The PR Society today reported that registration fees for the nine months to Sept. 30, mostly for its conference in San Diego, were $1,088,597, a decline of $1,653,069 or 60% from fees for the same 2008 period, which were $2,741,666.
A loss of $872,900 was reported for the nine months vs. a profit of $680,265 for the same 2008 period.
Total income fell 26% to $6,604,585 from $8,965,141 while expenses fell 9.7% to $7,477,485 from $8,284,876.
The 2009 conference is slated for the San Diego Marriott Hotel and Marina. |
"Program reinvestment from reserves" totaled $164,876 vs. $47,000 in 2008 so that the loss from "operations" was $708,024 vs. a profit of $727,265.
Dues income fell 9.4% to $3,826,663 from $4,225,987.
Expenses declined in 10 of the 11 categories reported. The only increase was in salaries and fringes, which rose slightly to $4,037,229 from $3,979,521.
Six months financials had not been reported.
The report was posted under "Financial" on the PRS website but access to the report was limited to members.
No Comment from Cherenson, Murray, Eppes
The financial statements were unaccompanied by any statements from PRS leaders or staff including chair Mike Cherenson or COO Bill Murray.
Treasurer Tom Eppes, commenting on the 2008 results in a May 5, 2009 release, said PRS had enjoyed a "reasonably gainful year in a challenging environment."
A press release Aug. 18 on the board meeting July 24 announced a new two-year contract for Murray to January 2012 but said nothing about the Society’s financials.
The minutes of that meeting, which were posted last week, said Eppes and CFO Phil Bonaventura presented a financial report saying PRS is "financially healthy" and that "cost savings measures have been and will continue to be implemented to adjust to current economic conditions."
IRS Form 990, originally due May 15 and which shows the compensation of Murray, legal expenses, occupancy costs and other figures, has yet to be filed by the Society.
It can wait until Nov. 15 to do so which would be after the annual conference. This would be a record lateness for the filing. Last year it was filed at the end of September.
|