CESSE Financial Report: 2019-20
Over the past two years, CESSE has been actively working toward managing expenses and maximizing revenue with an ultimate goal of not relying on reserves to fund operations. CESSE made significant progress toward this goal in the fiscal year 2019-20 (July 1, 2019 – June 30, 2020).
CESSE ended the 2019-2020 fiscal year in a solid position with:
- $1.189M in reserves, which represents 11.6 months of operating expense.
- Operating revenue for the year was $836K and operating expenses were $1.23M.
These figures represent CESSE’s audited financial activity for 2019-2020. This was the first year CESSE conducted an external audit, with CESSE receiving a clean, unqualified report.
5-Year Net Assets and Operating Trends
2019-20 Revenue Sources and Operating Expenses
Prior to the COVID-19 pandemic, CESSE was on a trajectory for a break-even year in the fiscal year 2020-2021. In the face of the impact of COVID-19 on our members, professional societies, the meetings industry, and CESSE itself, the CESSE staff and Board worked to control expenses while also focusing on providing high-value programming for members through this challenging period. As a result, CESSE has seen continued membership growth and higher member retention percentages.
While the near-term financial goal of a modest net surplus won’t be achieved, this investment in membership and program value provides a foundation for emerging stronger, both financially and organizationally, in the post-COVID environment. Additional financial information will be shared following the close of the 2020-21 fiscal year.