In 2024 the NYPH Finance Committee worked on bringing the accounting procedures more in line with Generally Accepted Accounting Practices. During the year, the financial reporting moved to a full accrual basis. ​

At the same time, the Sponsorship year was moved to a calendar year. Up until 2024, Sponsor’s year would begin the day they became a Sponsor and then run for 365 days. This resulted in the year being misaligned with when most companies develop their budget. Starting in 2025, all Sponsorships will be for the calendar year.​

Both changes had an impact on the Profit and Loss for 2024 as we moved revenue from 2024 to 2025 fiscal year. This will be covered as the financial statements are presented.​

The financial statements for 2024 was reviewed and accepted by the Executive Committee and by the Board. They are now being presented to the membership for approval.​

The Committee reviewed the income and expenses for the 2024 fiscal year, comparing this with other years. Funding for the organization mainly comes from Membership and Sponsorships. Discussion was held on how to increase revenue generation to allow the organization to be more active.