $1,526,218.36 in moderate growth for the long term (American Funds). Average Growth was reportedly 6.2% in the Moderate Growth funds and 6.5% in the Aggressive Growth and Income funds. The average total gross weight return for year-to-date was 10.5%. It should be noted that no additional funds have been added to the portfolio since 2018.
• Reviewed the anticipated year-end budget for 2020. At the time of the adoption of the budget, there was a projected deficit of $360,902 due primarily to an anticipated decline in membership and cancellation of the Annual Convention because of the pandemic. As of September 2021, the anticipated deficit for the end of the year was $154,046. The reduction in the projected deficit was a result of less expense related to the virtual Convention and wise management of operational expenses.
• Reviewed the proposed budget for 2022. 

Recommendations included:

• That the Board approve the 2019 audit.
• That the Board adopt a deficit budget for 2022 in the amount of $139,757, primarily due to the decline in membership and the uncertainty of attendance at the scheduled in-person annual Convention, which are again directly related to the pandemic.
• That the Board again consider all operational cost savings possible to address the deficit while continuing to offer member benefits, including online CE opportunities.

As expected, the pandemic has had a negative impact on the finances of the Association. However, it should be noted that the impact has not been dissimilar to those of other related professional associations. The majority have seen a decline in membership and, of course, a decline in revenue, primarily due to the inability to provide an in-person convention. The deficit budgets will be covered by the Association’s reserves, specifically saved for such emergency situations. TSHA has modified its operations and will continue to develop and offer new ways to meet the needs of its membership while continuing to be fiscally responsible.