Report from Council: ‘A great year’ for AICPA
The American Institute of CPAs’ revenues and membership rose in 2017, and are expected to rise again in 2018, according to its most recent financial report.
“We had a great year,” said Chris Schmidt, the chair of the institute’s Audit & Finance Committee, and CEO of Top 100 Firm Moss Adams, in presenting the report to the Spring Meeting of the Governing Council in Arizona on May 21.
The institute had revenues of over $365 million in 2017, against $352 million in expenses, and it ended the year with cash or cash equivalents of over $47 million, and investments of over $134 million.
Looking ahead, he reported that the 2018 budget expects $6 million in profits, with revenue from exams projected to rise $7 million, in part because of the launch of the next generation of the CPA Exam.
“We’re also seeing volume growth in CGMA testing,” he noted.
In addition, dues revenues are expected to grow by 3 percent, thanks to an increase in members and a “modest” increase in dues rates, which was approved by Council at the end of his presentation.
CFO Scott Spiegel joined Schmidt to discuss growth in institute membership, which hit 667,000 members and students in 2017, and is expected to rise to 676,000 by the end of 2018. They also expect 4 percent growth in members of the institute’s various quality centers.
Schmidt also noted that this year’s report was the institute’s first integrated report, which adds information on strategy, governance, performance and other factors to the traditional financial data to give a broader picture.