NBAA held its annual meeting October 31 at its Washington headquarters, a move required by the association’s bylaws and the laws of the District of Columbia. The session would normally have been held at the annual meeting and convention, which has been postponed until this month.
Elected to the board of directors for three-year terms were John Ellis, Sprint director of flight ops; Jeffrey Lee, IBM director of flight ops; John Ratcliff, Ford chief pilot and aviation director; Philip Roberts, PAR Travel Tech president/CEO; and George Saling, Philip Morris v-p of aviation and travel services. Ellis and Ratcliff had been appointed to the NBAA board earlier this year to fill unexpired terms. Lee was elected to an end-of-term vacancy. As of October’s annual meeting, Saling moves up from vice chairman to chairman, and Roberts becomes past chairman.
Kenneth Emerick, the new NBAA treasurer, reported to the board that at the end of the 2001 fiscal year on June 30, the association had assets totaling $22,575,147 and its financial health was “excellent.” Liabilities for the period totaled $11,638,113, leaving a fund balance of $10.9 million.
During fiscal 2001, he said, the association produced revenues from operations totaling $16,393,525. Emerick reported that the principal sources of these funds continue to come from convention-related activities, including seminars, dues,
publication sales and other miscellaneous sources.
According to Emerick, total operating expenses for the fiscal year were $15,513,970, resulting in a net revenue from association services to members of $879,555. NBAA invested funds resulted in an income of $884,129 and a loss in market value of $928,038, resulting in a net loss of $48,483 for the fiscal year.