AFSA NEWS 48 APRIL 2024 | THE FOREIGN SERVICE JOURNAL 2023 AFSA Treasurer’s Report I am pleased to report that AFSA continues its track record of keeping the organization on a solid financial footing. AFSA’s reserves are su£cient to cover expenses beyond the six-month window recommended for nonprofits. We ended 2023 in the black, with revenue rising higher than expenses. At the end of the year, we were honored to receive a clean audit—the highest possible standard for a nonprofit organization—for the 14th consecutive year. AFSA’s $6.8 million planned operating budget for calendar year 2024 is funded primarily from membership dues and advertising revenue. AFSA’s membership base stood at approximately 16,873 as of year-end 2023. That number represents about 80 percent of active-duty employees across the foreign aairs agencies, plus approximately 25 percent of Foreign Service retirees. Dues increased by 3.7 percent for 2024 to match the third-quarter consumer price index. Advertising revenue continues to be a bright spot for AFSA, rising to $578,000 in 2023 (up from $556,000 in 2022). Drilling down into the financial details, AFSA ended 2023 with reserves totaling $16.8 million in the following funds: The Operational Reserve, which supports regular operations, salaries, etc., stood at $3.5 million, In all cases, declines in fund balances can be almost exclusively attributed to the challenging investment environment in 2023. The Scholarship Fund stood at $11.6 million, up from $10.8 million in 2022. In 2023, AFSA provided $405,000 in scholarships and awards to Foreign Service children, an increase of 24 percent. The fund annually withdraws 4.5 percent of its five-year average value to fund scholarships and partially underwrite the program’s operational expenses. The Fund for American Diplomacy balance was $503,000, down from $515,000. This fund supports all AFSA’s outreach and public education eorts, including the speaker series, Road Scholar programs, the national high school essay contest, the AFSA awards and plaques programs, and member event public events. Revenue from AFSA’s Inside a U.S. Embassy book sales continues to support the FAD. More than 2,200 books were sold in 2023. The Sinclaire Fund provides funding for the association’s hard language awards, stemming from a generous bequest AFSA Governing Board Meeting, February 21, 2024 Board Chair The board voted to reappoint Tom Yazdgerdi to serve as chair for six months. Resignation The board accepted the resignation of David Josar, eective immediately. n in the early 1980s. Its balance at the end of 2023 was $503,000, up from $482,000. Finally, the Legal Defense Fund balance was $342,000 vice $376,000 at the end of 2022. The LDF supports AFSA members who are facing legal or regulatory issues that may aect the Foreign Service as a whole and in cases where AFSA does not possess the specific expertise needed for such cases. AFSA’s investment portfolio recovered from the 2022 downturn, and the association’s overall financial strength remains excellent. As we look toward the remaining months of 2024, we will continue supporting our members in a variety of ways, including through scholarship funds, Sinclaire language awards, bipartisan support for our legislative agenda, and other eorts. —John O’Keefe, AFSA Treasurer n At the end of the year, we were honored to receive a clean audit— the highest possible standard for a nonprofit organization—for the 14th consecutive year.
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