FROM THE TREASURERAuthor(s): Jack RobertsonSource: Art Documentation: Journal of the Art Libraries Society of North America, Vol. 8,No. 4 (Winter 1989), p. 193Published by: The University of Chicago Press on behalf of the Art Libraries Society of NorthAmericaStable URL: http://www.jstor.org/stable/27948134 .

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Art Documentation, Winter 1989 193

One final note about resource sharing that should be of

special interest to contributors to Art Documentation is that, since the spring 1989 issue Art Documentation will not only be indexed by Library and Information Science Abstracts and RILA but has also been added to the list of publications in cluded in Library Literature.

Beryl K. Smith Rutgers University

I ] FROM THE TREASURER

At the end of the current fiscal year, ARLIS/NA's financial profile as reflected in the acompanying "Statement of Opera tions" shows clearly that we have had a very successful year. The two major income lines comprising over 75% of the society's budgeted income sources have surpassed 100% with Membership at 102.9% and Conference at 103.1%. Inter est and Fund Raising have both been tremendously success ful this year as well: we have made over $1,000 per month this year in interest, and the total fundraising income of over $8,000 is very much above the $3,000 that was originally budgeted.

On the expense side, total expenditures are 101.6% of the budgeted total, but $7,000 of the total represents a transfer of funds to reserves rather than a true expenditure. Due to an early delivery schedule, we also paid in September for a headquarters computer that is budgeted for F.Y 1990. The final conference expense line has come in at nearly $18,000 less than the income generated; this is a clear sign of the Phoenix conference's success! The only other expense that shows a noteworthy deficit is the line for Art Documentation, which is approximately 17.5% over budget. On the other hand, the reason for this cost overrrun is that this year's issues of Art Doc have been larger than usual, and we have nothing to complain over for these larger and more substan tial publications!

At the midyear executive board meeting in Montreal, sev eral things transpired that have significant financial implica tions. First, the budget for Fiscal Year 1990 which begins Oc tober 1, 1989, and runs through September 1990 was approved in final form. See the accompanying summary budget with line-by-line allocations. Both the income and ex pense sides of the F.Y. 1990 budget are calculated to increase by over 27% to $235,000. The additional expenses are ac counted for largely by the extraordinary expenses that the conference in New York will entail as well as increases in the Management Fees line. Fortunately, the executive board was able to foresee substantial increases on the income side as well in order to counterbalance these increased expenses.

Second, an especially pleasing point that is reflected in next year's budget is the fact that the board has been able to fund fully or partially all six of the special proposals that were submitted for funding by three chapters and three commit tees of the society. The three chapters are Arizona, New York [City], and Western New York; in each case these groups requested funds to help support joint meetings with other library and/or professional associations in their regions. The three committees are Wittenborn, which requested funds to enhance the award certificates, Standards I, and Standards II, which requested money to facilitate the compilation of stan dards for space planning and staffing.

Third, the board made a commitment to establish a special fund in order to support research projects conducted by ARLIS/NA individual members. In financial terms, this com mitment is manifested in several ways: $2,000 of the so ciety's cash reserve was designated as an initial allocation to the endowment for the ARLIS/NA Research Fund; in addition, the focus of the gala to be held at the Pierpont Morgan Li brary during the New York conference will be fundraising to enhance further the fund's endowment. More information on the research fund is being furnished through ARLISINA Update.

And, finally, the executive board reached full consensus on a new philosophy of investment for the society's funds. After

due study and consideration, the board confirmed that ARLIS/NA money should be invested in socially responsible banking funds and investment instruments. The gist of this decision is contained in the following motion that was passed unanimously:

Motion no, 7: / move that the Treasurer reinvest the funds presently in the two Delaware Cash Reserve Funds and the Fidelity High Income Fund into two money mar ket funds, namely: Calvert Money Market Fund and Working Assets Money Fund and two mutual funds, namely: Pax World Fund and Parnassus Fund, all of which combine high yield, safety, and social responsibility.

All of these funds employ "screens" which filter out from their portfolios all investments with interests involved in South Africa, armaments, liquor, tobacco, environmental pol lution, or social and personnel abuses. The two mutual funds are long-term growth investments in which a portion of our cash reserve will be placed, and the two money market funds provide a fluctuating interest yield typical of all bank money market accounts where the bulk of the society's operating funds will be maintained. The most important new point in the investment policy adopted by the board is that now ARLIS/NA's funds will be invested in instruments that provide us with substantial interest income while at the same time supporting socially responsible companies.

Jack Robertson ARLIS/NA Treasurer

STATEMENT OF OPERATIONS FY1989 & Budget for FY1990

Income Operations:

Membership . $ 71,000.00 Conference. 66,000.00 Advertising . 14,000.00

'89 Budget '89 Realized '90 Budget

Other: Publications.

Mailing List . Interest . Reserve Funds Interest Fund Raising . Other .

10,000.00 9,000.00 7,000.00

00.00 3,000.00 2,000.00

$ 73,083.00 68,063.62 13,331.90

6,776.96 9,737.25 13,078.15

00.00 8,015.00 1,968.37

$ 76,000.00 96,000.00 14,000.00

10,000.00 9,000.00 6,000.00 5,000.00

17,000.00 2,000.00

TOTAL INCOME . $182,000.00 $194,054.25 $235,000.00

Expense Management Fees .

Telephone. Equipment/Supplies. Travel/Mileage. Art Documentation .

Printing/Publications .

Membership Handbook_ Postage/Mailing . Conference. Dues/Subscriptions .

Legal/Accounting . I.R.S. Income Tax. Executive Board . Muehsam Award . Committee Expenses. Chapter Expenses. Div/Sect Expenses . ARLIS Archives. Strategic Planning Meeting Fund Raising .

Advertising Commissions.

Reserve Fund.

Contingency.

TOTAL EXPENSE .

REVENUE/EXPENSE

52,760.00 1,500.00 1,000.00 2,000.00

25,000.00 7,000.00 7,000.00 4,000.00

52,000.00 750.00

1,000.00 .00

4,400.00 250.00

2,800.00 1,000.00 1,800.00 380.00 00.00

7,500.00

3,500.00 7,000.00 2,360.00

$185,000.00

$ (3,000.00)

52,260.00 1,448.61 3,158.25 2,342.88

29,391.15 7,738.26 7,097.74 2,931.68

50,116.20 697.00

1,049.35 1,900.02 4,071.38

100.00 445.87 00.00

1,416.71 472.72 00.00

8,612.57

3,245.87 7,000.00 2,392.20

$187388.46

$ 6,165.79

61,480.00 2,000.00 3,000.00 3,000.00

26,000.00 7,000.00 7,000.00 4,000.00

75,000.00 1,000.00 1,000.00 500.00

6,200.00 500.00

5,800.00 1,000.00 1,800.00 500.00

2,800.00 13,000.00

3,500.00 6,500.00 2,420.00

$235,000.00

$ 00.00

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