Conference helps FPA back into black
The Financial Planning Association (FPA) has signalled that the worst of its budget woes may be behind it, announcing a rebound in its financial position on the back of a successful 2004 annual convention.
The organisation is predicting a return to a budget surplus for the full year to June 30, 2005, and has already reported to members that its results for the first six months of this financial year were ahead of budget.
This compares to a deficit of about $2 million for the full year to June 30, 2004.
The FPA has described last year’s convention as a “significant financial as well as a professional success, generating net revenue of slightly over $1 million against a budget of $706,000”.
A major contribution to the 2003-04 deficit, according to the FPA, was maintaining an expanded education program to get financial planners ready for the FSR regime.
The FPA had earlier predicted that the 2003-04 deficit would “not quickly be undone” — making the 2004-05 forecast all the more surprising.
The FPA said membership revenues at the half year to December 31, 2004 “tracked close to budget, with operating expenses being held below budget”.
“This stronger trading position has allowed the FPA to make progress in the second half of this financial year on a number of member service initiatives, such as CFP materials and web site developments,” the body said.
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