The FPA has said it is no longer reliant on sponsorship monies or an annual conference to meet its operating or funding requirements after reporting a surplus of $1,413,047 for the 2012/13 financial year.
Mark Rantall, CEO of the FPA, said in a statement, “We are pleased with the strong financial performance of the FPA and the fact we are on a firm footing for future growth.” He also welcomed gains in its membership numbers which showed planners were “voting with their feet”.
Overall, the FPA’s net assets increased to $7,339,794 while liquid assets were at $15,020,341.
The FPA said the 2012/13 result was achieved on the back of prudent expense management and a record increase in membership across all categories.
“The numbers give us confidence for the future and will enable the FPA to consolidate its position as Australia’s pre-eminent destination for professional financial planners,” Rantall said.
Rantall said the 2012/13 surplus would replenish reserves drawn upon in 2011 when the FPA was restructured and principal membership removed. It would also invest in a new information system platform to enable significant improvement in member communications, knowledge sharing and engagement.
“Our sustainability is built on membership revenue exceeding operating costs and funding investment without the need for sponsorship or event revenue.”