By Michael Mitrano
The income statements and balance sheet show the AAAP’s financial results for the fiscal year that ended on June 30, 2017, and the AAAP’s financial position at the beginning and the end of the year.
You will see that the AAAP had a deficit for the fiscal year that roughly equals the amount spent on observatory upgrades. During the year, we added the Mewlon telescope with several eyepieces and replaced the computer equipment. Under the AAAP’s method of accounting, investments in equipment that has long-term benefit is shown as an expense in the year we purchase the equipment.
StarQuest also showed a significant loss. 2016 StarQuest’s revenue was lower than in past years, when the events ranged from having a strong surplus to showing a small deficit.
Membership for FY 2017 was strong, with a total of 107 members by year end. The chart on the right shows annual membership revenue, which has fluctuated with a slight downward trend.
The chart below shows AAAP reserves over the past 12 years. They grew over many years to very high levels relative to the annual expenses of the organization. In recent years we have invested more of those reserves into our program and facility.
Our cash balances and cumulative reserves are close to $15 thousand, equaling roughly two years of the association’s total average annual expenses from FY 2013 through FY 2017.
Please let me know if you have any questions about the report.