Financial Information for 2012
The WSBA’s strategic financial goal is to be fiscally responsible: to operate a well-managed and financially sound association, to be accountable to our members and the public, and to use our resources wisely in ways that accomplish our mission.
The WSBA accounts for revenues and expenses in four categories: General Fund, Continuing Legal Education (CLE), Sections, and Lawyers’ Fund for Client Protection (LFCP).
The general fund consists of our regulatory functions and most services to members and the public. It is funded by member license fees and revenues from services. For FY 2012, the general fund had revenues in excess of expenses of $1,473,800. As of September 30, 2012, the general fund balance was $8,745,116, of which $1,500,000 is designated as an operating reserve, $3,340,000 is designated as a facilities reserve, $335,187 is designated as a capital reserve, and $110,455 is designated as a board program reserve. The remaining $3,495,474 is unrestricted.
CLE programs and products are self-funded by seminar registration fees and sales of deskbooks and other publications. The CLE fund budgeted for net loss of ($154,797). Actual results were that expenses exceeded revenues by $10,198 (a net loss). WSBA-CLE’s fund balance as of September 30, 2012 was $1,341,267.
The WSBA’s 27 sections are a voluntary activity for WSBA members and are supported through section dues and fees for section products and services. All net income from sections is carried forward in each section’s net assets for use by that section in future years. The sections budgeted for expenses over revenues of $78,050 (in order to use past accumulated reserves to benefit their members). Actual results for the sections were that revenues exceeded expenses by $131,606. The sections fund balance at September 30, 2012 was $904,934.
The LFCP may be used for relieving a loss sustained by a person due to the dishonesty of, or failure to account for money entrusted to, a member of the WSBA in connection with the member’s practice of law. It is funded by an annual assessment on all active WSBA members. The LFCP fund budgeted for revenues over expenses of $290,864. However, actual results were that revenue exceeded expenses by $530,081 (a net income rather than the budgeted net loss) due to fewer claims being paid in 2012 than expected. The LFCP’s fund balance as of September 30, 2012 was $791,401.
Fiscal year ended September 30, 2012
WSBA internal financial reports for fiscal year ended September 30, 2012:
Statement of Activities Chart
FY12 General Fund Expenses – Functions Supported by License Fees and Other Net Revenue
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