The ATA Chronicle - January/February 2021 - 11

Looking Ahead:
COVID-19, Economic
Crisis, and Budget
As mentioned at the outset,
economic crises normally
involve a certain lag time
until impacts are fully felt.
The figures reported here
are through June 2020. As
such, they don't yet reflect
the total financial impact
on membership and the
conference. What these
numbers do demonstrate,
though, is where we stood
halfway through this
unprecedented calendar year.
As of this writing (October
2020), ATA has savings and
investments in excess of
$2 million, with roughly
$750,000 of that in cash.
These figures imply that the
Association has a financial
cushion for the next few
months as this crisis impacts
our industry and ATA in
particular. However, we've
already started drawing down
on those cash reserves, in
large part because of cashflow issues related to the
virtual conference.
Two trends that preceded
the current crisis may be
exacerbated by it: declining
membership and smaller or
even negative net income
from the conference.
We continue to monitor
membership numbers. For
now, we expect at least a
5% drop year-on-year. The
conference, for its part, is
more of a mystery since we
have no previous experience
with virtual events of this
size. The prudent approach,
then, is to assume that
breaking even would be a
financial success.
The Finance and Audit
Committee has met multiple
times in between Board
www.ata-chronicle.online

Preliminary Consolidated Statement of Financial Position as of June 30, 2020

meetings to discuss these
issues and consider their
impact on the budget for the
coming fiscal year (2020-21).
We expect the Association
to incur manageable losses.
Our most likely scenario
forecasts a negative change
in net assets on the order of

would come on the heels
of the $99,796 loss ATA
experienced during the fiscal
year ending in June 2020.
Therefore, theoretical
conversations about
streamlining the Association,
reducing overhead, and
lowering expenses will need

$225,000 for the upcoming
fiscal year (2020-21). That

to become practical
implementations in the
American Translators Association

11



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The ATA Chronicle - January/February 2021

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