American Maritime Officers ended May 2021 with another operating budget surplus, despite increased legal and other expenses.
Operating revenue for the month was over $800,000 - approximately $68,000 below projections. Expenses totaled $784,000, or $10,000 higher than what had been projected. The budget surplus in May was $22,000, or $57,000 below the projection.
Membership dues and initiation fee receipts were down $44,000 in May, but the necessary renovation of the seawall at the waterfront training property was completed at $25,000 less than had been budgeted for the repairs.
Cash reserve and investment account balances continued to climb in May for a combined total of $15.5 million.
AMO operating budget surpluses have occurred nearly every month since mid-2015, a result of combined responsible asset management and generally greater membership compliance with dues requirements.
"Approaching the completion of the first half of 2021, we are ahead of projections and on track to complete the year with a $500,000 surplus," AMO Director of Business Administration Thom Heaton said. "We have completed three large maintenance projects without reducing investments or cash balances."
American Maritime Officers is in its seventh consecutive year without increases in membership dues or initiation fees. Membership dues in AMO remain the lowest among the three U.S. merchant marine officers' unions.