ISA Receives 2004 Financial Audit Report | Automation.com

ISA Receives 2004 Financial Audit Report

June 282005
Research Triangle Park, NC (28 June 2005) -- ISA officially received its 2004 financial audit report from their external auditors, Langan Associates, on 9 June.

"I am pleased to announce that ISA again received an unqualified or 'clean' opinion from Langan Associates. This means that the financial statements present fairly, in all material respects, the financial position of the Society and the Society is in conformity with generally accepted accounting principles (GAAP)," said H.L. Staples, Treasurer.

The report was received by the Society Leader Review Team (SLRT). This team was created to give the Society broader representation at the annual audit exit conference where the annual financial report is presented. The team includes the President-elect Secretary, Chairman of the Department Vice Presidents, Chairman of the District Vice Presidents, Finance Committee Chairman, Investment Committee Chairman, Society Treasurer, Executive Director, and Director of Finance and Administration.

Operating revenue was $13.4 million in 2004 and total surplus was $2.5 million. Activities with increased revenue include training services and technical publications.

During the past year ISA increased it's commitment to developing new products and services for our members and customers with the expenditure of nearly $700,000 for new venture projects. This was an increase from 2003 when the Society spent $396,000 for similar projects. Two major certification projects were started for the Certified Automation Professional program and the Certified Industrial Maintenance Mechanic program. "These programs, along with the Certified Control Systems Technician certification program, are major initiatives for the Society and will be vital for the long term success of ISA," commented Staples.

This summer, the Executive Board, Department Activity Board, District Activity Board, Finance Committee and staff will be working to develop a draft budget for 2006. The Society's objective is to achieve a break-even operating budget with additional surplus realized for the investment portfolio to provide additional resources for new venture investment projects. The Executive Board will vote on this proposed budget in October at the Annual Meeting in Chicago.

About ISA
Founded in 1945, ISA (www.isa.org) is a leading, global, nonprofit organization that is setting the standard for automation by helping over 30,000 worldwide members and other professionals solve difficult technical problems, while enhancing their leadership and personal career capabilities. Based in Research Triangle Park, North Carolina, ISA develops standards; certifies industry professionals; provides education and training; publishes books and technical articles; and hosts the largest conference and exhibition for automation professionals in the Western Hemisphere.
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