Report of the Treasurer
for the Year ending June 30, 2004

In fiscal year 2004 Sigma Xi's net assets increased from $14,377,100 to $14,952,400 an increase of 4% from FY2003, resulting primarily from an increase in market value of investments and construction of new building. Total revenues for fiscal year 2004 were $6,233,400, an increase of $3,346,300 over the previous fiscal year of $2,887,100, primarily because of realized gains on investments in FY2004. Dues and fees decreased as membership decreased by 2,500, from 71,300 to 67,800. The membership numbers include 2,900 new and reactivated members added by the Society in FY2004. Student membership decreased from 5,500 to 5,300 and emeritus membership decreased from 15,700 to 15,500. Both of these latter groups pay dues at a reduced rate.

Operating expenses for fiscal year 2004 were $6,870,000, an increase from the previous fiscal year of $6,393,400 or 7.45%. The increase was mainly due to expenses associated with two new projects - American Scientist Online and purchase of a new membership database program. Categories of increased expense included American Scientist, Annual meeting; Development & Communications; Sigma Xi Center Programs; Grants-in-Aid of Research; Grant Funded Programs; and Capital Campaign. Expense categories that showed a decrease were, Management & General; Membership and Forum.

The new Sigma Xi Science Center and Headquarters construction was completed and the headquarters moved from the old site to the new building. Major operating expenses for the Center began during the latter half of this fiscal year. The Capital Campaign Fund assets for FY 2004 increased from $2,584,000 to $2,760,600, an improvement of 6.8% from FY 2003. Land, building and equipment assets increased from $3,043,300 to $6,293,700 an improvement of 106.8%. A favorable mortgage instrument was signed for the new Sigma Xi Center and construction initiated. Major translocation and startup expenses for the new Center occurred during FY 2004.

PERSPECTIVE

Net assets increased slightly, 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, reflecting the effects of uncertain financial markets, is still substantial and well positioned. Over time, it is expected to grow in value. Further contributions to the Capital Campaign and Research & Operations endowments are means to insure the stability of the Society and the enhancement of its programs. The greatest challenge facing the Society is to increase the membership by recruitment and retention. 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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