Board and governance

Audited financial statement

AIGA’s audited financial statement is published here for its members. The board and management of AIGA consider their roles as stewards of the institution, which belongs to members past, present and future. We publish the audited statement as a commitment to transparency and accountability in governance.

The statement is prepared by an independent auditor, O’Connor Davies Munn and Dobbins, who have audited AIGA’s books of account since 1994. A competitive review of auditors was held in 1998 and the decision was made to continue to retain ODMD. Periodic reviews will occur to assure continuing objectivity on the part of the auditors, who report to the secretary/treasurer, a member of the board of the association.

One aspect of AIGA’s operations that must be kept in mind when viewing the financial statement is that AIGA’s pattern of activities, with a large biennial design conference, is to operate on a two-year financial cycle, with a surplus in the even fiscal years (when the biennial design conference occurs) and deficit in the subsequent odd fiscal year, which is covered by the previous year’s surplus. The fiscal year runs from October 1 to September 30, so the October 2008 conference will be reflected in FY 2009. The 2008 statement compares figures for 2007 and 2008; it is therefore important to recognize that the FY 2007 statement includes the October 2006 “Gain: AIGA Business and Design Conference” and two Design Legend Galas (October 25, 2006 and September 19, 2007), while the FY 2008 statement includes the October 2007 “Next: AIGA Design Conference” and one Design Legends Gala (September 18, 2008).

The bottom line is that AIGA is in solid financial condition; Dun & Bradstreet, a commercial financing authority, classifies AIGA in the top of its class nationally for credit-worthiness. Our cash and investment balances are largely the result of prepayments of the next year’s dues at the end of each fiscal year, since a substantial number of members’ renewals are due the last day of the fiscal year.