Message from the Treasurer
Ron Dimock
The financial condition of SICB continues very solidly in the black, and
is as good as can be expected given the present economic climate. The
Finance Committee has transferred $650,000 in assets, essentially
$200,000 per quarter, to LPL Financial Services under the management of
Matthew Tederick. Of this total, $200,000 has been placed in a real
estate investment trust (REIT). Along with nearly every other endowment
and personal portfolio in the country, the assets in the several mutual
funds that comprise part of SICB's portfolio are down from their initial
value, about 10%. However, the good news is that the REIT pays an
annual dividend of 8.3% (i.e., $16,600 on the current principal) and
includes an automatic share repurchase program. This dividend will
offset the current losses among some of the mutual funds and reduce the
overall negative fund balances to about 6% loss. Therefore, the overall
position of the society remains very favorable.
We continue to enjoy the cost-cutting benefits of now being managed by
Burk & Associates, Inc. For example, although the final auditing of the
2002 annual meeting in Anaheim is not yet complete, at the end of the
2nd quarter the Annual Meeting was about $17,000 in the black (in
contrast to a budgeted deficit of $48,000). In comparison, at the end
of the 2nd quarter of 2001, the annual meeting in Chicago showed a
deficit of $6000, which ultimately proved to be only $76 at the end of
the year. If that pattern obtains this year, we clearly are on track to
have a profit from the meeting in Anaheim. This would be the first time
in a very, very long time that the annual meeting paid for itself, or
more.
As part of the new financial health of SICB the Student Support
Committee has initiated a new Fellowship of Graduate Student Travel
competition, which is over and above the continuing Grants in Aid of
Research program from the SSC. This new award (up to $2000 per
recipient) is specifically to enable graduate students to engage in
'long distance' or international travel to visit research sites,
museums, laboratories, etc., which they otherwise would be unable to
do. The GIAR program also had its budget increased by 100%. Both of
these programs, as well as the Libbie H. Hyman Memorial Scholarship, can
be viewed under the 'Award Program' section of the 'for SICB Members'
link on the SICB home page. It is these kinds of innovative uses of
SICB's resources that the Executive Committee is especially interested
in supporting.
The solicitation of budget requests for fiscal/calendar 2003 has gone
out to all Divisions, Committees and other cost centers of SICB. This
year the requests provided for tentative projections of aspirations and
needs for fiscal 2004. Although there will be a formal call for the
2004 budget information next fall, having these budget requests for 2003
and 2004 much earlier than usual will enable the Finance Committee and
the Core Officers to consider financial matters at the upcoming
Strategic Planning meeting in late November.
The dues renewal notices have gone out, reflecting both the reduced fee
schedule ($85 for full members) that was instituted for 'early bird'
renewal last year (and which will now remain in effect for some time)
and the reinstated category of Life Member. Life membership can be
attained upon payment of $1000, either as a single payment or in two
consecutive annual payments of $500. Please consider whether this is a
good option for you, and also make an effort to recruit new members
among your colleagues, students and friends.