Stating that it is in a "strong financial position with excellent liquidity," and aided by a reversal of nearly $2 million in pension liability, the American Institute of CPAs reported a $290,000 excess in operating revenue for fiscal 2004, versus a deficit of $1.25 million for its prior fiscal year.
However, the 340,000-member organization, headquartered here, said that fiscal 2004 operating revenue fell 3 percent below budget, to $3.9 million. The shortfall in operating revenue stems from a decline in a number of streams, including a $1.9 million, or 14 percent, dip in CPA exam revenue as a result of the conversion to the computer-based test, and a $677,000, or 9.4 percent, fall in advertising sales.
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