ACUI Works Toward Positive Financial Position in Wake of Pandemic, Inflation

Like many organizations, ACUI’s finances were dramatically affected by the pandemic. A significant portion of the Association’s income is directly related to face-to-face events. Two years of virtual conferences in 2020 and 2021 were followed by a return to face-to-face events, including the Annual Conference. While not yet back to pre-pandemic levels, attendance has consistently grown. Additionally, under the guidance of ACUI CEO John Taylor, expenses were carefully monitored, and the Association also took advantage of the Paycheck Protection Program loan forgiveness and employee retention credit programs from the U.S. government. All told, the Association received $1.1 million in pandemic grant income. ACUI also has a strong investment fund with over $2.3 million invested as of December 31, 2023. These factors, combined with the strong support of the Growing the Profession Endowment Fund, led to a growth of $371,000 in net assets between December 31, 2019, and December 31, 2023.

The 2023 fiscal year ended on December 31, 2023, with an overall change in net assets of $570,066. This includes over $165,000 in contributions to the Education and Research Fund Awards and Scholarships Endowment. The Association received a clean audit, conducted by Blue and Co. “It is reassuring to see another strong audit report and the positive net to the Association during this time,” said Finance Committee Chair Adriane Reilly. The full audit report is available at: acui.org/about/board-of-trustees/.

As ACUI continues to look to the next steps, Taylor is cautiously optimistic. “We have positioned the Association to serve the membership as we focus on the next strategic plan. The fiscal health of the organization is a challenge, and we will continue to diversify our income sources in order to support the needs of the members. While ACUI’s operating fund is not yet in the black, we anticipate that by FY2026 we will be in a stronger position to be net positive.”

Author

Steve Chaplin

Steve Chaplin is managing editor of ACUI’s The Bulletin and manager of the ACUI College Union and Student Activities (CUSA) Evaluation Program. A former newspaper writer, editor, and manager, he has volunteered as a student mentor as a member of the National Association of Science Writers, and received awards for his writing and reporting from the Council for the Advancement and Support of Education, the Kentucky Education Association, and the Kentucky Press Association.
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