Secretary-Treasurer's Report
by Alison Dobbie, MD
Despite the financial challenges posed by a global recession, STFM ended the year almost $60k in the black. This represents a strong turnaround from a deficit of over $80k in 2007, with much kudos due to Stacy Brungardt, CAE, Executive Director, Dana Greco, CAE, Chief Financial Officer, and the other STFM staff who worked hard to make this turn around possible.
This success was due mainly to a combination of increased income in some cases and watchful scrutiny of expenses in other cases. Income from classified advertising exceeded budget projections by almost $70k, although the economy may threaten this strong performance for next year. Meeting income was also strong at more than $35k ahead of budget. Again, we fear the impact of financial stringencies on meeting attendance for 2009, and even more so for 2010. In 2008, the Society also earned a useful $20k plus from leasing our online review system and renting our data projectors and laptops for non-STFM meetings.
Some 2008 expenses increased since last year. Salaries exceeded budget by $21k, due in part to well deserved end-of-year bonuses approved by the Finance Committee in recognition of staff’s superb financial performance (see above). However, other expenses came in below budget. For example, office operating expenses and committee travel expenses were both below budget, at $2k and $13k respectively. Expenses on meeting workshops reduced by over $47k compared with 2007 – an impressive saving.
Membership remained fairly steady in 2008. Membership income was 99.2% of budget, which is a solid performance in difficult financial times. However, we had hoped to increase membership in 2008, and we still must strive to meet our 2009 goal of a 3% membership increase.
Our main goal for 2009 will be to repeat this year’s strong performance. Major challenges include maintaining membership and meeting attendance in a weak economy. Active efforts are under way to exploit new sources of income. Thanks to the efforts of STFM’s staff and volunteers, we look forward to addressing these challenges in 2009.
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| Expenses *fringes=Payroll taxes, accrued vacation, insurance Other=Grants and Merchandise COS |
Income
*Other=Interest, dividends,
grants, royalties, online submission and audiovisual equipment rental, and product sales |