AMCHAM Treasurer’s Report and 2016 Audited Financial Statements
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”
INCOME STATEMENT SUMMARY
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
AMCHAM COMPANY MEMBERSHIP BY COUNTRY 2012- 2016
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.