2007 Financial Audit

Dear ICF Members,

As the current treasurer of International Coach Federation it is my pleasure to present the annual audit for the fiscal year ended March 31, 2007.  It will be evident to you upon review of the report that ICF, with the help of the management team, has continued to make great strides towards increased financial stability and security.

Some of the major highlights of the past fiscal year include:

• ICF’s adoption of a new strategic plan through which all financial decisions are be filtered.  The strategic plan ensures that all ventures and projects are first scrutinized and deemed to be in the best interest of the association and its members before they are embarked upon.

• A finance committee was appointed to safeguard the funds of the ICF and to discuss the strategic financial issues that face the organization.  Some of the issues already under discussion are non-dues revenue sources and monitoring the FY08 budget performance.

• The revenues of ICF continued to increase at a rapid pace.   Membership was once again very strong with an increase in overall membership revenue of approximately 13%.  Credentialing and program accreditation revenue increased 66% year over year.

• The positive Cash reserves and Net Assets reported in the FY06 audit were built upon in FY07, putting ICF in a much more secure and healthy position.  This enables the board of directors and the association to concentrate on high level strategic decisions that will affect ICF in the years ahead

The budget for the current fiscal year has been approved and once again shows a positive net income, which will continue to build upon the Net Asset balance.  Our ultimate goal is to increase the Net Assets balance to a level that equals six to twelve months of operating expenses.  This will provide us with security and a comfortable cushion in the event of any future unexpected events that could negatively affect financial ICF.

The next fiscal year (09) will bring many exciting challenges and opportunities for ICF.  These include the implementation of a new global organizational structure, the creation of new revenue sources and the enhancement of the credentialing process.  Each of these decisions has the potential to greatly affect the finances of the association.  The Board of Directors, finance committee and the ICF staff will analyze each issue in the context of the strategic plan and make decisions that are in the best interest of the association and its long-term financial health.

If you have any questions or comments on the audit or other financial issues please contact staff and we will get back to you as soon as possible.

Respectfully yours,

Karen Tweedie

2007 ICF Treasurer

FY2007 Audit Report