2017 PAGE 8 TREASURER’S REPORT ILPA experienced a strong financial year in 2017 as revenue expectations were exceeded and costs were kept in check throughout the year.The organization surpassed its 2017 revenue budget by 3% and 2016 actual revenues by 22%. This favorable variance was driven by continued membership growth, record attendance at ILPA events and the Institute, and an expanded sponsorship program. During the year, the organization invested in a new Association Management System driven by Salesforce, Toronto office renovations, and our new office in Washington as well as a number of senior hires.The Association experienced additional unforeseen costs related to the CEO transition. However, due to prudent fiscal management, these expenses were effectively absorbed and had minimal impact on the overall performance. These revenue and cost drivers resulted in a small deficit of approximately 1 percent of revenues which represented a 70% positive variance over the 2017 projected deficit. In 2018, ILPA expects additional growth in membership, initiatives and programs. We intend to see ongoing revenue increases resulting from dues, sponsorships, the ILPA Summit attendance and Institute courses. In the coming year, expenses will grow with expanded programming and ongoing investment in organizational infrastructure.We anticipate optimizing the financial resources available and leveraging organizational reserves to fund this measured growth. 2017