UMRA’s financial status is good
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
News
At a contentious meeting March 14, the University of Minnesota Board of Regents approved a resolution restricting University units from issuing statements “of public concern or public interest.” Several dozen faculty and students present vehemently protested the resolution.
The election of UMRA officers and new board members for 2025–26 will be conducted via an online poll from May 12 to 18, with the results to be announced at our annual meeting on May 20. Sally Gregory Kohlstedt leads the slate of nominees as president-elect. She came to the University of Minnesota in 1989 as a professor and associate dean, and retired in 2018.
This spring, UMRA will launch a new member portal to simplify and more efficiently manage many essential tasks, including enrolling new members, updating member records, registering event attendees, and processing payments.
Meet UMRA member Vicki Gaylord. In her 32-year career at the Institute of Community Integration, a U of M Center for Excellence in Developmental Disabilities, her work made a positive impact on the lives of thousands of people around the world.
The University Retirees Volunteer Center is seeking candidates to serve on the URVC Leadership Council. The council meets six times per year to identify opportunities for volunteer projects and develop strategies for growing and supporting volunteer participation.
Deanne Magnusson was raised in a family in which education and volunteerism were encouraged. She earned three degrees at the U of M, and enjoyed a career working in education with leaders and schools in Minnesota and across the world. These experiences, and her volunteer work today with URVC, continue to transform her as an educator and as a person.
UMRA’s 2025 Professional Development Grants for Retirees awards cover a diverse set of topics reflecting the breadth of studies undertaken by University retirees, including Mark Bohnhorst for his proposal “More New Thinking about Presidential Elections.”
UMRA member Lynn Slifer is taking full advantage of retirement, pursuing her interests in writing, crafting, babysitting grandchildren, good food, wine, and travel, plus serving on the leadership council of the University Retirees Volunteer Center.
UMRA’s online Journal of Opinions, Ideas & Essays is a unique venue hosting diverse content that is enjoyed by people around the world. If you enjoy helping authors polish their products for publication, JOIE is looking for a new leader. It’s an opportunity that has been tremendously rewarding for the outgoing editor-in-chief.
UMRA has lost contact with many members because of the unfortunate demise of your @umn.edu email accounts. If you haven’t done so already, please update your email address on our system. It won’t take long.