At our October Board meeting, the PASS Board of Directors had the opportunity to discuss the long-term vision of PASS and its ongoing financial well-being. My PASS Summit 2015 Keynote allowed me to share the great financial performance for FY2015, and to look ahead to our priorities for 2016 and beyond. One very important financial activity that came out of our October Board Meeting is our efforts to convert PASS from a not-for-profit organization to a 501 (c) (3) non-profit organization. While this is currently under consideration with our auditors, we are actively pursuing it to support our ongoing growth and revenue diversification.

In addition to pursuing this, PASS continues to operate in a strong financial position. I am pleased to announce that 78 cents of every dollar of PASS revenue is reinvested back into the community. This places us in the upper-range for community reinvestment/returns in similarly structured non-profit organizations.

Looking forward, we are going to continue to set goals and make investments to support growth. We increased our reserves by a total of 12% to $1.14M, which represents 14% of our FY2015 gross annual revenue of $8.6 million. This puts us in a very good position for the future.

This is all good news, and I am pleased to share the details of our financial journey with you. I will continue to keep you updated of our efforts to become a 501 (c) (3) organization, as well as our financial performance throughout the year. Thank you for your support of this great organization!

Adam Jorgensen
Executive Vice President, Finance & Governance