A letter to members assures Advocis stakeholders that the company has put in cost-containment measures and is reassessing priority projects to boost the bottom line.
The statement came after the media reported on Advocis’s most recent financials, which indicate the company took steps to address liquidity after its largest net loss in years. The annual report released this summer shows that expenses exceeded revenues by $2.5-million for the 2022 fiscal year.
According to the numbers, the loss is the largest since 2017, as the association upgraded its education programs, invested in infrastructure and handled pandemic fallout.
“Our situation is not unlike the cyclical financial nature of many organizations in the private, public and government sectors,” says the letter signed by Greg Pollock, Advocis president & CEO, and Eric Lidemark, Advocis board chair. “At the end of the day, however, you need to know that Advocis has the financial strength to move us forward collectively.”
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The statement says that Advocis is looking to move toward a robust bottom line without compromising promises made to members and while continuing to deliver on critical programs in 2023.
“We have cut back in 2023 on many of the direct face-to-face meetings we traditionally hold but believe on the heels of Zoom and other platforms that this is manageable for now,” write the company representatives.
The statement says Advocis is reviewing operations and realigning structures, using technology where possible to support the organization’s functions, such as the recently launched, fully self-directed “Join Now” Advocis web page.
The statement also mentions that the reduction in staff at the national office is viewed as temporary, and the organization hopes to rebuild into 2025.
