Ben Chavez, PharmD, BCPP, BCACP
CPNP Treasurer
As with many organizations, the unprecedented growth period since the 2008 recession has been kind to CPNP investments such that we have a healthy financial reserve should the organization experience a downturn or identify a significant opportunity. Beyond those financial returns, CPNP is aggressively investing all of its new revenues in an array of initiatives designed to expand the reach of psychiatric pharmacists. In 2017, CPNP experienced a very small amount of deficit spending, but 2018 is expected to be profitable.
CPNP has developed 4 main revenue streams as illustrated by the pie chart. Annual Meeting registrations, BCPP Recertification Products, Membership Dues, and Industry Support (both educational and promotional) constitute about 96% of CPNP’s operational revenues. The “deficit” slice has been added to the revenues so that the Revenue and Expense charts represent the same total dollar amount.
The charts illustrate that the Annual Meeting is only sustainable at current registration rates thanks to the generous support of our sponsors and grantors. If you are attending CPNP 2018 in Indianapolis, please thank the sponsor representatives for supporting our organization and annual meeting and participate in the value-added programming our industry partners are supporting at CPNP 2018.
*Staff time is recorded and allocated accordingly to each expense category.
The charts also show how BCPP Recertification has maintained a small margin of profitability even as CPNP launched two new recertification products. We are pleased to be able to offer most BCPP Recertification programming at the same cost per hour as we did more than a decade ago when CPNP became the sole BCPP recertification provider! With many changes in the profession related to credentialing, we are monitoring recertification closely to ensure that it is sustainable and remains affordable moving forward even as many BCPPs begin to retire.
The other half of our expenses are expended in supporting a multifaceted strategy intended to expand the knowledge and reach of psychiatric pharmacists. That strategy includes extensive planning, advocacy, professional affairs, consumer relations, residency support, student outreach, peer-reviewed publications, research support, and other initiatives guided by standing committees and short-term task forces.
Sustainability is a core facet of the current strategic plan, and efforts are underway to further support the organization through revenue-generating initiatives related to Substance Use Disorders, the Mental Health Clinician, and other key initiatives. If you have ideas for improving CPNP products and services, please email info@cpnp.org.
CPNP maintains full financial transparency to members. Members can review the most recent audit and tax return at all times in the member center here.