The association’s finances are in order and an independent auditors report is “as clean as you can get it,” board members learned during their Nov. 20 meeting in Pierre.

Angela Friedel, an accountant with Palmer, Currier and Hoffert, told the ASBSD Board of Directors that ASBSD’s administrative staff has made progress since the organization’s first full audit, which was completed three years ago.

Friedel said her firm didn’t see any problems with the financial statements, but she did take time to highlight one obvious change from last year’s audited financials: a sharp decline in revenue compared to expenses.

ASBSD only brought in $14,000 more than it spent in 2008, according to association audit reports. In 2007, the association brought in $270,000 above expenses.

According to ASBSD Chief Financial Officer Bill Lynch, the shift is the result of the administration’s effort to restructure the revenue coming from the administration of three insurance trusts the association is hired to manage.

“When we restructured the trust accounts, we knew we were creating a loss in revenue,” Lynch said. “We haven’t done much to make up the revenue, but we will be having those discussions with people in the field.”

Those discussions could include a dues increase, Lynch told board members.

Board members asked staff to study the association’s dues and report back to the board. Lynch hopes to have the study ready by January.