September 15, 2017

 

 Schmidt gives last treasurer's address

Posted Aug. 30, 2017

Dr. SchmidtDr. Barbara A. Schmidt has completed her term as AVMA treasurer after six years in the position. (Photo by R. Scott Nolen)

Dr. Barbara A. Schmidt leaves the AVMA in sound fiscal shape after her six-year tenure as treasurer. In her last address before the AVMA House of Delegates on July 21, she reported that net revenue from operations was just over $1.5 million at year-end 2016. After deducting expenses approved from reserves, net income over expenses was almost $1.4 million. The reserve balance has a little more than $41 million. Plus, the 2017 annual operating budget shows a balanced budget, with revenues just over $36.8 million and expenses just over $36.7 million. Sixty-eight percent of the AVMA's annual revenue is from membership dues, "but the Veterinary Career Center continues to play a significant role in nondues revenue," Dr. Schmidt said, and the AVMA would like to see income from nondues revenue continue to increase from a variety of other product and service offerings.

Dr. Schmidt, a 1984 graduate of Purdue University College of Veterinary Medicine, served as alternate delegate and delegate representing Kentucky to the HOD from 2002-11. Representing equine private practice, Dr. Schmidt was the first female member of the House Advisory Committee, serving from 2007-11 and as chair from 2009-10. She also was the first female treasurer when she was elected to the position in 2010.

"I've learned so much from so many in the profession—from leaders, volunteers, fellow Board members, officers, and highly qualified, committed professional staff. They are all truly inspirational to me," she said. "To see veterinarians so engaged and passionate about the profession, it's inspirational. And to work with staff and volunteers, not many associations have that level of camaraderie and collaboration."

Going forward, Dr. Schmidt plans to stay busy in Union, Kentucky, where she practices equine medicine full time and owns and manages Bridlewood Farm with her husband, Frederick Abblett.

Dr. Schmidt said one of her biggest achievements was working with other Board members to adopt a less conservative asset allocation and alignment policy and to hire Bernstein Global Wealth Management as the AVMA investment adviser. She also made it so that the treasurer chairs the Board of Directors' Budget and Financial Review Committee instead of the Board chair, along with empowering the committee to look at Board recommendations with financial implications prior to Board meetings.

"This allows the Board to become more agile, offering more strategic alignment as we allocate and prioritize our resources. It's all about providing the absolute best member value that we can," she said.

Her advice to the incoming treasurer, Dr. Arnold Goldman, who served as Connecticut alternate delegate, is to prioritize AVMA resources to do the right projects, the right way, for the right reasons.

"What does success look like and how is it measured? Always ask those questions, and when those answers are evident, you're ready to craft a plan to move forward," she said.

Related JAVMA content:

Treasurer: New process ties finances with AVMA strategy (Sept. 1, 2015)