NW Lawyer - February 2015

On the Right Course

by WSBA Treasurer Ken Masters

In this, my inaugural article, I want to first thank my fellow governors for honoring me with their unanimous support to serve as your treasurer. It has been my pleasure to serve on the Budget and Audit Committee of the Board of Governors for the past three years. And I particularly thank my immediate predecessor, Brian Kelly, for his outstanding leadership as your treasurer last year. I look forward to serving you for the remainder of the 2014–15 season.

During my term, the Board will make important decisions about WSBA facilities, CLE programming, and the FY16 budget, among other things. Throughout the year, I hope to provide insight and solicit your feedback on these and other fiscal issues that face the organization. This column summarizes our most recent annual audit results.

At the end of each year, the WSBA engages an independent certified public accounting firm to audit our financial statements. In addition to verifying financial statement accuracy, the auditors review, analyze, and test internal controls over reporting, management oversight, and various systems related to the WSBA’s finances and overall operations of the organization.

The Budget and Audit Committee reviewed the Fiscal Year 2014 year-end financial results at its January 2015 meeting. As in prior years, the WSBA received an “unmodified opinion” for the fiscal year ended Sept. 30, 2014. No adjustments were made, no material weaknesses were noted, and no management letter was issued. The results of this very positive audit indicate that the WSBA’s finances are well managed and accurate in all material aspects. Our independent auditors wholeheartedly complimented our outstanding staff for their professionalism and excellence. For more information, the audit report and audited financial statements can be viewed at www.wsba.org/ about-wsba/financial-info.

Notably, the audited financials show that the WSBA used $842,787 fewer

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WE ARE PLEASED
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THE ELECTION OF THE FOLLOWING ATTORNEYS TO THE FIRM’S MEMBERSHIP

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MICHELLE GARZON
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JAKE WINFREY

reserves than expected (as former Treasurer Kelly explained in several of his articles, in response to the reduced license fees beginning in fiscal 2012–13, and carrying through fiscal 2014–15, we budgeted to a net loss of $2,000,489 for the General Fund last year; the actual loss was $1,157,702). This result reflects high-er-than-anticipated revenues, as well as direct cost savings. This savings is particularly helpful as we continue to look into the future and consider budgeting needs for Fiscal Year 2016 and beyond.

Ken Masters is the WSBA governor from the

1st District and the WSBA treasurer.

The founder of Masters Law Group, he has been litigating civil appeals for about 23 years. He can be contacted at ken@appeal-law.com.

As you can see from the above audit and budget results, we have outstanding staff support at the Washington State Bar. Under the leadership of WSBA Executive Director Paula Littlewood and Chief Operations Officer Ann Holmes, and with frankly amazing support from our controller, Tiffany Lynch, and the rest of our staff, the Bar has weathered some difficult times and made fiscally responsible cuts to ensure our continued financial stability. We are not completely out of the woods — and we know that our members continue to struggle into full recovery in an ever-changing environment — but we are on the right course.