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AEM board approves 2021 budget


December 14, 2020
By Rock to Road

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Associated Equipment Manufacturers President Dennis Slater fameDennis Slater, AEM president. Photo: Association of Equipment Manufacturers

The AEM Board of Directors met via teleconference in November to review a full agenda and approve the Association’s 2021 goals associated with its Strategic Plan implementation.

AEM’s goals for the upcoming year are categorized under four larger Strategic Plan goals and the Association’s Operations goals. The four are:

  • Build a positive perception of the industry
  • Accelerate industry growth
  • Support and empower member company decision-making
  • Facilitate members’ customer-facing efforts

“As we look ahead to this year and beyond, we are committed to building upon past accomplishments and executing a Strategic Plan that will ensure the long-term future of the Association,” said AEM President Dennis Slater. “In doing so, we have realigned our goals to reflect the impact of the COVID-19 pandemic and our focus to assist members and the equipment manufacturing industry.”

AEM staff is now engaged in the process of developing plans to achieve goals in 15 priority goal areas:

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  • Positive Public Perception
  • Workforce
  • Federal Advocacy
  • State Advocacy
  • Political Operation Advocacy
  • Business Intelligence
  • Education
  • CONEXPO-CON/AGG
  • Technology
  • Exhibitions
  • Strategic Plan Year One 2.0
  • Membership
  •  Financial
  •  Digital Opportunity
  •  Diversity, Equity & Inclusion

“These priority goal areas will guide our efforts to support and advocate on behalf of our members and our industry,” said Slater. “In addition, AEM will continue to exercise our leadership role in the industry to act as a unifying force on issues important to all of us.”

The Board also approved the proposed 2021 AEM budget as recommended by the Finance Committee. Budget details include:

  • A net operating surplus of $206,000 on revenue of $39.5 million and $39.3 million in expenses
  • Budget includes measures to reduce expenses in response to the impact of COVID-19 on AEM activities and exhibition revenue
  • As planned for the year after a CONEXPO-CON/AGG year, the 2021 budget is supplemented by investment income contra account, Strategic Plan funds, and 2020 Net Operating Surplus carryover (projected at $3.2 million)
  • Strategic Plan spending reduced from the original plan of $2.5 million to $800,000 to begin to rebuild the AEM investment reserves