Chief Financial Officer's Report on Fiscal Year 2016

Roy Burton, CGFM, PMP, CABM- Former CFO Jason Legum, PMP- Current CFO


This is my sixth and final annual report as your CFO. I am dividing this newsletter into three parts: 2016 financials, as I continue my commitment to transparency and giving insight into the inner financial workings of our Chapter; farewell; and the future, to introduce Jason Legum, PMP, as our CFO.

FINANCIALS - Your PMIWDC Board of Directors continued their previous trend of fiscal responsibility in managing our $926K FY16 budget (originally established as $1.01M).

Under the leadership of Jonathan Reynolds, Vice President, Finance, PMIWDC underwent a major transition of its accounting infrastructure from decades of using the DAK system to QuickBooks for our accounts payable / receivables, expense reimbursement, billing, receipts, collections, account reconciliation, month-end close and reporting. We also implemented, a web-based accounts payable service and integrated it with QuickBooks. Together, QuickBooks and greatly increased the efficiency of payments, reduced expense reimbursements from 30+ days to under a week and added internal controls to that process. Moving from an Excel-based expense reimbursement process to a web-based process was a significant improvement in terms of both time and ease of use. These migrations facilitated the finance team’s timely preparation of the monthly cash flow report for the Board’s review. These tools aided the analysis of variances for each operational area during our mid-year budget review. We established revenue and expense baselines for a few of the operational areas based on historical trends. These baselines relied on “flat-lined” projections and on costs to date and resulted in deobligating / redistributing unused funds to support the chapter’s objectives. Kudos to the 2016 Finance Team of Jonathan Reynolds, Sarah Anderson and Sam Betah. Their in-depth reporting and analysis were vital to controlling our path.

The following chart shows our financials for the past six fiscal years:

Fiscal Year Revenue Expenses Surplus Revenue %
2010 $852,962 $833,810 $19,151 2.25%
2011 $980,626 $935,984 $44,643 4.55%
2012 $990,267 $949,411 $40,857 4.13%
2013 $986,486 $978,063 $8,422 0.85%
2014 $923,404 $1,014,488 ($91,084) (9.86%)
2015 $1,021,471 $942,698 $78,773 7.71%
2016 $864,926 $814,237 $50,689 5.86%

Source: PMIWDC Trial Balances for the respective Fiscal Years.

A few of our major fiscal achievements during fiscal year 2016 were, PMIWDC:

  1. Continued to do an outstanding job providing quality goods and services to you, our members, at a reasonable price;

  2. Made rebaselining the budget mid-year a best practice to accommodate the dynamic nature of a volunteer-based organization. This result in better protection of cash reserves. We currently have $297,672.03 in cash and investments;

  3. Provided well over 12,000 hours’ worth of PDU, mostly free, for our members through dinners, networking, volunteering, and local community events;

  4. Conducted a profitable 2016 Annual PM Symposium, which was a major success with 330 Project Managers networking and attending presentations from 15 speakers

  5. Provided an appreciation dinner in recognition of over 200 volunteers supporting our 10,000+ members;

  6. Paid over $13,00 for videography to record all of our dinner meetings for members to access and earn PDUs:

  7. Provided over $11,400 in scholarships for under- and post-graduate studies in Project Management, along with Fairfax County’s Educating Youth through Employment (EYE) program; and

  8. Extended our outreach efforts to high schools through a partnership with the Future Leaders in Project Management (FLiPM®) organization.

PMIWDC has five primary revenue streams: Sponsorships, advertising, PMP Prep classes, seminars and dues, along with our dinner and breakfast programs. Dues accounted for $403,725, about 46.7% of our total revenues for 2016.

On the expense side of the ledger, PMIWDC’s primary expenses on behalf of our members were: Business services provided by professionals, networking (dinners, breakfasts, luncheons, etc.), and professional development (classes, seminars, scholarships).


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Click to enlarge


FAREWELL- As a believer in term limits, I want to briefly acknowledge a few people who have contributed to the success of this Chapter during my past 6 years as your CFO and 14 years as a volunteer. I started volunteering to earn PDUs because none of us want to sit for that PMP exam ever again. I continued because of the great people I’ve had the opportunity to meet. I will not try to name them all here, but will start with the Past Presidents and Trustees who gave me an opportunity and role:

Year President Trustee Role
2003-2004 A. Chris Fristad Rush Williamson, Jr Chair, Luncheons Committee: 2003 - 2008
2005-2006 A. Andrew Anderson Rush Williamson, Jr AVP, and VP, Volunteers: 2005
2007-2008 Ronald Taylor Bruce R. Shaw Corporate Outreach Coordinator for SAIC: 2007 – 2008
2009 Linda Cantey Bruce R. Shaw Director at Large: 2006 – 2009; 2011 to 2016
2010 Richard Marinucci Mark Tolbert VP, Business Services: 2010
2011 David Offenkrantz Mark Tolbert Chair, Elections Committee: 2009 and 2010
2012 Darla Howard-Ramirez Mark Tolbert Chair, Investments Committee: 2012 to 2016
2013 Catherine Sweeney Mark Tolbert Chief Financial Officer: 2011 to 2016
2014 Kendall Lott Richard Marinucci  
2015 Elizabeth McQueen Richard Marinucci  
2016 Esen Akter Tekinel Catherine Sweeney  

Additionally, I’d like to add a few more who helped me succeed: John Scanlin; VPs of Finance: Dot Johnson, Greg Caramanica and Jonathan Reynolds along with their respective teams; all PMIWDC Board Members, both past and present; PMI Advisors: Anne Jenemann, Nancy Berger, Mary Keller and Sarah Maxwell; along with many of our chapter members who’ve become friends.

To you all, I say Danke and Auf Wiedersehen.

FUTURE- Jason Legum - the new 2017 CFO began volunteering six years ago as the Assistant Vice President, Records Management before becoming its Vice President and combining those operations with business services to create and head the Operations Services operational area. During that time, Jason focused on managing costs, finding opportunities to improve services common to all operational areas, and improve the chapter's knowledge management. His subsequent election as a Director at Large enabled him to continue his latest never-ending mission is to empower the strategy development team so the chapter can have a mission, vision, and strategy connecting our stakeholders and aligning our operations. Not only does Jason bring the financial aptitude, acumen, and attitude, I also consider him a friend. Good luck and have fun!

The PMIWDC Board of Directors is fiscally accountable to you, its constituents, through the formulation and execution of budgets sufficient to provide the high quality of services you have come to expect. They will continue to operate our Chapter as a business. This includes maintaining sufficient liquidity for Chapter activities while following Generally Accepted Accounting Principles and PMI guidelines. The CFO, VP of Finance, and rest of the volunteer team is dedicated to maintaining financially stability so we can continue serving your educational and networking needs while growing the profession!

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