Music Teachers, Inc., is an educational association for music teachers that has 20,400 members. The association operates from a central headquarters but has local membership chapters throughout the United States. Monthly meetings are held by the local chapters to discuss recent developments on topics of interest to music teachers. The association's magazine, Teachers' Forum, is issued monthly with features about recent developments in the field. The association publishes books and reports and also sponsors professional courses that qualify for continuing professional education credit. The association's statement of revenues and expenses for the current year is presented below Music Teachers, Inc. Statement of Revenues and Expenses For the Year Ended November 30 Revenues $3,404,400 Expenses: Salaries Personnel costs Occupancy costs Reimbursement of member costs to local chapters Other membership services Printing and paper Postage and shipping Instructors' fees General and administrative 994,000 248,500 225,000 560,000 590,000 280,000 168,000 76,000 38,000 3,179,500 $ 224,900 Total expenses Excess of revenues over expenses