Financial Report of the Secretary-Treasurer for 2012
Rent from DeepDyve- Financial Report of the Secretary-Treasurer for 2012
The Secretary-Treasurer has organized this report to reflect the purpose and status of each of the Society’s assets. Some investments are intended to help support gifts and grants while others are reinvested for growth. Routine operating funds are maintained in the SASS operating account. Income and expenditures are itemized. The Society is financially sound. On December 31, 2012, those assets were valued at $1,110,286.28. As of December 31, 2012, the Society had a membership of 534 (138 institutional and 396 individual). That represents a decrease of 22 members since December 31, 2011 (a decrease of 16 institutional and of 6 individual). Institutional memberships numbered 87 in the United States (a decrease of 29) and 51 abroad (an increase of 13). Individual memberships numbered 316 in the United States (a decrease of 6) and 80 abroad (no change). There were 51 student memberships, 44 in the United States (an increase of 15) and 7 abroad (an increase of 2). The Society had 139 lifetime members (a decrease of 2). Of these, 95 were in the United States and 44 abroad. There were 13 patron members.
The Society administers two grants for graduate students, the Einar and Eva Lund Haugen Dissertation Scholarship and the Birgit Baldwin Fellowship for dissertation research in the Nordic region. Seven doctoral students have benefited from the Baldwin Fellowship grant and one from the Haugen Scholarship thus far.
The Centennial Campaign for Scandinavian Studies, a campaign to provide an endowment in support of the Society’s journal, was [End Page 129]officially launched in May 2010. As of December 31, $30,329 had been contributed.
The SASS Women’s Caucus funds, which are included below, had a balance of $685 at the end of the year 2012.
| A. INVESTMENTS TO SUPPORT GIFTS AND GRANTS: | |||
| VALUE | CHANGE | ||
| LORD ABBETT INVESTMENT TRUSTS | |||
| Balanced Strategy Fund CL A | $5,695 | 762 | (15%) |
| Balanced Strategy Fund CL C | $28,860 | $3658 | (15%) |
| TOTAL PORTFOLIO (A): | $34,555 | $4420 | (15%) |
| B. INVESTMENTS REINVESTING FOR GROWTH: | |||
| FEDERATED | |||
| Limited Term | $20,257 | $550 | (3%) |
| Strategic Income | $24,776 | $2,380 | (11%) |
| GOLDMAN SACHS | |||
| Balanced Fund | $83,058 | $36,150 | (78%) |
| Growth and Income | $98,076 | $16,062 | (20%) |
| Capital Growth | $32,410 | $5,073 | (19%) |
| TOTAL PORTFOLIO (B): | $258,577 | $60,215 | (30%) |
| C. BIRGIT BALDWIN FELLOWSHIP | |||
| MUTUAL FUNDS | |||
| Capital Income Builder | $619,912 | $37,613 | (6%) |
| D. HAUGEN SCHOLARSHIP | |||
| MUTUAL FUNDS | |||
| Income Fund of America | $158,126 | $12,155 | (8%) |
| E. BANK ACCOUNTS | |||
| WELLS FARGO | |||
| Beginning Balance | $4,462.85 | ||
| INCOME | |||
| Conference Income | $26,213.76 | ||
| Donations and Grants | $11,885.00 | ||
| Interest $2.27 | |||
| Total Income: | $42,563.88 | ||
| EXPENSES | |||
| Conference Expenses | $26,038.77 | ||
| Banking Fees | $898.15 | ||
| Typesetting and Editing | $2,500.00 | ||
| Total Expenses: | $29,452.92 | ||
| Ending Balance | $13,110.96 | ||
| F. SASS OPERATING ACCOUNT | |||
| Beginning Balance | $67,755.64 | ||
| INCOME | |||
| ASF Student Travel | $1,000.00 | ||
| Centennial Campaign Donations via Office | $750.00 | ||
| Dues and Subscriptions | $24,118.53 | ||
| Interest Income | $508.03 | ||
| President’s Grant Donations | $270.00 | ||
| Royalties $15,849.88 | |||
| Total Income: | $42,496.44 | ||
| EXPENSES | |||
| ACLS Annual Meeting Attendance | $409.66 | ||
| ACLS Membership | $990.00 | ||
| Aurora Borealis Awards | $2,057.86 | ||
| Credit Card Fees | $175.90 | ||
| Non-profit Tax Return Preparation | $1,550.00 | ||
| Postage and Mailing | $6,929.74 | ||
| President’s Grants | $4,000.00 | ||
| Printing and Copying | $15,093.26 | ||
| Storage Space Rental | $240.00 | ||
| Student wages and benefits | $20,154.65 | ||
| Subscription refunds | $335.72 | ||
| Supplies, utilities, Web hosting | $2,309.97 | ||
| To Portfolio B, above | $30,000.00 | ||
| Total Expenses | $84,246.76 | ||
| Ending Balance | $26,005.32 | ||
| SUMMARY OF ASSETS, December 31, 2012 | |||
| Investments Supporting Gifts and Grants | $34,555.00 | ||
| Investments Reinvesting for Growth | $258,577.00 | ||
| Birgit Baldwin Fellowship Funds | $619,912.00 | ||
| Haugen Scholarship Funds | $158,126.00 | ||
| Wells Fargo Account | $13,110.96 | ||
| Funds in SASS Operating Account | $26,005.32 | ||
| Total Assets | $1,110,286.28 | ||
1. Includes $30,000 transferred from Operating Account, below.
This represents an increase of $81,300.79 compared with total assets on December 31, 2011.
Respectfully submitted,
Richard L. Jensen
Secretary...
