MPI to Close 2020 with $2.5 Million Deficit
The organization said it's confident of its financial standing
MPI is set to end 2020 with a deficit of $2.5 million, but the association said previous reserves will carry it through the pandemic period because of expense reductions that are part of a two-year operational plan, which had the strategy of navigating a worse-case scenario posed by the COVID-19 pandemic.
“We’ve had very solid revenues the last four years, which, along with cutting expenses, allowed us to have a very healthy bottom line and help us develop stronger reserves,” said Paul Van Deventer, president and CEO of MPI during a November 6 Town Hall at the association’s 2020 World Education Congress (WEC) held in Grapevine, Texas.
“We’ll finish the year just shy of $12 million in revenue—a significant drop overall, but less than we expected. Expenses were $14.5 million," Van Deventer added. "We’ve had the benefit of four good years to get us through this. As we build our forecast through 2021, we’ll still be sitting on two and a half or three years of reserves, so we feel good about that."
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