Message from the Treasurer
initial discussion at the annual meeting in Phoenix and detailed
reworking of the budgets by the Finance Committee, the Executive
Committee has approved budgets for the final 6 months of fiscal 2007
and the full 12 months of fiscal 2008. The odd budget is a
consequence of changing the Society's fiscal year.
the passing of the fiscal 2008 budget, SICB will once again approve
budgets before the annual meeting, e.g., San Antonio in January 2008.
This timing has not been possible since the Society switched from
the late December to early January meeting times.
allocation for all Society-wide "functions" - welcome reception,
coffee breaks, student-postdoc dessert, drink tickets, companion
breakfast, etc. - is capped at $65,600. This figure contrasts with
the approximately $80,000 spent in Phoenix and the outrageous figure
of $105,000 in Orlando.
budgets have been standardized at $2000 for symposia support, $800
for socials and $300 for student awards such as Best Paper/Best
Poster. This figure does not include the special assessments now
being collected for DCPB and DCE, nor special allocations for some
regional and international initiatives.
support for comped rooms or registration will be capped at $60,000
for San Antonio. If the total requests exceed $60,000, adjustments
will have to be made either in the student co-pay or in the number of
students approved for compensation.
with the meeting in San Antonio, no student will be eligible for more
than 3 years of comped room or registration for work at the annual
meeting. The clock will begin in San Antonio, i.e., a student who
has already received one or more years of support will not be
penalized; rather he or she will be eligible for 3 years' support
from San Antonio forward.
generous contributions from 9 members, the newly created symposium
endowment has risen to $107,450 from the initial $100,000 allocated
by the Executive Committee. All Society members are encouraged to
consider donating to this new fund which still is in need of a name.
If you have a clever or creative acronym, suggest it to Secretary
American Real Estate Trust in which the Society has been invested for
4 years merged in March with Developers Diversified Realty, owners of
more than 800 shopping centers in 45 states, Puerto Rico and Brazil.
Shareholders of record received $12.57/share for Inland stock plus
0.022 shares of DDR stock per share of Inland. The $12.57 per share
times the 28,360 shares owned by SICB equals a cash payout of
$356,485 directly to SICB. DDR is currently trading at about $62.70,
yielding an unrealized gain of approximately $38,375 on SICB's 612
shares. A decision when to sell these shares in DDR will be
forthcoming. The total return on the original $200,000 invested in
Inland will be approximately $395,000. Recommendations about how to
reinvest this windfall return are being considered by our financial