Message from the Treasurer

Ron Dimock

• Executive Committee passes budgets for 2007 and 2008, attempts to reduce the deficit spending

Following initial discussion at the annual meeting in Phoenix and detailed reworking of the budgets by the Finance Committee, the Executive Committee has approved budgets for the final 6 months of fiscal 2007 and the full 12 months of fiscal 2008. The odd budget is a consequence of changing the Society's fiscal year.

With the passing of the fiscal 2008 budget, SICB will once again approve budgets before the annual meeting, e.g., San Antonio in January 2008. This timing has not been possible since the Society switched from the late December to early January meeting times.

• 2008 Budget limits expenses for "Functions" at the annual meeting in San Antonio, provides equity across Divisions for annual budget and puts a cap on complimentary room or registration costs for student workers attending the annual meeting.

The allocation for all Society-wide "functions" - welcome reception, coffee breaks, student-postdoc dessert, drink tickets, companion breakfast, etc. - is capped at $65,600. This figure contrasts with the approximately $80,000 spent in Phoenix and the outrageous figure of $105,000 in Orlando.

Divisional budgets have been standardized at $2000 for symposia support, $800 for socials and $300 for student awards such as Best Paper/Best Poster. This figure does not include the special assessments now being collected for DCPB and DCE, nor special allocations for some regional and international initiatives.

Student support for comped rooms or registration will be capped at $60,000 for San Antonio. If the total requests exceed $60,000, adjustments will have to be made either in the student co-pay or in the number of students approved for compensation.

• New budget limits compensated support to attendance at a maximum of 3 annual meetings for any one student.

Beginning with the meeting in San Antonio, no student will be eligible for more than 3 years of comped room or registration for work at the annual meeting. The clock will begin in San Antonio, i.e., a student who has already received one or more years of support will not be penalized; rather he or she will be eligible for 3 years' support from San Antonio forward.

• New endowment fund for symposia off to great start with $7,450 in contributions received within the first 5 days of the meeting in Phoenix.

With generous contributions from 9 members, the newly created symposium endowment has risen to $107,450 from the initial $100,000 allocated by the Executive Committee. All Society members are encouraged to consider donating to this new fund which still is in need of a name. If you have a clever or creative acronym, suggest it to Secretary Burnett.

• Investment in Inland REIT pays off.

Inland American Real Estate Trust in which the Society has been invested for 4 years merged in March with Developers Diversified Realty, owners of more than 800 shopping centers in 45 states, Puerto Rico and Brazil. Shareholders of record received $12.57/share for Inland stock plus 0.022 shares of DDR stock per share of Inland. The $12.57 per share times the 28,360 shares owned by SICB equals a cash payout of $356,485 directly to SICB. DDR is currently trading at about $62.70, yielding an unrealized gain of approximately $38,375 on SICB's 612 shares. A decision when to sell these shares in DDR will be forthcoming. The total return on the original $200,000 invested in Inland will be approximately $395,000. Recommendations about how to reinvest this windfall return are being considered by our financial managers.