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Report of the Committee on Finances
for the Year Ending June 30, 2000
The membership of the Committee on
Finances for 1999-2000 is:
John W. Prados, Chair
Peter D. Blair
S. Gaylen Bradley
Jaleh Daie
John H. Gibbons
W. Franklin Gilmore
Peggie Hollingsworth
Lawrence M. Kushner
Raymond P. Lutz
Richard L. Meyer
The Committee on Finances met on March 11, 2000,
in Research Triangle Park, North Carolina, reviewed the performance of Sigma Xi’s
investments, and recommended a draft budget for FY2001 to the Executive Committee. At this
meeting following actions were taken relative to the Society’s investment manager:
(1) Change fund manager from JC Bradford & Company to Wachovia Asset Management and
(2) Reclassify investments into two funds, a Research and Operations Fund and a
Building Fund. The purpose of the Research and Operations Fund is to provide annual
support for research and Society operations. The purpose of the Building Fund is to
finance construction of the new Sigma Xi Center building.
As of June 30, 2000, the balances in these funds
were as follows:
| Fund |
Cost |
Market Value |
| Research and Operations |
$18,908,913 |
$ 20,115,946 |
| Building (Money Market) |
$ 88,796 |
$ 88,796 |
| Total |
$18,997,709 |
$ 20,204,742 |
Dividend/interest yields and total returns, based
on cost, for these funds on June 30, 2000 were:
| Fund |
Dividend and Interest
Yield, Percent |
Total Return Including
Realized Capital Gains, Percent |
| Research and Operations |
2.41 |
27.64 |
| Building |
7.37 |
7.37 |
These yields reflect the decision of the Board of
Directors to favor long-term growth potential over current yields in the Research and
Operations portfolio, combined with the favorable equities market of recent years. Despite
market instability over the past year, the market value of all-Sigma Xi funds increased by
2.99 percent from July 1, 1999 to June 30, 2000.
John W. Prados, Chair
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