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March 2003WSBA Financial ReportFinancial Highlights for Fiscal Year 2002 The WSBA's financial results for fiscal year 2002 ( WSBA's financial statements were audited by an independent public accounting firm, and we received an unqualified opinion on our financial statements from the auditors. 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. We account for our revenues and expenses in four categories: • CLE programs and products are entirely self-funded by seminar registration fees and sales of deskbooks and other publications. • The WSBA's 24 sections are a voluntary activity for WSBA members and are fully self-supporting through section dues and fees for section products and services. No member license fees were used for section activities, and all net income from sections is carried forward in each section's net assets for use by that section in future years. • The Lawyers' Fund for Client Protection (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 accumulation over time of revenues in excess of expenses is called net assets, commonly referred to as reserves. Each category of activities has accumulated net assets for use in future years. Financial Results for Fiscal Year 2002 All four categories had revenues in excess of expenses, thereby contributing to their individual net assets. (See page 39.) • The general fund budgeted for revenues over expenses of $88,000, and actual results were $200,144. • The CLE fund budgeted for revenues over expenses of $77,000, and actual results were $186,205. • The sections budgeted for $170,000 expenses over revenues (in order to use past accumulated reserves to benefit their members), and actual results were revenues over expenses of $92,211. • The LFCP fund budgeted for revenues over expenses of $85,000, and actual results were $63,990. WSBA Net Assets at September 30, 2002, by Category Financial information is available on the WSBA website at www.wsba.org/info/operations/finances/.
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