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AMWA Annual Financial Report, 2019-2020

Julie Phelan, MD, MBA / 2019-2020 AMWA Treasurer

It has been a pleasure serving as Treasurer for the American 

Medical Writers Association (AMWA) over the past year, and I 

am pleased to provide this financial report for the 2019-2020 

fiscal year, which ended June 30, 2020.

I begin this report acknowledging that during the last 2 

quarters of the fiscal year, the COVID-19 pandemic caused 

severe disruption to everyday life and a recession. The lead-

ership of AMWA quickly put a plan in place to minimize the 

impact of the pandemic. AMWA staff successfully converted 

to a remote work environment, and expenses were curtailed. 

Meetings and travel plans were cancelled, and vacant staff 

positions were put on hold.

 The success of the 2019 annual conference in San Diego, 

popularity of live webinars, increase in membership, and care-

ful management of expenses helped to sustain AMWA through 

this uncertain time. The full financial effects of the COVID-19 

pandemic may not be experienced until next year.

Financial Performance
AMWA’s net income for the 2019-2020 fiscal year was $448,106, 

with significant investment gains contributing to the results.

Revenues
Overall, revenues exceeded budget expectations by 6%, largely 

because of the success of the annual conference. Membership 

income, annual conference income, and education and cer-

tificate program income continue to be AMWA’s major sources 

of revenue, providing 89% of AMWA’s program revenue. Net 

investment income of $115,074 accounted for 5% of AMWA’s 

total revenue (Figure 1).

Expenses
AMWA invests in programs, products, and services that 

bring value to members and the medical writing community. 

Overall, expenses were under budget by 10% for the fiscal year. 

Total program expenses for the fiscal year were $1,762,592, 

with 31% of the expenses going to produce the annual confer-

ence, 25% of expenses being used to fund member services 

and benefits, and 17% of expenses funding the education  

program including the certificate program and online  

education (Figure 2).

Reserves
Reserves are the accumulation of funds over time that enable 

an organization to withstand an emergency or to invest in  

new mission-related initiates. Unrestricted reserves of 6 to  

12 months of annual operating expenses represent a standard 

target for not-for-profit organizations. With budgeted annual 

operating expenses of $1,615,950 for the fiscal year from July 

1, 2020, to June 30, 2021, the target for AMWA’s reserves ranges 

Figure 1. Sources of program revenue for the fiscal year 
that ended June 30, 2020.

Figure 2. Sources of major program expenses for the fiscal 
year that ended June 30, 2020.

AMWA Annual Financial Report, 2019-2020

Julie Phelan, MD, MBA / 2019-2020 AMWA Treasurer

It has been a pleasure servicing as Treasurer for the American Medical Writers
Association (AMWA) over the past year, and I am pleased to provide this financial
report for the 2019-2020 fiscal year, which ended June 30, 2020.

I begin this report acknowledging that during the last 2 quarters of the fiscal year, the
COVID-19 pandemic caused severe disruption to everyday life and a recession. The 
leadership of AMWA quickly put a plan in place to minimize the impact of the pandemic.
AMWA staff successfully converted to a remote work environment, and expenses were
curtailed. Meetings and travel plans were cancelled, and vacant staff positions were put
on hold.

The success of the 2019 annual conference in San Diego, popularity of live webinars,
increase in membership, and careful management of expenses helped to sustain 
AMWA through this uncertain time. The full financial effects of the COVID-19 pandemic
may not be experienced until next year.

Financial Performance

AMWA’s net income for the 2019-2020 fiscal year was $448,106, with significant
investment gains contributing to the results.

Revenues

Overall, revenues exceeded budget expectations by 6%, largely because of the success
of the annual conference. Membership income, annual conference income, and
education and certificate program income continue to be AMWA’s major sources of
revenue, providing 89% of AMWA’s program revenue. Net investment income of
$115,074 accounted for 5% of AMWA’s total revenue (Figure 1).

Figure 1. Sources of program revenue for the fiscal year that ended June 30, 2020.

Membership
35%

Annual Conference
38%

Education/Certificate Program
16%

All Other Revenue
11%

Expenses

AMWA invests in programs, products, and services that bring value to members and the 
medical writing community. Overall, expenses were under budget by 10% for the fiscal
year. Total program expenses for the fiscal year were $1,762,592, with 31% of the 
expenses going to produce the annual conference, 25% of expenses being used to fund 
member services and benefits, and 17% of expenses funding the education program
including the certificate program and online education (Figure 2).

Figure 2. Sources of major program expenses for the fiscal year that ended June 30,
2020.

Reserves

Reserves are the accumulation of funds over time that enable an organization to 
withstand an emergency or to invest in new mission-related initiates. Unrestricted 
reserves of 6 to 12 months of annual operating expenses represent a standard target
for not-for-profit organizations. With budgeted annual operating expenses of $1,615,950 
for the fiscal year from July 1, 2020, to June 30, 2021, the target for AMWA’s reserves
ranges from $800,000 to $1,600,000. AMWA’s unrestricted short- and long-term 
investment reserve level of $1,800,000 on June 30, 2020, was within this targeted 
range.

AMWA’s restricted Endowment and McGovern funds totaled $205,200 and $169,000,
respectively.

Financial Position

An organization’s financial position is reflected in its asset and liability holdings. AMWA
is well positioned to pay its obligations and plan for the future. Total assets were 
$3,160,138 as of June 30, 2020, and the organization’s liabilities totaled $561,680.

Financial Statement Audit Results

Abercrombie and Associates, AMWA’s independent auditors, expressed an unqualified 

Membership 
services25%

Annual Conference
31%Education Program

17%

Journal
7%

All Other Programs 
20%



AMWA Journal / V36 N1 / 2021 / amwa.org    53

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from $800,000 to $1,600,000. AMWA’s unrestricted short- and 

long-term investment reserve level of $1,800,000 on June 30, 

2020, was within this targeted range.

 AMWA’s restricted Endowment and McGovern funds 

totaled $205,200 and $169,000, respectively.

Financial Position
An organization’s financial position is reflected in its asset 

and liability holdings. AMWA is well positioned to pay its obli-

gations and plan for the future. Total assets were $3,160,138 

as of June 30, 2020, and the organization’s liabilities totaled 

$561,680.

Financial Statement Audit Results
Abercrombie and Associates, AMWA’s independent audi-

tors, expressed an unqualified opinion regarding their audit 

of the financial statements for the fiscal year that ended June 

30, 2020. An unqualified opinion states that the financial 

statements present fairly, in all material respects, an entity's 

financial position, results of operations, and cash flows in con-

formity with generally accepted accounting principles. AMWA 

continues to be in a secure financial position as it continues 

expanding member benefits and resources into the next fiscal 

year. The full audit report is available to AMWA members upon 

request.

Acknowledgment

Thanks to Calibre CPA Group, PLLC, for providing the financial 

data and the members of the 2019-2020 Budget and Finance 

Committee for their review of reports and budgets: June 

Baldwin, Adriana Caballero, Alice Pappas, Leena Patel, Whitney 

Smalley-Freed and Christine Wogan, Ann Winter-Vann (2019-

20 AMWA President), Gail V. Flores (AMWA President-Elect), 

and Susan Krug (AMWA Executive Director).

Author contact: Julie@biomedisysinc.com

Organizational Donors ($800) 
Gail V. Flores

PerfectIt

Individual Donors ($80+) 
Lori L. Alexander

Saleh Alqahtani

Jack Aslanian

Brian Bass

Bookworm Editing Services LLC 

Nicole Cooper

Tracy Craig

Elise Eller

Kathryn Emily 

R. Michelle Sauer Gehring 

Heather Gorby

Douglas Haneline

Jessica Kiser

Laurie Kozbelt

Susan Krug

Cynthia Kryder

Sheryl Lallemand

Eleanor Mayfield

Donna Miceli

Jennifer Minarcik

Marcello Morgan 

Margaret Norris

Julie Phelan

John Redue

Jessica Reimer

Stephanie Vargas

Ann Winter-Vann

80th Anniversary Donors

80th Anniversary Donors generously support AMWA’s 80 years educating medical communicators. 

Tax-deductible donations help AMWA fulfill its mission to promote excellence in  

medical communication and provide education and resources in support of that goal. 

� To make a donation, please visit www.amwa.org/donations

mailto:Julie@biomedisysinc.com
http://www.amwa.org/donations



