Message from the Treasurer
Continues as Economy Worsens
Although SICB has
enjoyed conservative management of its assets in the able hands of
Matthew Tederick, the Society has not been immune to the financial
difficulties facing the country and indeed the world. The portfolio
managed by Mr. Tederick, with the supervision of the Finance
Committee, has declined at the time of this writing by about 18.2%
since June 30. While this is not pleasant news, the diversity of
investments and the relatively low risks associated with these assets
have resulted in far more preservation of capital than might
otherwise have been the case. When the bottom is reached and
recovery begins, Mr. Tederick has a sufficient cash reserve to take
advantage of what should be some excellent buying opportunities. The
Society remains fiscally sound.
Committed to Balancing the Budget
The Finance Committee
has assumed a mandate to have a balanced budget for fiscal 2010.
Fiscal 2008 ended with a deficit in the general operating budget of
approximately $50,850. This occurred in spite having about $40,000
of Audio Visual expenses donated by the hotel/convention center in
San Antonio. The budget that was approved for 2009 is projected to
be about $57,800 in the red. Since the 2009 budget also includes a
subsidy from the meeting site in Boston of at least $30,000 in AV
expenses, and there is no subsidy for 2010 in Seattle, the budget for
2010 could be $80-90,000 in the red if changes are not implemented.
As a result of that
projection, the Finance Committee, with the approval of the executive
officers, has implemented several revenue generating and cost cutting
for members has been increased by $75 to $300; however, a 'Loyal'
member, one who has paid dues for the 3 years prior to the annual
meeting, will be able to register for $250, an increase of only $25
over previous years. The non-member rate is $400, which should
provide incentive for some attendees to join the Society. There are
modest increases in the other registration categories as well.
Based on figures from the meeting in San Antonio, with 88 speakers in
regular symposia and 13 in late-breaking symposia getting full
reimbursement, this change would have saved the Society at least
$12,600. The savings for the Boston meeting could be considerably
more given the new registration fees.
It should be noted that Symposium authors receive up to 12 pages in
ICB with no page charges, real expenses that are absorbed by
the Society. With approximately 88 manuscripts published in ICB
in 2008, this represents $142,560 assumed by the Society, or a
further subsidy of $1620 to each presenting author. Furthermore,
authors may qualify for 1 free color plate that costs the Society
Current policy is to use 4% of the previous 5 year average balance of
the Charlotte Mangum Endowment toward funding of Student Support,
approximately $10,000 per year. A similar policy generates about
$7000 from the Grants-in Aid-of-Research Endowment as partial funding
for GIAR and FGST expenses, and approximately $4000 from the new
Symposium Fund for the Society Program Officer to use as a supplement
to Divisional symposium allocations.
For 2010 the same formula will be applied to the Unrestricted
Endowment, another portion of the investment portfolio, which will
add approximately $36,000 into the budget. This money will help
offset budgetary commitments and contribute to balancing the budget.
Committee Given a Charge
Development Committee, under the guidance of Tom Daniel, has been
given a 'shopping list' of potential cost elements of the
Society's finances upon which to focus fund-raising activities.
Some of these items are specific to the annual meeting in Seattle,
while others are geared toward raising money to increase particular
endowments or fund other on-going expenses that currently are funded
from the general operating budget. Any new money that is brought
into the Society will help improve the Society's long-term