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CrossRef/PILA Annual Meeting

CrossRef/PILA Annual Meeting. September 16 th , 2003. Financial Review. Anthony Durniak, Treasurer. The financial backbone for the reference linking backbone.

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CrossRef/PILA Annual Meeting

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  1. CrossRef/PILA Annual Meeting September 16th, 2003 2003 CrossRef Annual Member Meeting

  2. Financial Review Anthony Durniak, Treasurer 2003 CrossRef Annual Member Meeting

  3. The financial backbone for the reference linking backbone • Discussion of how PILA has matured from an organization dependent on member loans (2000-01) to one with positive operating cash (2002+) • Review of audited financials 2002 • Review of 2003 financials and full-year forecast • Review of strategic financial issues facing CrossRef and the impact on dues 2003 CrossRef Annual Member Meeting

  4. Revenues and Expenses ’00-’03($ in Millions) • 2000 – June launch/1st generation system • 2001- 1st full year • 2002 – CrossRef 2.0 system August/first operating surplus • 2003 –Continued enhancements/cash build up to repay 1st loans 2003 CrossRef Annual Member Meeting

  5. 2002 Marked a Milestone on the Path to Becoming Self-sustaining 2003 CrossRef Annual Member Meeting Source: 2002 Audited Financials

  6. 2003 continues on that path 2003 CrossRef Annual Member Meeting Source: 2003 Management Reports

  7. 2003 (6 Mos.) Financial Highlights • 76% increase in revenue over 2002 (same period) • 19% increase in expenses over 2002 (same period) • Fee increase in July 2003 • 54 days average for invoice payment (vs. specified 30 days payment terms) 2003 CrossRef Annual Member Meeting

  8. Emphasis on Financial Controls as PILA Grows • Executive Committee thoroughly reviews PILA’s financial position each quarter including a rolling 12-month forward view of cash flow • Financial operations manual adopted by Board and now in place • Custom established for annual visit with audit manager by President and Treasurer • Professional financial consultants are now engaged to assist staff (e.g., part-time CFO and accountant) • Streamlined membership billing (now on fiscal rather than anniversary year beginning in 2004) 2003 CrossRef Annual Member Meeting

  9. Strategic Financial Issues • $2 million in loans from 12 members to be repaid 2004-2007; key goals: • Repay 1st group of loans ($750k) in 1Q/04 • Remaining 3 groups of loans re-paid (interest & principal) over following 3 years • PILA will be debt-free in 2007 (at year-end) • Cash now building (forecasted $1.2 M at 12/31/03), but need operating surplus each year to repay loans • Critical to continuously monitor fee structure to ensure appropriate and predictable mix of revenue 2003 CrossRef Annual Member Meeting

  10. Strategic Financial Issues • New membership fee structure offers a more predictable revenue pattern • Issue to watch for the future: IDF charges an annual per DOI maintenance fee but CrossRef does not – it is included in the annual membership fees and one-time deposit fees • Internal PILA operating and financial infrastructure gaining experience and maturing well as PILA grows 2003 CrossRef Annual Member Meeting

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