VAA Annual Report 2020

VAASPHALT.ORG 05 VAA relies on several revenue streams to support the mission of the Associa- tion. These streams include annual membership dues, producer member ton- nage fees, training and education services, and events. At the start of 2020, these revenue streams were full, and the funds would be available to offset the expenses inherent in operating a non-profit association. However, by March, many of these streams were reduced to a trickle and by late 2020 had com- pletely dried up. Even with those fiscal setbacks, VAA stands on firm financial ground going into 2021. Association Reserves From 2011 to 2019, the Association’s reserves have steadily increased by over $400,000. The jump in reserves from 2017 to 2018 can be attributed to the launch of VECAT and the initiation of an expo to accompany the fall technical conference. However, in 2020 the reserves jumped over $500,000! This jump was due to the sale of 6900 Patterson Avenue and investment income. The VAA Finance Committee set several goals for VAA in 2017. One goal was to reduce the budget’s dependence on tonnage fees. A second goal was to reduce the tonnage fee when a reserve target was met. Based on the 2018 projections on association reserves, the Board of Directors voted to reduce the tonnage fee by $0.01 for 2019. This fee reduction did not adversely impact the VAA finances in 2019 or 2020. The primary impact on finances was the COVID-19 pandemic. VAA canceled several in-person revenue-generating events, including the Virginia Pavement Research and Innovation Symposium, Annual Members Meeting, and MAAE 2020. Additionally, the pandemic saw more than a 10% reduction in tonnage produced by members. Fortunately, VECAT saw a slight increase in enrollment even as all classes moved online. By the last quarter of 2020, VAA provided virtual and hybrid events, and some students were returning to VECAT. Overall, through careful financial management and other fiscal measures, the Association is financially healthy while not retaining excess member funds. Association Reserves 2011 2012 2013 2014 2015 2016 2017 2018 2019 †2020 Association Reserves Over Time 2011‒2020 †2020 thru Dec 31, 2020 $543,569 $654,325 $668,102 $704,067 $770,754 $777,241 $788,027 $951,761 $950,646 $1,517,104 FINANCIAL HEALTH