President's Letter

It has been my honor to serve as your Association President this year. This past year's economic challenges have impacted PRSM as well as our own companies. Thus, your Board of Directors' has been mindful of its fiduciary responsibility to ensure that we fulfill our commitments to the membership while being fiscally responsible with the Association's resources.

We are in the second year of the Association's strategic plan. The Board and staff have continued to move forward with accomplishing its strategies and goals for the benefit of the membership. PRSM's five strategic initiatives are:

• PRSM will be the authoritative voice for its membership and the retail facilities industry by utilizing and leveraging multiple channels of communications with consistency and continuity.
• PRSM will be the premier educational resource about retail facility management and maintenance.
• PRSM's programs, services and products will add value to membership.
• PRSM will aggressively pursue growing the membership by attracting and retaining more retailers and vendors responsible for retail facility management and maintenance.
• PRSM will utilize tools to assist members in collaborating and to strengthen its infrastructure.

From these strategies and goals, the Board established the following as the Association's top priorities for the year and is eagerly pursuing these initiatives:

• An aggressive Membership Recruitment program
• A premier education experience at National Conference
• A Public Relations Program to touting the value of retail facilities management
• An evolving website with deep content about facilities management
• A quality Magazine focusing on industry issues
• A Green Initiative offering quality information and resources
• Engaging Membership Retention program
• A top notch RFMP certification program
• Highly acclaimed Best Practices white papers
• A robust Association management system with relationship management capabilities

Each of these priorities add value to PRSM membership and will have long term benefits to the Association by enabling us to attract new members and serving existing members.

My sincerest appreciation to each of you for supporting PRSM this year and I ask for your continued commitment to PRSM as we work together to position PRSM as the leading authoritative voice of the retail facilities maintenance industry.

Sincerely,

Duane Smith
2009/2010 PRSM President

Executive Letter

While 2009 was a very challenging year for the retail industry, it was an opportunity for PRSM to prove its value to the membership. Our work focused on assisting PRSM's retail and vendor members by providing the information, education, resources and partnerships needed to make it through the challenges they faced daily.

Overall, the Association continued to build upon its existing and new programs launched in 2008. Some notable highlights of the year included:

• The Green Initiative, Best Practices White Papers, Professional Retail Store Maintenance Magazine, webinar series, Retailer2Retailer Forums, and X-Change all gained momentum and member use covering timely topics and fostering closer member relationships.
• PRSM2009! National Conference, once again, was the largest event in the industry with almost 1,300 attendees. To assist our retail members, PRSM offered the primary representative from each member company a complimentary registration recognizing that many retailers wouldn't be able to send attendees because of budget cuts and travel freezes internally. Our keynote speaker, Steve Forbes, Forbes Magazine, was a highlight of the conference in Phoenix.
• The 2009 Mid-Year Conference, "Be the Best in Your Business - Start with Best Practices," received rave reviews from members. Overall attendance was up 21% over the prior year and retail attendance was up 60%. Facilities Connection was launched at the Mid-Year Conference providing a forum for vendor members to meet with qualified retail buyers, one-on-one to learn more about their product offers. Twenty retailers and vendors participated in this intimate selling experience.
• Lunch and Learns were piloted this past summer to gauge members' interest in local networking and professional development events. It was positively received and will blossom in to a full-fledged program in 2010.
• Due to the rise in natural disasters this year, PRSM provided members with resource materials on the H1N1 Flu Virus and Hurricane Preparedness.
• PRSM's new "Friends of PRSM" membership category enables PRSM to stay connected with those members who lost their jobs during the year by providing them a six month complimentary membership while they were engaged in a job search. In addition, PRSM worked closely with members with payment plans and pricing structures to fit their financial constraints.

We are proud to say our priority was to be a valued resource for our members at a time when they were experiencing severe challenges within their companies. We trust that our members' valued our continued commitment to them during these challenging times.

Kindest Regards,

Patricia Dameron

PRSM Executive Director 

Treasurer's Report

The Finance Committee respectfully submits the following report to the membership regarding the state of PRSM's finances and accomplishments over the past year. We have seen an unprecedented year in terms of our Association's history. The previous years have been challenging and in recognition of the volatility of the markets, policies have been implemented to ensure the long-term stability of the organization.

In 2009, the Association revenue was $2.46 million compared to $2.75 million in the prior year, primarily due to the loss in investment income during this down economy. Expenses totaled $2.18 million. Due to market conditions throughout the year, we have recovered a major portion of our long-term investment portfolio but have not made up all the losses from initial investments in 2007.

PRSM's unrestricted net assets at the end of the year was $2,720,888; an increase of $103,641 over the prior fiscal year. Total liabilities and net assets decreased to $3.89 million from $4.06 million in the prior year.

Many new policies were initiated by the Finance Committee and adopted by the Association Board of Directors. The direction of these policies covered investment gain/loss triggers, distribution of funds in long term investments, the creation of a strategic fund, numerous policies to comply with the new IRS 990 tax regulations and general oversight of program funding/ROI.

As is the Association's policy, a full financial audit was performed this year by an independent firm, Salmon, Sims and Thomas. According to their audit, the financial statements are fairly presented in conformity with U.S. generally accepted accounting principles and include all assets and liabilities under the Organization's control. 

Joe Stern

2009-2010 PRSM Treasurer

Financial Statement

PRSM takes our fiscal responsibility very seriously and want the dollars you spend and invest in PRSM are invested in the development of retail facility management and the retail industry. Your investment in PRSM is a direct investment into our industry with substantial funds dedicated to educational development for retail facility management.

Fiscal year ended September 30, 2009.

PRSM's fiscal year runs from October 1 to September 30 and the revenue is derived from membership dues, investment income, networking/educational meetings, the national conference and from publications. All net income go back into members services operations. PRSM conducts annual financial review by a professional certified public accountant.

As of September 30, 2009:

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