Audited financial statement

AIGA publishes its audited financial statement as a commitment to transparency and accountability in governance, as soon as the statement is accepted by the national board of directors.

The audit is conducted by an independent auditor, Friedman LLP, a regional firm in the New York metropolitan area with a strong not-for profit practice that has been auditing AIGA’s books for the past four years. The board regularly re-evaluates the engagement of its audit firm to assure it remains objective and independent in its evaluation of management. 

In terms of process, the fiscal year concludes September 30 each year. The draft audit is normally completed in late December or early January. The auditors are accountable to the board, not management. They report their findings to the Secretary/Treasurer, who serves on the board of the association, and review the audit with him/her. The audit is then reviewed by the full executive committee of the national board before being submitted to the full board for acceptance, at which point it is considered final. The board cannot change the audit findings.

The notes that begin on page 5 of the financial statement provide a review of the activities that drive financial performance and condition. For those reviewing the statements, please note that AIGA’s cash and investment balances are largely the result of prepayments of the next year’s dues at the end of each fiscal year, since a substantial number of members’ renewals are due the last day of the fiscal year.

This year, the auditors did not provide a management letter, having found no deficiencies in management practices or controls.

It is management’s opinion that AIGA is in sound financial condition, although sustaining working capital reserves have been reduced to maintain service levels over the past four years during the recession. The recession placed pressure on all three major revenue sources: membership fees, program fees and sponsorship (particularly the latter two). The recession has not compromised membership participation; membership numbers remain at high levels.

AIGA Financial Statement FY2012 

AIGA Financial Statement FY2011 

AIGA's auditor
Friedman LLP