Dismal ABA Treasurer's Report, Highly Summarized

Except for a general acknowledgement that "dues were lower," no details on the success of the "new membership model" were forthcoming. All of the numerical summary slides were generalized to the point that dues were not broken out of lumped operating revenues. It can't be good news. The entire presentation, including all the departing notes of thanks, didn't go 11 minutes. 

Otherwise, revenues overall down almost $30,000,000 from budgeted revenues. Despite managing expenses with nearly $24,000,000 in cuts, the operating deficit through May was over $6,000,000. On the investment side of things, losses through May approximated $5,800,000. Negative change in net assets was around $24,000,000. The association was not able to complete as much grant work as projected, so recognition of grant revenues was reduced. When the Association's pension liability is recalculated at month end, it is likely to increase, due to prevailing low interest rates. 

Note that of the $124,000,000 remaining net assets, about $107,000,000 is held by the sections.

Not much else of interest. The link is here:

https://www.americanbar.org/news/abanews/aba-news-archives/2020/08/annual-2020--aba-treasurer-reports-on-association-finances/