The 2018 budget passed unanimously, 48 to zero, on the first day of the Association of Village Council Presidents annual convention on Tuesday.
According to the numbers, AVCP expects to receive $48.9 million in revenue through grants and contracts in 2018.. They’ve allotted $8 million to fund departments and their executive board. Through indirect cost recovery, AVCP expects to accrue a surplus of $447,375 by the end of next year.
AVCP Treasurer and Executive Board member Edgar Hoelsher says that this budget will allow the organization to conduct elements of basic financial planning for the first time.
“You’ll know how much money you have left to spend, and how much you spent,” he said.
Passing the budget is one step in the nonprofit’s plan to improve its financial standing. In 2014 and 2015 AVCP misreported grants,and in some cases misused funds by spending a grant's money on programs not approved for that grant. In 2016, AVCP announced that it would correct its course. At this year’s annual convention, the Executive Board outlined steps that they have taken in this direction.
They expanded their grants reporting staff and hired a Chief Financial Officer in August, after advertising the position for nearly a year. The association is transitioning to new financial software. Their current software is built for construction firms and are switching to software designed for nonprofits. AVCP is also working to meet quarterly deadlines for financial reporting. It plans to provide monthly reports beginning next year, and administrators are continuing to train staff and write policies and procedures to meet financial reporting goals.