The Institute for Public Relations posted near-record revenues of $834,680 in 2008 as it continued to deliver on its research and education mission. Audited expenses of $927,115, reflecting the Board-approved strategic plan to build programming, produced a net loss of $92,435.
“We had carefully built up our reserves for a rainy day, and it did begin storming for us toward the end of 2008,” said Frank Ovaitt, President and CEO of the Institute. “We have adjusted our 2009 budget to minimize further impact on our reserves while bringing ever more practitioners to the science beneath the art of public relations. The mission continues.”
Net assets, which represent reserves for future needs, were $288,325 at year-end 2008, down from $380,760 the previous year.
Eighty-two percent of the audited expenses were dedicated to programs of research, education, and bridging the academic and practitioner communities. The Essential Knowledge Project, a free online guide to existing research in public relations especially for practitioners, continued to grow. New research in topical areas such as social media, measurement and evaluation, and the personal influence model of public relations were mainstays of the Institute’s publishing activities. Major leadership and research events included the International Public Relations Research Conference, the Public Relations Leadership Forum, the Summit on Measurement, and the Institute’s first European Professional Colloquium.
Fundraising represented six percent of expenditures. Management and general expenses accounted for the remainder.
The full audit is publicly available on the Institute’s website.
