Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1d · Related organizations

  $146,500

• 2a · Program service revenue: MEMBERSHIP DUES

  total $9,790,731 · related or exempt $9,790,731

• 2b · Program service revenue: CONTINUING EDUCATION

  total $2,546,850 · related or exempt $2,546,850

• 2c · Program service revenue: ADMIN FEES/ROYALTIES

  total $2,329,576 · related or exempt $2,329,576

• 2d · Program service revenue: SECTION PROGRAMS

  total $1,678,243 · related or exempt $1,678,243

• 2e · Program service revenue: ANNUAL MEETING

  total $863,277 · related or exempt $863,277

• 2f · All other program service revenue

  total $912,381 · related or exempt $561,367 · unrelated business $351,014

• 3 · Investment income

  total $1,982,841 · excluded $1,982,841

• 7a · Gross sales of assets other than inventory

  securities $11,847,560

• 7b · Less cost or other basis and sales expenses

  securities $11,952,220 · other assets $93,913

• 7c · Gain or loss

  securities -$104,660 · other assets -$93,913

• 7d · Net gain or loss

  total -$198,573 · excluded -$198,573

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $121,500

• 2 · Grants to domestic individuals

  total $32,500

• 5 · Compensation of officers, directors and key employees

  total $1,346,385

• 7 · Other salaries and wages

  total $4,842,346

• 8 · Pension plan contributions

  total $255,126

• 9 · Other employee benefits

  total $1,246,063

• 10 · Payroll taxes

  total $455,396

• 11f · Fees: investment management

  total $306,448

• 11g · Fees: other

  total $2,502,930

• 12 · Advertising and promotion

  total $203,741

• 13 · Office expenses

  total $1,917,015

• 16 · Occupancy

  total $376,015

• 17 · Travel

  total $490,109

• 19 · Conferences, conventions and meetings

  total $3,677,699

• 22 · Depreciation, depletion and amortization

  total $674,219

• 23 · Insurance

  total $237,644

• 24a · Other expenses: OTHER EXPENSES

  total $449,554

• 24b · Other expenses: EQUIPMENT CONTRACTS

  total $156,019

• 24c · Other expenses: BUILDING MAINT/REPAIRS

  total $131,422

• 24d · Other expenses: AWARDS

  total $100,390

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $5,743,627 · end of year $1,460,230

• 2 · Savings and temporary cash investments

  beginning of year $5,445,276 · end of year $9,044,289

• 4 · Accounts receivable

  beginning of year $989,877 · end of year $814,647

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,754,912 · end of year $1,379,499

• 10a · Land, buildings and equipment: cost or other basis

  $10,116,617

• 10b · Land, buildings and equipment: accumulated depreciation

  $4,521,250

• 10c · Land, buildings and equipment, net

  beginning of year $5,259,354 · end of year $5,595,367

• 11 · Investments: publicly traded securities

  beginning of year $46,903,974 · end of year $52,762,731

• 15 · Other assets

  beginning of year $150,680 · end of year $244,549

• 17 · Accounts payable and accrued expenses

  beginning of year $789,640 · end of year $950,065

• 19 · Deferred revenue

  beginning of year $6,167,778 · end of year $5,955,952

• 25 · Other liabilities

  beginning of year $11,348,933 · end of year $10,485,802

• 27 · Net assets without donor restrictions

  beginning of year $47,941,349 · end of year $53,909,493

The filer's explanations (Part III)

PART I, LINE 1A

THE ASSOCIATION'S WRITTEN TRAVEL AND EXPENSE POLICIES FOR THE PRESIDENT, PRESIDENT-ELECT, AND EXECUTIVE DIRECTOR PROVIDE FOR CERTAIN ADDITIONAL REIMBURSEMENTS IN RECOGNITION OF THESE INDIVIDUALS' SIGNIFICANT TRAVEL REQUIREMENTS WHILE INVOLVED IN ASSOCIATION MATTERS. WITH RESPECT TO FIRST CLASS TRAVEL, THESE INDIVIDUALS ARE ENTITLED TO SUCH UPGRADES, BUT ONLY IF THE FLIGHT EXCEEDS 3 HOURS, AND BUSINESS CLASS TRAVEL IS NOT OTHERWISE AVAILABLE. WITH RESPECT TO TRAVEL FOR COMPANIONS, THE ASSOCIATION'S POLICIES ALLOW REIMBURSEMENT FOR CERTAIN SPOUSAL TRAVEL, BUT SUCH REIMBURSEMENT IS LIMITED TO THE PRESIDENT, PRESIDENT-ELECT, AND EXECUTIVE DIRECTOR. WITH RESPECT TO REPORTABLE COMPENSATION, THE GENERAL POLICY OF THE ASSOCIATION IS NOT TO COMPENSATE OFFICERS OR DIRECTORS FOR THEIR ASSOCIATION RELATED WORK EFFORTS. HOWEVER, DURING THEIR TENURE, THE PRESIDENT AND PRESIDENT-ELECT, IN ADDITION TO EXTENSIVE TRAVEL ON BEHALF OF THE ASSOCIATION, HAVE CONSIDERABLE WORK RESPONSIBILITIES RELATED TO THEIR RESPECTIVE OFFICES. THIS COMMITMENT OF TIME AND EFFORT SIGNIFICANTLY REDUCES THEIR ABILITY TO ENGAGE IN THE NORMAL PRACTICE OF LAW. THE EXTENT OF THEIR ASSOCIATION WORK HAS A SIMILAR IMPACT ON THEIR IMMEDIATE SUPPORT STAFF, REGARDLESS OF THE PRACTICE SETTING. THIS COMMITMENT OF TIME BY THE PRESIDENT AND PRESIDENT-ELECT HAS SIGNIFICANT NEGATIVE FINANCIAL IMPLICATIONS TO THEIR PRACTICE. TO AMELIORATE A PORTION OF THE FINANCIAL IMPACT OF SERVING AS PRESIDENT AND PRESIDENT-ELECT, AND TO HELP ENSURE THAT IN THE FUTURE THESE OFFICES REMAIN ATTAINABLE FOR SMALL FIRM PRACTICIONERS, IN ACCORDANCE WITH THE ASSOCIATION'S BY-LAWS, THE PRESIDENT AND PRESIDENT-ELECT ARE ELIGIBLE FOR AN ANNUAL NON-EMPLOYEE STIPEND OF $75,000 AND $37,500, RESPECTIVELY DURING THEIR TERMS IN OFFICE. AS DISCLOSED UNDER PART VII OF FORM 990, THE TOTAL AMOUNT PAID UNDER THIS POLICY AMOUNTED TO $117,317 DURING 2023. (THESE STIPENDS ARE REPORTED UNDER BOTH FORM 990, SCHEDULE J AND UNDER FORM 990, PART IX, LINE 5.)