2020 IOA Financial Update

By Lee Twyman, IOA Treasurer

The IOA 2020 budget has been significantly impacted by the cancellation of the IOA2020 Annual Conference and pre-conference professional development courses, cancellation of four planned Foundations courses (two at the conference and two scheduled for July of this year) as well as cancellation of one pre-conference core course. The current projected deficit for this year is $254,000. An important footnote here, over the past 5 years, IOA has worked diligently to build financial reserves and those reserves have provided a buffer for this year’s financial downturn and may provide additional reserves to draw upon for a couple more years.  However, just as in personal savings, we do not want to deplete the reserves any more than is absolutely necessary.

The Board and Finance Committee are working closely to remedy this budget deficit and bring IOA back to a positive net revenue within three years (if not sooner). All IOA Committees have been asked to voluntarily defer non-critical spending for the remainder of 2020, and we are looking for ways to gain back lost revenue.

Foundations courses are a significant source of revenue for IOA as well as important to our mission. Our Professional Development Committee's Virtual Foundations team is moving rapidly to convert in-person Foundations courses to virtual offerings; beginning in October 2020, with three sessions planned for 2020 and continued regular offerings in 2021. There is a waiting list of well over 100 individuals ready and eager to enroll in Foundations. 

The Community Connections programming this summer was robust and very well attended. This set of programming offered an option for individuals to contribute donations on a sliding scale for any of the summer offerings. These volunteer contributions have been less than expected however there is still time if you would like to contribute as you register for the August offerings. 

Lastly, the Conference Committee is already planning creative strategies to deliver a dynamic 2021 Conference experience and to bring the best of the conference to you, in one format or another.  The IOA strategic planning process is also underway and will include strategies for returning IOA to a strong financial footing.

Please write to [email protected] if you have any questions.

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