Author: Sarah Bledsoe, PharmD, CPHIMSMSHP Treasurer
Each year, the Treasurer has the responsibility to report to the membership on MSHP’s financial condition. MSHP’s financial year is from July 1 through June 30, coinciding with our policy development process and timetable. This report describes MSHP’s past and projected financial performance.
Fiscal Year Ending June 30, 2017 – Actual
In March 2017, members of the internal audit team performed a review of MSHP’s finances covering June 2016 through December 2016. The audit cycle was shortened due to the transition to our new management companies occurring in June 2016. The audit found no significant deviations.
During the transition, MSHP’s primary checking and savings accounts were transferred to Enterprise Bank and Trust. MSHP also retains a CD with US Bank which is projected to mature in November 2018 at which time the Executive Board will review future investment strategies.
As of June 30, 2017, the organizations balance sheet reported our total assets at $143,115.87 with a net income of $25,870.64 for the fiscal year. It was noted by the MSHP Executive Board that these figures are significantly elevated due to pending expenses from the Spring 2017 ICHP-MSHP Meeting.
Fiscal Year Ending June 30, 2018 - Projected
In June 2017, the MSHP Executive Board approved the fiscal year 2017-2018 budget which is balanced with a $1505.00 surplus. Notable changes in the proposed budget included increased funding for the ASHP Midyear reception due to increased attendance and facility fees, increased management fees, and decreased conference call fees.
As this is my first report to the membership, I am honored to serve as your Treasurer. I am delighted to be part of an actively engaged Executive Board that is committed to supporting and advancing the profession of pharmacy. MSHP continues to be a strong and vibrant organization from a financial viewpoint and I am committed to continuing a tradition of financial responsibility.