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2016 MDA Budget Approved

MDA House of Delegates Members:

I would like to provide the latest financial information for the Michigan Dental Association. Since the last Fiscal Facts, the 2016 MDA budget has been approved by the MDA Board of Trustees at their September Board meeting. Thank you for your assistance in reviewing the preliminary budget. Any recommendations that are made by the HOD and/or BOT members are discussed and factor into the final presentation of the budget. Click here to view the approved MDA budget for 2016.

As of Oct. 31, 2015, MDA budgeted operations have produced a net income of $235,343. These figures include the MDA operating budget, the MDA Special Assessment and the MDA Building operations. The net income may be reduced as the year-end approaches, but the figures are consistent with the current budget. The overall MDA operations show a net loss of <$52,486>, as unrealized losses on investments and non-reserve fund allocations are applied. Final figures will be provided to HOD members upon completion of the audit.

The MDA has completed the initial transition from its current database to the American Dental Association’s database system (Aptify). Processes and procedures will continue to be fine-tuned over the next 12 months. The 2016 membership dues statements were mailed out in mid-November, a little later than normal as the ADA Meeting was held in early November this year. Member dues payments are being processed by MDA staff members as fast and efficiently as possible.

I would also like to report that the MDA Board of Trustees recently approved the Board Committee on Finance’s recommendation to change the financial institution that provides investment management services to the MDA. The committee provided oversight over the Request-for-Proposals process, which was last conducted in 2008. The committee’s investment consultant reviewed the RFP responses and presentations were made to the committee by the three finalists in November.

The association will make the change from BNY Mellon Wealth Management to Merrill Lynch/Blackrock over the next month. This review process may result in lower fees and should provide a higher level of service. Merrill Lynch has extensive experience in working with non-profit organizations which will provide added value to the MDA.

If you have any questions or concerns, please don’t hesitate to contact me via e-mail.

Thank you for all that you do for the MDA and its members!

Copyright © 2015 Michigan Dental Association, All rights reserved.


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