Investing in Change

AAPP’s Forum on our Future held during AAPP 2024 and available to members as a recording, reported on the major initiatives occurring within AAPP. With a very full agenda, reflections on AAPP’s financial health were not able to be included and, as such, are overviewed in this article.

AAPP ended fiscal year 2023 (June 30, 2023) with total assets of nearly $4.5 million. Net income of growth was largely driven by our expanded continuing education (CE) team that tackled major new grant funded initiatives like the LAI Training Program. The financial reserves and expanded educational offerings allow the organization to aggressively pursue its strategic priorities as outlined at the Forum.

Among many other active initiatives, the Board has made major financial investments in:

1. Research: $500,000 has been committed to supporting outcomes research.
2. Capacity: Expanding the CE team creates extra capacity to tackle important new projects.
3. Fellowships: The new program is important to the membership and comes with substantial hard and administrative costs.
4. Advocacy: Government and professional affairs continues to expand every year with more outreach happening to policymakers and other health care professionals.
5. Infrastructure: AAPP is acting responsibly to address staffing and technology risks through software and system transitions, staff benefit updates, and succession planning.

These financial investments are important, and they only work because they are combined with a passionate volunteer force that extends our workforce. Additionally we must acknowledge our corporate sponsors and grantors. Representing 31% of revenue in 2023, this industry support allowed us to educate more people and have a greater impact.

AAPP sees board credentialing as a critical piece of profession advancement and works hard to keep BCPP recertification pricing steady. Other prices have increased to reflect increased costs, especially related to the in-person meeting where costs have risen even faster than inflation in this post-COVID recovery. Although the Board is investing the financial reserves in new and expanded initiatives, it is important that prices continue to reflect their actual costs so that future Boards will also have the ability act decisively to advance the impact of psychiatric pharmacists.

For more information on the financial health of the organization, refer to the 2022-2023 Financial Review compiled by external accountants. AAPP’s next financial review will be available and announced in the fall of 2024.