Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 248 TREASURER’S REPORT ILPA Treasurer Rob Ross Portfolio Manager, California State Teachers’ Retirement System The ILPA had an exceptionally strong financial year in 2016 primarily due to favorable variances in both revenues and costs. The organization exceeded its 2016 revenue goals by 11% and 2015 actual revenues by 12%. Specifically, the ILPA had double digit rates of growth in membership; many events, courses and conferences sold-out; exchange rates were favorable; and a newly launched initiative to attract sponsors was successful. Due to an extended recruiting process in hiring some senior staff during the year, expenses landed at 20% below budget. These drivers resulted in a strong operating surplus of approximately $660K. This surplus will be added to the financial reserves for investing in future projects and ensuring the sustainabil- ity of the ILPA going forward, especially in the event of any serious business disruption. In 2017, the ILPA expects to continue to grow. Emphasis will be placed on diversification of the organization’s revenue streams through the ongoing development of a global sponsorship program. In the coming year, expenses are expected to increase commensurate with growth projections, and will reflect important senior hires that were made at the end of 2016 and additional hires in 2017. The ILPA looks forward to continued positive momentum in the year ahead. THE ILPA HAD AN EXCEPTIONALLY STRONG FINANCIALYEAR IN 2016 PRIMARILY DUE TO FAVORABLE VARIANCES IN BOTH REVENUES AND COSTS.