AMCHAM Trea­surer’s Re­port and 2016 Au­dited Fi­nan­cial State­ments

Thai-American Business (T-AB) Magazine - - Content -

On page 34 you will find the Cham­ber’s fi­nan­cial state­ments. The state­ments were pre­pared by KPMG with the fol­low­ing un­qual­i­fied opin­ion: “In our opin­ion, the ac­com­pa­ny­ing fi­nan­cial state­ments present fairly, in all ma­te­rial re­spects, the fi­nan­cial po­si­tion of the Amer­i­can Cham­ber of Com­merce in Thai­land (“Cham­ber”) as of 31 De­cem­ber 2016 and their fi­nan­cial per­for­mance for the year then ended in ac­cor­dance with the Thai Fi­nan­cial Re­port­ing Stan­dards for Non- Pub­licly Ac­count­able En­ti­ties”


The Cham­ber’s fi­nan­cial re­sults were in line with ex­pec­ta­tions but shows a slight neg­a­tive trends as it re­lates to Thai­land­based mem­ber­ship and other rev­enue.

The Cham­ber showed an over­all sur­plus of Baht 4,769,357. Of this amount baht 4,324,316 and Baht 247,442 are re­stricted as sur­pluses in re­serve for the Myan­mar and Laos Chap­ters. This left a sur­plus of Baht 197,599 for Thai­land.


The Cham­ber’s Thai­land Cor­po­rate Part­ner­ship pro­gram re­mained healthy and grew from 28 part­ners last year to 30 part­ners in 2016 – an in­crease of baht 500,000 ( from Baht 9,890,00 to 10,390,000) Cor­po­rate Part­ner­ship in­come is al­lo­cated at the be­gin­ning of the year to the var­i­ous ac­tiv­i­ties of spon­sor­ship in­clud­ing: mem­ber­ship, pub­li­ca­tions, sports events, Gov­er­nors’ Ball, In­de­pen­dence Day picnic and web­site.

Over­all, in­come was up by ap­prox­i­mately 1.9 mil­lion baht over 2016 to baht 37 mil­lion. This is at­trib­uted to the grow­ing Myan­mar Chap­ter mem­ber­ship and ac­tiv­i­ties.

Mem­ber­ship dues, en­trance and as­so­ciate mem­ber fees: As a whole, mem­ber­ship dues in­come showed a 3% in­crease from last year. How­ever, this growth can be fully at­trib­uted to the mem­ber­ship growth in Myan­mar.

For Thai­land, Mem­ber­ship in­come de­creased slightly with mem­ber­ship growth flat ( dif­fer­ence can be at­trib­uted to tim­ing on en­trance of new com­pa­nies due to pro- rat­ing of en­trance fees).

At the same time, Myan­mar mem­ber­ship fees in­creased ap­prox­i­mately Baht 700,000 as mem­ber­ship rose from 133 com­pa­nies to 160 com­pa­nies.

Laos mem­ber­ship in­come was down ap­prox­i­mately Baht 135,000.

Sub­scrip­tions and ad­ver­tise­ments:

Sub­scrip­tions and ad­ver­tise­ment in­come was down al­most Baht 2 mil­lion from 2015. This is pri­mar­ily due to the loss of Baht 1.2 mil­lion which was at­trib- uted to advertising al­lo­cated from USA Fair. Ad­di­tion­ally both print and dig­i­tal advertising were down 11% and 30% re­spec­tively.

In­ter­est In­come: Down about 23% due to lower in­ter­est rates.

Other In­come: This in­cludes ev­ery­thing ex­cept for mem­ber­ship dues and pub­li­ca­tion rev­enue. The in­crease of baht 3.4 mil­lion from last year can be mainly at­trib­uted to:

Myan­mar events ( par­tic­u­larly trade mis­sion) of ap­prox­i­mately 2.4 mil­lion; sale of the AMCHAM car of Baht 300 K In­crease in rev­enue from So­cial Ac­tiv­i­ties ( sports, ball, I- day picnic) of 300K


This cat­e­gory also in­cludes: gain on ex­change rate, no show fees, uniden­ti­fied pay­ments


Ex­penses de­creased slightly from 2015 pri­mar­ily due to a re­duced con­tri­bu­tion to the AMCHAM Thai­land Foun­da­tion.

Salary: In­creased from last year by Baht 1.5 mil­lion as mostly fully staffed and nor­mal salary in­creases and longevity bonuses.


Thai­land Foun­da­tion Baht 1.77 mil­lion is at­trib­uted to AMCHAM so­cial events where pro­ceeds go di­rectly to the Foun­da­tion ( so­cial net­work­ing nights, sports events, I- day picnic) and a 2.5 mil­lion baht di­rect do­na­tion made by the Cham­ber in late 2016. ( Vs. Baht 4.8 in 2015 and Baht 5.5 in 2014). En­ter­tain­ment and Meet­ings: Down slightly as a re­sult of meet­ing can­cel­la­tions and post­pones from mid- Oc­to­ber thru De­cem­ber.

Trans­porta­tion and Travel in­cludes international travel, Myan­mar and Adopt- a- school trips. De­crease due to less Adopt- a- school travel in 2016.

In­sur­ance: Up by Baht 170,000 due to in­crease in­sur­ance rates

Dues and Sub­scrip­tions: In­cludes Board of Trade, APCAC and U. S. Cham­ber dues.

De­pre­ci­a­tion: In­creased from 2015 due to the pur­chase of the new AMCHAM car in March 2016. The pre­vi­ous car was fully de­pre­ci­ated in 2013.

Other Ex­penses in­cludes pro­mo­tional items, bank charges, pro­vi­sion for bad debt and the travel stipend paid to in­terns ( 300 baht per day). The dif­fer­ence from 2015 is at­trib­uted to the 180K con­sult­ing fee paid for Gov­ern­ment ad­vo­cacy to Wood­mont.

Ac­counts Re­ceiv­able: Baht 459,709 all from 2016. Ex­pect that 95% will be col­lected. May write- off small amount from no- show.


Un­earned In­come: Baht 12,077,639 booked as 2017 Mem­ber­ship Dues and Cor­po­rate Part­ner­ship pay­ments re­ceived in 2016.

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