ASNT PRESENTS
FINANCIAL
REPORT FY2023
The following is a transcript of the financial report provided by ASNT CEO Neal J.
Couture, CAE, at the Annual Meeting of the Members, which took place at ASNT
2023: The Annual Conference in Houston, Texas, on Monday, 23 October 2023.
ASNT has evolved over the past several
years into a larger and more complex
organization with a more international
focus. With the 2022–2026 Strategic
Plan has come significant investments
in technology, facilities in Houston and
India, and new programs and services for
members. Our collective challenge is to
carry ASNT forward to bring spending
in line with revenues. As we pointed
out last year, ASNT’s Board is investing
significantly to position us to grow. As
our revenues grow, however, we need
to ensure that we bring spending in line
with revenues over time and weed out
bloat to ensure we achieve our financial
goal of positive margins from operations
by FY2027.
The information I am presenting is
from the unaudited financial statements
for fiscal year 2023, which ended 30 June
2023. The independent audit is currently
under way, and I fully expect to receive
an unqualified opinion for the fourth
consecutive year.
Fiscal year 2023 will be remem-
bered as the year ASNT invested in
its members. Of our $12.6 million in
expenditures, $3 million went to build
new systems, facilities, and programs as
we implement the Strategic Plan. I will
remind you that the plan contemplated
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ASNT CEO Neal J. Couture, CAE, presented the
Society’s financial report at ASNT 2023: The
Annual Conference in Houston, Texas.
T A B L E 1
Strategic plan investments
FY22 (US$) FY23 (US$) Total (US$)
Pillar 1: Expand and improve certification
portfolio – 189,201 189,201
Pillar 2: Improve the value of
membership by providing essential
content and engagement experiences
355,343 1,445,144 1,800,487
Pillar 3: Create pathways and resources
for the entry, performance, and
advancement of the NDT workforce
– 108,611 108,611
Pillar 4: Advance the field of NDT by
being an effective advocate 103,240 308,632 411,872
Pillar 5: Implement a regional growth
strategy 76,193 630,046 706,239
Pillar 6: Expand research and scholarship
in NDT 25,871 270,291 296,162
Total: 560,647 2,951,925 3,512,572
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investing as much as $14 million over five
years to achieve the stated objectives,
and as we reported last year, we spent
$560,000 on strategic initiatives in FY22,
bringing the total investment to just over
$3.5 million through the first two years of
the plan (Table 1).
While the financial markets remained
volatile between July 2022 and June
2023, our investment portfolio grew
in value by more than $2.7 million. In
summary, we have recovered about
half of the value lost during the market
declines of FY22.
ASNT’s balance sheet remains strong:
our net assets are $33.7 million, which is
$1.6 million more than at the same time
last year (Table 2).
You may recall that in July 2021 ASNT
invested $670,000 in land adjacent
to the International Service Center in
Columbus, Ohio. While this was intended
as a long-term investment to protect
the value of our existing building, we
received an offer we couldn’t refuse from
a developer. In July, we sold the land for
$1.875 million, yielding a tidy return of
180% in just two years. This will give our
balance sheet a nice boost in FY24.
ASNT’s revenues for the year were
$8.7 million, which was an improvement
of 18% over the prior year. Revenues
were up in almost all areas, including in
conferences, where the post-pandemic
rebound continued through last year and
into this year, where we are projecting
our highest revenue ever here in
Houston.
Certification revenue also rebounded
to pre-pandemic levels, with revenues of
$3.4 million, an increase of 21.4% over
last year. Part of this growth is attributable
to resurgence of recertifications, as many
people delayed their renewals during the
pandemic. We are beginning to see new
revenue streams from the ASNT 9712
program in the first quarter of FY24. We
will have more data to report on this
important program at next year’s meeting.
Education revenue grew dramatically
as ASNT implemented NDT Classroom,
which was acquired in February 2023.
With only five months operating in
FY23, we doubled our total education
revenue from the prior year. We expect
this growth to continue into FY24 as we
add in-person classes to our facilities in
Houston and Chennai.
Advertising revenue continues to slip
as advertisers shift their spend from print
media to digital media. This is a phenom-
enon many professional associations are
experiencing our efforts to build our
digital portfolio are in part designed to
provide more digital advertising options
for our advertisers. I will also point out
that our exhibit sales for the conference
grew almost 25% over previous highs
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T A B L E 2
ASNT financial statements
Assets 2023 (US$) 2022 (US$)
Total current assets 2,186,221 2,469,118
Total long-term assets 4,360,910 2,097,243
Intangible assets, net 32,625 31,787
Investments 27,150,350 27,446,632
Total assets 33,730,107 32,044,781
Liabilities and net assets 2023 2022
Total liabilities 8,665,151 5,763,773
Net assets 25,064,955 26,281,008
Total liabilities and net assets 33,730,107 32,044,781
Revenue 2023 2022
Membership 925,525 883,253
Publications 1,462,817 1,403,464
Conferences 1,757,906 1,322,364
Certification 3,438,135 2,830,917
Standards and accreditation 0 8,625
Education 536,335 261,629
Advertising 547,732 637,703
Other revenue 35,190 21,044
Total revenues 8,703,643 7,369,001
Expenses 2023 2022
Program expenses 6,795,010 5,000,151
Administrative and governance 5,846,159 4,391,716
Excess revenue over expenses (3,937,526) (2,022,867)
Other income 2023 2022
Miscellaneous 17,756 1,102,107
Investment income 647,699 694,301
Investment gain or loss (net of fees) 2,056,018 (5,256,433)
Total other income 2,721,474 (3,460,025)
Net excess after investment income (1,216,052) (5,482,892)
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