Page 9 - Winter Issue 2018
P. 9

From the President | Lily Wang
  Recent Actions on oversight; (2) hire an outsourced financial management firm
‘ - e \_ ‘I Financial Stewardship to assist with handling the more administrative tasks; and (3)
5 1 In the 2015 Acoustical Society streamline financial reporting and forecasting to assist the
‘_ nee‘ of America (ASA) Strategic Executive Council and other committees with being able to
‘ _, Leadership Plan for the Future understand Society finances more efficiently.
I I (555 hit-lY/ A5A‘5LPF)» One The Executive Council has moved forward on all of these
Of the tent P1'hna1'Y goals speetheahl’ addresses hnaneial recommendations.Atthe175thASAmeetinginMinneapolis,
stewardship: “ASA engages in wise, strategic stewardship MN, in spring 2013, a vote was taken of the membership on
to ensure sufficient resources to deliver maximum value a motion to change the soeietys Bylaws one of the most
hnth now and in the hlnne-” A5 With the Other S03-15: 3 significant changes was to restructure the role of the ASA
task tome Was tO"ned tn “’On( with the ASA 1eadershiP tO treasurer from an appointed position to a.n elected position
develop strategies toward safeguarding this goal. A number with a thtee-yeai- term of office and the option for one
Of Changes hnPaettng ASA hnanees have snhse‘Inent1Y been additional three—year term. That motion passed with a clear
implemented overthepastfewyears,andliiliketo summarize majority, and so for the first time in spring 2019, the ASA
those fO1' YO“ in this» ‘nY seeOnd Prestdentes eOhhnn- membership will be asked to vote for an elected treasurer
The current state of ASA finances is very strong, with a every three Years’
healthy arhehht or assets th reserve that eohtthhes to grow‘ A The new elected treasurer will play a major role in strategic
portion of those assets are held in restricted funds, overseen Oversight of ASA finances) beginning immediately after
by the Acoustical Society Foundation Board. An overview the Spring 2019 meeting in Louisville, KY_ In preparation
of the assets, revenues, and expenses of the ASA was last for than the bookkeeping and other accounting details are
provided by David Feit in the fall 2017 issue of Acoustics being transitioned to a financial management Company) Kiwi
Today (see bit.ly/ASA—Finances—F17). David has been the Partnere I Want to thank ASA headquarters and Inn Barn
ASA Treasurer since 2001, and the Society owes him a great from Kiwi Partners for the extensive time they have nut into
deal of appreetatteh tor his earehh and Steady gthdahee of making this a smooth transition. Much of that work has also
ASA hhaheee during these many Years‘ been focused on improving the presentation and forecasting
After iehgthy discussions that began during the deveiopmeht of financial data so that the volunteer leadership of ASA can
of the Strategic Leadership for the Future Plan, it became more efheienth’ understand the state Of ASA hna-nees at a
clear that the ASA would be better equipped to meet high 1eVe1~
anticipated financial challenges on the horizon if the Society From a quick review of ASA finances and as David Feit
added organizational capacity related to financial oversight. Pointed outin the article mentioned above, The Journal ofthe
In 2015, only two administrative committees, the Audit A t. I Societ 0fAmen.m UASA) has been and Continues
Committee and the Investments Committee, dealt with ASA com me . y ’ .
finances‘ to be, the maior source of revenue for the Society. The ASA
Executive Council has for many years been vigilant on trying
One of the first recommendations to be implemented to understand and assess how recent and potentially rapid
out of the strategic plan was the formation of a Finance changes in the world of scholarly publishing may impact
Committee that has a charge to make recommendations [ASA and subsequently our Society’s financial situation. ASA
to the Executive Council on long-term financial decisions. Editor in Chief Iames Lynch and the ASA Publications Office
The inaugural Finance Committee, chaired by former have been carefiilly monitoring the situation and taking steps
ASA President Anthony Atchley, began meeting regularly to highlight and improve the strength of our journal (see
in 2016 and presented further recommendations to the bit.ly/AT»PubsQuality—S18). One recent action is that the
Executive Council, including the following: (1) restructure ASA has entered into a five—year publishing partnership
the treasurer’s position from one concerned heavily with with the American Institute of Physics Publishing (AIPP)
administrative tasks to one focused more on policy and beginning in 2019. The terms of the partnership have been
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