MESSAGE FROM PRESIDENT NATHAN D. ALDER
The Bar operates on a $4.5 million annual zero-based budget in which revenues cover expenses for each year's operations. The budget is available on our web site at www.utahbar.org under the heading Bar Operations. The budget and all financial matters are reviewed by a Budget and Finance Committee, consisting of accountants, bankers, members who practice in this area, and other leaders. The Bar recently went through its annual audit by Deloitte and Touche and received a clean report regarding its financial operations.
Based on conservative fiscal policies and following the recommendation of the Budget and Finance Committee, the Bar has been gradually accumulating a cash surplus over the last several years which has permitted us to allocate just over $1 million dollars into reserves. Those reserves have been allocated to protect against unknown occurrences and to cover contingency losses, building expenses and operational emergencies. Bar funds are placed in Zions Bank and managed according to guidelines of the State Money Management Act, which governs the investment of all public funds. Deposits are put in cash or cash equivalent money market instruments or in short term government backed or highly rated corporate notes, debentures and bonds.