|September 24, 2010|
|PRSA Operating Loss $454,292 vs. $789,680 in 2009|
|By Jack O'Dwyer|
|The PR Society reported an operating loss of $454,292 for the eight months to Aug. 31.|
Treasurer Philip Tate said the Society’s “net financial results are tracking better than 2009” when PRS had an operating loss of $789,680 for the same period.
Unearned income, mostly advance registrations for the annual conference, was $1,096,788 vs. minus $71,985 as reported last year.
Since the conference takes place in October, registration revenue will not be fully recognized until after the conference, said Tate.
He expects the Society will meet its annual goal of returning one percent of operating expenses to cash/investments/savings.
The Society sold stock worth $1,026,164 for a net gain of $15,277 on investments.
Tate said the Society reduced workforce in 2009 as a “means to cut costs.”
Salaries and fringes totaled $3,470,800 for the eight months, down 3.3% from $3,592,842.
Salaries/fringes totaled 53.8% of total spending in the eight months.
Still unavailable from the Society is IRS Form 990 which shows the salaries of the six highest paid staff members. COO Bill Murray received a $50,000 pay hike in 2008. He started a new two-year contract in January 2010 but no information on this has been available. Form 990 also shows stock sales.
Society h.q. has been faxed a request for Form 990 but has not responded. The 990 has not yet been put on either GuideStar or Foundation Center Form 990 Finder.
Members are also seeking minutes of the July 15 board meeting in Atlanta.
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