UMRA’s Fiscal Year 2024 Financial Report shows that our association’s overall financial status is good. There are a few noteworthy areas and some that may require attention going forward, including the effects of earlier dues collections, rising luncheon costs, increased costs for all operations, and our upcoming hosting of the Big Ten Retirees Association conference in 2026.

Revenues appear to be significantly up in FY24, but some of that is because we started collecting FY25 dues earlier, in May 2024, and our members responded well to that. We also collected about $2,000 more in dues revenue in FY24 due to membership growth. We solicited $1,300 more in sponsorships, and we added a winter social in January that brought in equal amounts of revenue and expense to our financial statements, approximately $3,000. Luncheon revenues increased due to increased costs and increased participation. Finally, we received donations of $2,735 from generous members in FY24, which helps our organization greatly—thank you! Total revenues for FY24 were $73,873.

Expenses were a mixed bag

We saved money on our newsletter costs due to a reformatted newsletter platform, and lower Big Ten Retirees Association conference attendance costs in 2024. We had increased costs on luncheons and social events because they were very well attended, and food costs were up. The costs appear higher than revenues, but that is only from the timing of the cash payments. Other costs remained relatively stable. The primary expense for the University Retirees Volunteer Center (URVC) was student workers, followed by a volunteer management software subscription, parking vouchers, and miscellaneous costs of operation. Overall, UMRA had net income of $18,103 but if the effect of FY23 and FY25 cash activity are removed, the true net income for FY24 was about $6,500. 

Our reserves were higher as of June 30, 2024, which will be very helpful as we go into FY25 with anticipated higher expenses for luncheon forums, audio-visual costs for living well workshops and forums via Zoom, and newsletter printing. We also need to build reserves to help cover the cost of hosting the 2026 Big Ten Retirees Association conference.

URVC added to its reserves primarily because their student worker was less available this year, which put more pressure on volunteers. URVC anticipates using its reserves in the next few years and is looking at options for bringing in additional funding.

Your board and committee members are working hard to save on expenses in every possible way even as costs rise, and we will continue to do so. We are also looking for ways to increase revenues.

To see UMRA's FY24 financial report in chart form, go to umra.umn.edu > Governance Documents > Officer Archives > Treasurer > 2023-2024 Annual Report.

—Kristy Frost-Griep. UMRA, treasurer