Report of the Treasurer
for the Year ending June 30, 2010
The Board of the Society approved a balanced budget of $5,447,961, as recommended by the Committee on Finance for FY2010. Total revenues, beyond dues and fees and other sources, included a loan of $300,000 from the Sigma Xi Endowment Fund. The total endowment withdrawal was $761,457 (interest and dividends - $461,457 and Loan - $300,000). Actual end-of-year total revenue from all sources was $5,003,740 (or $444,221 less than budgeted). Income from dues and fees, charitable donations and American Scientist advertising and subscriptions were less than budgeted. Operating expenses were well controlled and less than allocated in all areas. Total expenses, including the Sigma Xi Center, were $5,003,894 (or $444,067 below budget).
Budgets and more detailed financial reports are directly available at: http://www.sigmaxi.org/member/membersonly/financials.php. The Committee on Audit Review has completed the assessment of the FY2010 financials and has submitted their recommendations to the Board of Directors. The Board of the Corporation must approve the auditors report and the report of the Committee on Audit Review for FY2010 before presentation to the membership. These reports will be available on the Society's website after the Corporation meeting on November 12, 2010.
The Sigma Xi Endowment Fund began the fiscal year with a market value balance of $9,933,379 and an ending balance of $10,834,037. The increase of $900,658 was primarily a result of improved market conditions. Quarterly meetings with the investment advisors confirmed that the portfolio was invested appropriately and as authorized by the Board of Directors.
A FY2011 budget of $5,490,008 was recommended by the Committee on Finance and approved by the Board. Revenue in the approved budget included only interest and dividends from restricted endowment fund income along with dues and fees and conservative estimates of other income. Any deficit in revenue will be funded by a loan from the Sigma Xi Endowment Fund.
The dues and fees structure for FY2012 was recommended to the Board with a proposed increase in emeritus and transitional dues rates. A 9-point motion to set the dues and fees for the fiscal year 2012 will be presented to the delegates for their review and approval.
As Treasurer, I will provide additional comments and further detail during my presentation to the Assembly of Delegates. I will be available throughout the Annual Meeting to answer any questions.
W. Franklin Gilmore, Treasurer
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