Financial Report

Through a series of unprecedented and unanticipated events related to the COVID-19 pandemic, ACRL's existing revenue streams have been dramatically reduced in the last months of the fiscal year. We have seen decreases in revenues due to the cancellation of face-to-face events (including the RBMS Conference and RoadShow travelling workshops), declining membership dues, and reduced publishing-related revenue (advertising, book sales). ACRL took steps to mitigate these reductions through various cost containment strategies. In addition, all ALA staff took 5 days of unpaid furlough in FY20, and ALA has secured Paycheck Protection Program funding and an Economic Injury Disaster Loan to help cover the budget gap created by revenue losses.