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

Members of the Financial Advisory Committee (FAC) included Brad Briscoe (public member), Melinda Corwin, Martha McGlothlin, Lisa Milliken, Margarita Limon-Ordonez, Donise Pearson, Jennifer Watson, Robyn Martin (President/Ex Officio), Michelle Mendietta, (Past-President/Ex-Officio), and Katie Strang (Executive Director). 

The FAC met on May 20, 2022, and September 30, 2022. 

Activities included:

• Reviewed the 2020 audit. The auditors identified no discrepancies.
• Met with the TSHA Financial Advisor and reviewed the investment portfolio. As of September 23, 2022, the portfolio totaled $1,512,044, which reflected a loss of $451,898 or 23 percent of the portfolio, as compared to the S&P 500 with a loss of 23.7 percent, the Nasdaq with a loss of 31.2 percent, and the Dow Jones Industrial Average with a loss of 19.78 percent. As of the end of the year, the portfolio’s value was $1,587,466.
• Reviewed the anticipated year-end budget for 2022. At the time of the adoption of the 2022 budget, there was a projected deficit of $178,383, due primarily to an anticipated continuation of lower membership numbers and lower attendance at the annual Convention, as compared to pre-pandemic numbers. As of September 2022, the anticipated deficit for the end of the year was $276,709.
• Reviewed the proposed budget for 2023. The FAC and the Executive Board, with the assistance of the Executive Director, worked diligently on the budget originally proposed with a deficit of $342,351, which includes a necessary upgrade to the website in the approximate amount of $55,000. The deficit budget was reduced to $278,449. The website expenses have been anticipated for the past two years. The remainder of the deficit in the amount of $223,449 is related to an increase in operations due to inflation and a conservative estimate for membership and Convention attendance. 

Recommendations included:

• That the Board approve the 2020 audit.
• That the Board adopt a deficit budget for 2023 in the amount of $223,449.
• That the Board again consider all operational cost savings possible to address the deficit while continuing to offer quality member benefits. 

TSHA’s situation is not unlike that of other associations who are attempting to return to pre-pandemic operations. As expected, the pandemic continues to have a negative impact on membership, Convention attendance, and ultimately the finances of the Association. We have adopted a deficit budget for four years (2020-2023) but have only had to draw from reserves in the amount of $176,302 through 2021. TSHA is fortunate in that we currently have reserves specifically set aside for emergency situations, although the value of our investment portfolio decreased significantly in 2022. Even though we are continually modifying operations while focusing on quality member benefits, we realize we cannot continue to operate on a deficit budget indefinitely. Our goal is to continually grow our membership and Convention attendance so a balanced budget can be adopted annually.