VAA Annual Report 2020

06 ANNUAL REPORT 2020 FINANCIAL HEALTH Figure 1: Revenue Stream Figure 2: Combined Revenue Association Revenue Streams Diversification of VAA’s revenue streams required analyzing all aspects of VAA’s existing operations and investigating potential new sources. In general, most revenues for VAA in 2015 came from tonnage fees (60%), meetings and conferences (18%), and membership dues (16%). By the end of 2019, the revenue sources and percentages had shifted to be more balanced, with tonnage fees only making up 38% of the revenue. However, the pandemic turned VAA back to a reliance on tonnage fees and membership dues to provide most of the revenue. Fortunately, VECAT provided some funding along with the sale of the Patterson Ave asset and investment income, as shown in Figure 1 (asset & investments included in “other”). The changes in revenue can be seen in Figure 2, along with the impacts of COVID-19 in 2020. While VAA expects to be still facing the pandemic’s challenges in the first half of 2021, implementing new approaches to regaining revenue lost will include launching a series of educational and information webcasts and webinars. Nearly all VECAT training will be online until May or June 2021. This may continue to impact the revenue for the first half of the year through lower than expected enrollment. Tonnage Member Fees Meetings & Conferences VECAT Reimburse Scholarship Other VAAES Income 4% 7% 6% 9% 27% 4% 43% Combined Revenue - 6 Year Trend Jan thru Dec each year $2,500,000.00 $2,000,000.00 $1,500,000.00 $1,000,000.00 $500,000.00 $- 2015 2016 2017 2018 2020 2019 Tonnage Member Fees Meetings & Conferences VECAT Reimburse Scholarship Other VAAES Income Total