Music Teachers, Incorporated, 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. Revenues Expenses: Music Teachers, Incorporated Statement of Revenues and Expenses For the Year Ended November 30 $ 3,396,400 970,000 242,500 214,000 Salaries Personnel costs Occupancy costs Reimbursement of member costs to local chapters 600,000 Other membership services 560,000 Printing and paper 349,000 Postage and shipping 189,000 Instructors' fees 77,000 General and administrative 33,000 Total expenses 3,234,500 Excess of revenues over expenses $161,900