Report of the Treasurer
for the Year ending June 30, 2002
GENERAL STATEMENT
In fiscal year 2002 Sigma Xi's net assets decreased from $19,697,800 to 16,171,600 a decline of 17.9% from FY2001, resulting primarily from a decline in market value of investments. Total revenues for fiscal year 2002 were $6,091,400, a decrease over the previous fiscal year of $1,929,100, primarily because of a large bequest that was received in FY2001. Dues and fees decreased as membership declined from 74,300 to 71,500. The membership numbers include 3,000 new and reactivated members added by the Society in FY2002. Student membership decreased from 5,600 to 5,400 and emeritus membership decreased from 16,800 to 16,000. Both of these latter groups pay dues at a reduced rate.
Operating expenses for fiscal year 2002 were $5,848,400, a decrease from the previous fiscal year of $243,400 or 3.99%. Categories of increased expense included American Scientist, Membership, qualifications and annual meeting; Development, Communications and Center Programs; Forum; Grant Funded Programs; Media Resource Service; and Capital Campaign. Expense categories that showed a decrease were, Grants-in-Aid of Research; Other Programs; and Management and General.
PERSPECTIVE
In spite of the decline in net assets noted above, Sigma Xi's financial position remains strong. Thanks to careful fiscal management, the Society has operated with a balanced budget for the past several years. Sigma Xi's endowment, although suffering the effects of weak financial markets, is still substantial and, over time, can be expected to grow again in value. The real danger facing the Society is the continuing decline in membership. No matter how great its financial assets, Sigma Xi cannot fulfill its mission without members!
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