Association adopts Fiscal Year 2020-2021 budget

By NJSBA Staff posted 11 days ago

  

The New Jersey State Bar Association's Board of Trustees approved the Association’s budget for the 2020-2021 fiscal year, which begins July 1. The roughly $9.7 million budget reflects adjustments due to the ongoing financial crisis and public health pandemic. The plan continues to invest in producing events, seminars and conventions in an ever-changing landscape that keep members up-to-date and provide benefit to their practice and professional endeavors.

Below is the budget plan, as per the NJSBA bylaws. 

NEW JERSEY STATE BAR ASSOCIATION
2020-2021
Budget
7/1/20
    6/30/21
MEMBERSHIP DUES
Membership Dues 2,526,429
Section Dues 298,640
YOUNG LAWYERS DIVISION
YLD Dues 20,000
Seminars 2,250
Annual Meeting 6,750
Entertainment 4,500
Community Service/Other 750
MEETINGS
Mid-Year Revenues 277,665
Annual Meeting Revenues 1,030,000
Meetings Rev. - Offsite 250,000
Meetings Rev - Retreats 80,000
OTHER INCOME
Advertising 50,000
Interest On Investments 45,000
Foundation Agreement  47,940
LAP Agreement 49,512
Royalty/Misc. Income 75,000
Ethics Diversionary Program 20,000
Corporate Partner Program 70,000
Miscellaneous Sponsorship 11,500
ICLE Revenue 4,773,415
TOTAL REVENUE 9,639,350
PERSONNEL/TRAVEL
Salaries/Bonus 3,743,690
Federal/State Payroll Taxes 299,495
Group Insurance 650,000
Retirement Plan 215,000
Education 2,000
Staff Association Travel/Hosp 18,000
Assn. Auto Expense 12,000
ADMINISTRATIVE
General Postage  67,000
General Printing 7,500
Delivery Service 5,000
Office Supplies 15,000
Miscellaneous Expense 260,000
Audit 56,000
Association Dues 8,000
EQUIPMENT & SERVICES
Telephone 27,000
Equipment Rental & Maint. 40,000
Computer Expense 280,000
Copier Expense 30,000
BUILDING OPERATIONS
Building & Contents Insur. 65,000
Law Center Rent & Other Exp. 580,000
MEETINGS DEPT - MID-YEAR
Meeting Functions 206,050
Speakers & Guests 5,700
Officers 15,100
Staff/Site Visits  23,800
Miscellaneous 22,000
ANNUAL MEETING
Meeting Functions 528,425
Speakers & Guests 55,000
Officers & Guests 7,500
Staff 45,000
Printing & Mailing 15,000
Miscellaneous 177,500
Exhibits 53,000
GENERAL MEETING EXP.
Law Ctr Meeting - NJSBA 42,500
Offsite Meeting Expense 250,000
Meeting Expense - Retreats 55,000
COMMUNICATIONS DEPARTMENT
New Jersey Lawyer Magazine 60,000
Directory Printing 500
Photography & Video 6,000
Website Dev. & Hosting 5,000
Law Journal Pages 20,800
Daily Briefing 12,252
SECTIONS & COMMITTEES
Misc. Sect. & Committee Exp. 22,250
Sect./Committee Newsletter 25,000
Election Expense 6,000
MEMBERSHIP PROMOMOTION/SERVICES
Member Solicitation/Retention 55,000
LEGISLATIVE/LEGAL
Legislative Research & Reference 7,500
Legislative Operations/Events 5,000
Legislative Lobbying Expenses 12,000
YOUNG LAWYERS DIVISION
YLD Operating Expenses 2,800
YLD Travel Expenses 3,250
Seminars 3,000
Community Service/Other 1,500
Entertainment  10,000
Annual Meeting 13,700
OFFICERS & BOARD OF TRUSTEES
Officers Expenses 12,000
Presidential Initiatives 10,000
Mid-Atlantic Conf.  1,000
Board of Trustees Expenses 12,500
E & O Insurance 23,000
OTHER EXPENSES
Contingencies 10,000
Depreciation Expense 150,000
Comm. On Professionalism 11,000
Legal Research 45,000
Ethics Divers. Program 2,500
Bad Debt Expense 10,000
Diversity Initiatives 25,000
Law Practice Management 60,000
CLE Direct Expense * 1,256,200
TOTAL EXPENSES 9,782,012
OPERATING INC/(LOSS) (142,662)
Real Gain/(Loss) Sale Invst. 0
TOTAL NET INCOME/(LOSS) (142,662)
* not inclusive of operational expenses. 




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