As part of ASBA’s Strategic Priority 4, to operate in a fiscally sound manner, ASBA ensured financial accountability to members by finding cost-saving opportunities, diversifying revenue sources and identifying efficiencies within our internal processes that further enhance our fiscally sound practices.
Building connections through internships
Diversification of revenue is integral for the financial well-being of the Association. During this reporting period, ASBA secured funding for up to 75% of intern compensation, successfully launched a fund research team, developed a streamlined sponsorship strategy and diversified revenue earning strategies. ASBA successfully hired three interns in collaboration with the University of Alberta and Northern Alberta Institute of Technology. The internships focused on the expansion of the fund research program of the Association and customer relationship management with new and potential sponsors. This allowed for an innovative approach to identifying, tracking and streamlining grant and sponsorship applications and enhancing our French translation services.
Fiscal responsibility
The Association did not increase membership fees and offered our Fall General Meeting 2021 at a reduced registration cost of $375/person. Furthermore, ASBA’s 2022-2023 budget was approved during the Spring General Meeting 2022 with a 0% increase in membership fees.
Total surplus generated
in 2020-2021:
$
0
Revenue Highlights:
Sponsorship Revenue
- ASBA made new partners in 2021-2022 that led to additional sponsorship revenue.
- Approximately 26% increase in sponsorship revenue.
Interest Revenue
- Interest revenue is earned on the Association’s cash held in our high-interest savings account, bonds and GIC’s.
- Approximately 71% increase in interest revenue as a result of positive changes in the markets.
Operational Expenses Highlights:
Office Rent Expenditures
- Reduction in parking stall costs for office lease.
- Approximate reduction of office rent costs of 4%.
Office Supplies Expenditures
- Approximate reduction of expenditures for office supplies of 40% due to work-from-home arrangements.
Telecommunications Expenditures
- Approximate reduction of office landlines usage by 9% due to work-from-home arrangements and alternative technologies such as Microsoft Teams.
Contracted Services Expenditures
- In-house expertise leading to a reduced need for contracting external services.
- Approximate reduction of expenditures for contracted services of 11%.
