Despite the coronavirus pandemic that resulted in postponement of our 2020 conference in San Antonio to 2021 and the worldwide financial turmoil of recent months, the VAF Treasury remains stable. Following a decline of approximately 8% (considerably less than the markets), our investments resumed growing in April. The VAF was incredibly fortunate to receive a very timely, tenth consecutive annual gift from our anonymous donor in March. A financial review of our fiscal year 2019 will be conducted by our accountants, Haag & Hill of Williamsburg, VA, by the end of June 2020.
We finished fiscal year (FY) 2019 with a total net worth of $1,368,767.67, including $1,326,747.07 in an endowment held in a Vanguard brokerage account that experienced steady growth in 2019, particularly towards year-end. For FY2019, VAF had $237,794.92 in income and $83,305.97 in expenses, for a net income of $154,488.95. The sizeable positive difference is largely due to the major gift from our anonymous donor, other donations, and an unexpected increase in membership dues, as well as several expense categories finishing the fiscal year under budget, particularly Buildings & Landscapes production and mailing because VAF had not been billed for the second 2019 volume. The major gift was transferred to the endowment.
The net worth of VAF as of 4/15/2020 is $1,448,626.70, including VAF’s endowment investments held in a Vanguard Brokerage Account valued at $1,382,053.49. Our FY 2020 operating budget is on target, with income as expected largely due to steady renewal of memberships. A highlight of the year thus far is receipt of the tenth large annual gift from our anonymous donor, which has been transferred to the investment account. Expenditure categories are either on track or may be less than budgeted due to the substitution of a virtual conference for a traditional conference this year. The VAF incurred minimal additional expense as a result of postponing the San Antonio conference.
The VAF has met with good fortune financially, yet we remain in an indefinite period of uncertainty as a result of the pandemic. Financial concerns to keep in mind include our investment policy, planning for the 2021 budget, and maintaining income levels from memberships and other revenue streams.
Claudia R. Brown, VAF Treasurer