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1 2003 CrossRef Annual Member Meeting CrossRef/PILA Annual Meeting September 16 th, 2003.

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Presentation on theme: "1 2003 CrossRef Annual Member Meeting CrossRef/PILA Annual Meeting September 16 th, 2003."— Presentation transcript:

1 CrossRef Annual Member Meeting CrossRef/PILA Annual Meeting September 16 th, 2003

2 CrossRef Annual Member Meeting Financial Review Anthony Durniak, Treasurer

3 CrossRef Annual Member Meeting The financial backbone for the reference linking backbone Discussion of how PILA has matured from an organization dependent on member loans ( ) to one with positive operating cash (2002+) Review of audited financials 2002 Review of 2003 financials and full-year forecast Review of strategic financial issues facing CrossRef and the impact on dues

4 CrossRef Annual Member Meeting Revenues and Expenses ’00-’03 ($ in Millions) 2000 – June launch/1 st generation system st full year 2002 – CrossRef 2.0 system August/first operating surplus 2003 –Continued enhancements/cash build up to repay 1 st loans

5 CrossRef Annual Member Meeting 2002 Marked a Milestone on the Path to Becoming Self-sustaining Source: 2002 Audited Financials

6 CrossRef Annual Member Meeting 2003 continues on that path Source: 2003 Management Reports

7 CrossRef Annual Member Meeting 2003 (6 Mos.) Financial Highlights 76% increase in revenue over 2002 (same period) 19% increase in expenses over 2002 (same period) Fee increase in July days average for invoice payment (vs. specified 30 days payment terms)

8 CrossRef Annual Member Meeting Emphasis on Financial Controls as PILA Grows Executive Committee thoroughly reviews PILA’s financial position each quarter including a rolling 12-month forward view of cash flow Financial operations manual adopted by Board and now in place Custom established for annual visit with audit manager by President and Treasurer Professional financial consultants are now engaged to assist staff (e.g., part-time CFO and accountant) Streamlined membership billing (now on fiscal rather than anniversary year beginning in 2004)

9 CrossRef Annual Member Meeting Strategic Financial Issues $2 million in loans from 12 members to be repaid ; key goals: –Repay 1 st group of loans ($750k) in 1Q/04 –Remaining 3 groups of loans re-paid (interest & principal) over following 3 years –PILA will be debt-free in 2007 (at year-end) Cash now building (forecasted $1.2 M at 12/31/03), but need operating surplus each year to repay loans Critical to continuously monitor fee structure to ensure appropriate and predictable mix of revenue

10 CrossRef Annual Member Meeting Strategic Financial Issues New membership fee structure offers a more predictable revenue pattern Issue to watch for the future: IDF charges an annual per DOI maintenance fee but CrossRef does not – it is included in the annual membership fees and one-time deposit fees Internal PILA operating and financial infrastructure gaining experience and maturing well as PILA grows


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