Report of the Treasurer
for the Year ending June 30, 2003
In fiscal year 2003 Sigma Xi's net assets decreased from $16,171,600 to $14,377,100 a decline of 11.1% from FY2002, resulting primarily from a decline in market value of investments. Total revenues for fiscal year 2003 were $2,887,100, a decrease over the previous fiscal year of $3,204,300, primarily because of realized losses on investments in FY2003. Dues and fees increased as life membership increased even though membership decreased by 1,200 members, from 71,500 to 70,300. The membership numbers include 3000 new and reactivated members added by the Society in FY2003. Student membership increased from 5,400 to 5,500 and emeritus membership decreased from 16,000 to 15,700. Both of these latter groups pay dues at a reduced rate.
Operating expenses for fiscal year 2003 were $6,393,400, an increase from the previous fiscal year of $545,000 or 9.3%. The increase was mainly due to two new projects - American Scientist Online and purchase of new membership database expenses in FY2003. Categories of increased expense included American Scientist, Annual meeting; Sigma Xi Center Programs; Grants -in-Aid of Research; Grant Funded Programs; Management and General; and Capital Campaign. Expense categories that showed a decrease were, Development & Communications; Membership and Forum.
The Building Fund assets for FY 2003 increased from $1,566,300 to $2,584,000, an improvement of 65% from FY 2002. Land, building and equipment assets increased from $1,181,042 to $3,043,273, an improvement of 258%. A favorable contract and debt instrument was signed for the new Sigma Xi Center and construction initiated. Major expenses for the new Center will occur during FY 2004.
PERSPECTIVE
Although net assets declined, as 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 greatest challenge facing the Society is to reverse the continuing decline in membership. No matter how great its financial assets, Sigma Xi cannot fulfill its mission without new and continuing members!
Richard L. Meyer
Treasurer
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