Thomas, Knight, Trent, King and Company CPA's has completed its annual audit of the National Press Photographers Association for the fiscal year 2004 - 2005 which is presented here.
Note: all audit documents are in Adobe's Portable Document Format. If you cannot read PDF files, download the free Acrobat Reader.
The NPPA had an operating surplus of $60,466. The financial turnaround of the organization is complete.
The operating surplus resulted from continued reductions in operating costs. Continued vigilance will be required to keep current costs in line with projected revenues. Efforts to improve operating revenues are beginning to bear fruit in the current fiscal year (2005 - 2006).
The organization reports monthly on its finances on an accrual basis to the Board of Directors and the Executive Committee. This audit report is furnished annually to the same governing bodies on a modified cash basis for legal and technical reasons. It is very important to correctly compare results from reports that are prepared on the same basis. A two-year comparison is included as part of the audit.
Greg Garneau
Executive Director
