LOOKING TO THE FUTURE
Money Matters
By Marc Guerra, AMA Chief Financial Officer | amacfо@modelaircraft.org
There have been good financial management developments at AMA. First, in October 2023, AMA hired a full-time accounting manager, Sue Ahlbrand. Before that, there had been a period of time when AMA did not have an in-house accounting manager. Having this in-house position will help the AMA ensure that its financial transactions are recorded accurately, completely, in a timely manner, and in compliance with nonprofit 501(c)3 standards.
Sue brings a wealth of knowledge and expertise to the table, and I look forward to working with her. There have already been several improvements made to AMA’s financial accounting and processes.
I want to introduce myself as the newest member of AMA’s Executive Council (EC). My role is that of chief financial officer (CFO) and financial consultant to AMA’s management and the EC. I report directly to the EC and the AMA president. My 38-year background and experience have been in public accounting (CPA retired) and higher education.
During my career, I have provided financial services to many nonprofit organizations, ranging from foundations, food banks, religious organizations, government and university support groups, and local model airplane clubs. I am also an active modeler and have held several club executive management positions.
I recently attended my first in-person EC meeting, and I am impressed with the dedication, professionalism, and thoughtfulness of all who participated. The updates and presentations from the AMA Foundation, legal, and insurance professionals were impressive. I believe that AMA is in capable hands with a constant vigilant eye looking out into the future.
The CFO is asked to provide a quarterly update to the EC. At my first EC quarterly meeting, I reported that, since February, I have been going through an outstanding onboarding process that is being led by AMA’s executive director. I have also been working with AMA’s accounting manager in identifying areas where we can improve and strengthen AMA’s accounting structure and financial reporting.
I also reported that AMA will begin an annual financial audit, which will be conducted by a regional public accounting firm that AMA has retained throughout the last several years. This CPA firm has asked for my time before the field work to discuss scope and other inquiries throughout their engagement. I will provide an update about the audit results and my opinion at the next EC quarterly meeting in late June.
Going forward, I will provide updates on AMA’s financial position and other related topics. I am still learning how to identify and obtain key financial management indicators relating to AMA’s overall fiscal health. These indicators will include investments, budgets, taxes, and audits. In the future, I will also provide some helpful guidance on how to manage your local club’s finances including banking, oversight, and IRS compliance reporting.
In closing, I extend my heartfelt appreciation to the EC for selecting me to serve as AMA’s CFO. I would also like to thank my predecessor, Keith Sessions, for being generously available and providing me with helpful historical financial information. I will always be available to provide any assistance to the EC, AMA’s operational staff, and any AMA affiliate.
