Report of the Treasurer
for the Year ending June 30, 2008
GENERAL STATEMENT
In the fiscal year 2008 Sigma Xi's financial activities included continuing enhancement of American Scientist Online, improvements in the Member's Only data base and upgrading informational technology services. These expenditures are included within the operational budget. Total expenses were held below budget ($6,482,194 budgeted vs. $6,311,939 actual), a reduction of $170,255. Revenue returns were less than budgeted ($4,531,196 budgeted vs. $4,429,107 actual), a decrease of $102,089. The market value draw was anticipated to be $1,950,998 or 12.53% of the endowment while the actual draw was to $1,882,832 or 12.09%.
The Capital Campaign Fund Endowment was amortized for expenses associated with refinancing the Sigma Xi Center and associated grounds. In anticipating future requirements the building and land are now incorporated into a Sigma Xi limited liability corporation; known as Sigma Xi Center, LLC. This subsidiary was used as collateral to acquire a more favorable mortgage and to provide greater managerial control over the Sigma Xi Endowment monies.
Selected financial information is presented in the succeeding tables to provide a summary of activities. Full detailed disclosure is available in the auditors report and the report from the Committee on Audit Review. These reports can be access on the Sigma Xi web site after Board review and approval. The address is: http://www.sigmaxi.org/member/membersonly/financials.php (you will need your membership ID number to access this page). Several fiscal years reports are available for viewing as well as the FY2009 approved budget.
Below are graphs depicting the values and percentages of revenues and expenses by major category. The revenue presentation includes monies from dues and other sources and monies drawn from the endowments for operational purposes and for Sigma Xi Center debt retirement. The withdrawals are controlled by restrictions placed on contributions by donors and by the Board of the Society.
The treasurer will provide additional remarks to the Assembly of Delegate at the annual meeting.
Richard L. Meyer
Treasurer
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