Page 13 - Spring2022

The fourth group is publications. The EIC is supported by three other editors, several staff, and administrative committees, who manage all aspects of the various ASA publications (see Figures 1 and 2). Publications is our largest source of revenue, and the only group of the four that routinely realizes an annual surplus; the other groups have had recurring annual deficits.
The financial picture of the ASA is currently experienc- ing some challenges, like many other scientific societies, but we are taking major steps to address these. Among many reasons for the annual operating deficits is infla- tion in salaries and hiring additional staff throughout the
ASA. In addition, increasing expenses of operations and programs managed by the HQ staff exceeds revenue from membership dues. The growth in expenses to support our wonderful meetings is rising faster than the revenue, with some meeting deficits exceeding $100,000. We are just learning about revenue and expenses for virtual meetings, and they are not necessarily revenue positive. Standards royalties and fees are not constant from year to year and tend not to cover expenses for the standards group. In the past, the annual surplus from ASA publications has been used to make up the shortfalls in the other three groups. However, more recently, the publications surplus has not kept pace with the deficits, making this practice unsustainable in the long run.
Although we have substantial fiscal issues, we are working very hard to turn the situation around. Indeed, invest- ment reserves and earnings are very strong, and we are currently working on strategies to reduce expenses and increase revenue over the next few years to provide a more sustainable long-term fiscal model. We have been working with our financial consultants to gain a better understanding of the annual operating budget and define better strategic uses of the investment reserves. We now have a budget dashboard that will provide timely monthly reports of revenues and expenses. This will allow us to better project and control future expenditures and help us align resources to our operating budget. The Meet- ings Reimagined Ad Hoc Committee is focusing on every aspect of meetings to enhance meeting programs while increasing revenue and reducing expenses wherever pos- sible. We also are creating a Revenue Reimagined Ad Hoc Committee, which will formalize our continuous explo- ration of new revenue streams to support ASA activities.
On the expense side, the EC is reviewing ASA programs, committee expenses, and other expenditures to ensure they continue to be mission critical and to determine what can be modified to reduce expenses. This will con- tinue over the next few years as we continue to enhance
ASA fiscal policies.
In Summary
This is an exciting time for the ASA. Every member can be an important part of the process of running and steer- ing this ship. I encourage you to make your opinion count by preparing for and joining an administrative commit- tee, attending open TC meetings, and developing your skills at organizing and leading. You will learn about the mechanisms of running a large society, determine what interests you in directing the organization, and work with the ASA team of dedicated, smart, valuable contributors. It is very enjoyable, and you will be making a substantial contribution to the strong and vital Society that is so important to the careers of all of us!
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Spring 2022 • Acoustics Today 13