Executive director's report.

Castelvecchi, Henry ; Schiltz, Jack

My name is Henry Castelvecchi and I am the new Executive Director of VAHPERD. I have been working with Jack Schiltz, the past ED, over the past few years and have learned a lot about him. I found that he is dedicated and works hard for this association and his enthusiasm is contagious. It makes me want to work harder and "follow in the footsteps" of a great Executive Director.

I hope to see all of you and get a chance to meet you at the convention in Virginia Beach. Encourage a colleague to attend. This is shaping up to be a great convention. We have presenters from all over the country and several from the great teachers of Virginia. Don't miss out on a chance for professional development, time to meet up with old friends, and make some new friends.

The following is a profile of the financial status of the organization. I hope that our clear commitment to the future of VAHPERD is evident. We are strong and growing stronger.

Investments

Our investments continue to grow very well. Total value increased $47,091.16 From last year which represents a 10% annual growth rate with only $10,000 deposited from the American Heart Joint Projects Funds.

Operating Budget

The uniqueness of the annual budget this year resulted in $31,664.77 excess. Actual income was $3,000 more than projected and expenses were $31,688.69 less than projected. There is a possibility that an additional income will still be received from the Southern District Convention (maybe $2,000). This will be applied to the 2006-7 budget, as it was not received in this fiscal year. As usual the Joint Projects represented the foundation of the budget. Funds received were inline with projections. Leadership travel was approximately $2,000 over budget but was within reasonable limits considering that several Board meetings were in the far extremes of the state (Virginia Beach and Blacksburg). Considering the Finance Committee had virtually no historical data to develop the projected budget the result was a well-balanced, functional tool.

Membership

Membership decreased slightly from a year ago and was virtually equal to the 2003 membership. The decrease would appear to be the result of the Southern District/VAHPERD convention, which was significantly more expensive to attend than the annual VAHPERD convention. Hopefully members who let their memberships expire this year will renew at the Virginia Beach convention in November. The Membership Committee and the new Executive Director need to continue new and innovative strategies to increase membership. May 31, 2004 May 31, 2005 May 31, 2006 Short Term $60,944.04 $62,992.41 $65.675.89 Investments $345,006.25 $382,439.94 $425,857.69 Frances Mayes Foundation $5,752.15 $5,951.84 $5,958.18 AIAW Foundation $23,760.21 $24,568.62 $25,552.21 Total $435,462.65 $475,952.81 $523,043.97 4-15-04 4-31-05 4-31-06 Associate 918 890 820 Student 262 190 191 Life 121 120 124 Total 1301 1200 1135