CHICAGO: The International Association of Business Communicators expects to move from a $750,000 budget deficit last year to breaking even in its current fiscal year.
The association had hoped to show an operating profit this year, but the recession has hit income from seminars and other events, leaving revenues at about 75% of what had been budgeted, said Julie Freeman, president.
Freeman sees ending the fiscal year in September with revenues and expenses at roughly $4.5 million.
"We are on the road to recovery, said John Clemons, outgoing IABC chairman.
IABC's losses of $1.2 million the past two years resulted from poor internal financial controls and a failed investment in a website, TalkingBusinessNow.com.
Past troubles were also blamed on a large board described as "unwieldy" for governing the organization. An IABC governance task force is recommending cutting its board from 26 members to 12.
New IABC chairman Annette Martell said the association hopes to have members vote on the new board structure at its annual conference next June in Toronto. If approved, a new, smaller board would be elected the following year, 2004.
The association also announced a relaunched website that cost $50,000 to create, said Freeman. Costs were kept down by doing the redesign in-house.