1.9.2023 Board Book

Further, despite the FY2022 budgeted revenues of $3,921,530, through 12/22/2022, we have realized $3,954,036 in revenues which is favorable by $32K, mostly due to the tremendous membership growth as noted below.

New Milestone…4,447 Members!!—(2017-11/2022 YTD)

Total Members

4,447

3,686

3,184

2,889

2,449

1,942

2017

2018

2019

2020

2021

2022 YTD

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Although the proposed projected FY2023 budget projects a loss of income from operations, rationale for this shortfall is based on multiple factors as noted below: • Our leadership team has chosen to be extremely conservative with projections relative to the Spring 2023 and the Fall 2023 in-person meetings. To that end, the attendee numbers are representative of flat or declining assumptions based in large part from the recent experience of the unexpectedly low attendance we experienced at the Fall 2022 Conference in Anaheim, CA. For reference, we budgeted for a goal of 600 paid attendees at this conference, & our actual attendance was 241 paid attendees. As a byproduct of this, we had a fiscal responsibility of $500K in hotel attrition & food/beverage fees based on the attendance assumptions that were not realized. As a reminder, our onsite/in person conference venues are typically booked out a minimum of 4+ years in advance ahead of the actual dates & while we can typically negotiate a lesser number of attendees months in advance of the educational offering, with an attendance shortfall of greater than half of what is projected, it is fiscally impossible to recover from.

As further illustration, the Spring 2023 Conference expenses are projected to be $831K versus the Fall 2023 Conference expenses are $559K, largely due to the venue city &

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