Report of the Executive Secretary and Treasurer, October 2010 the American Catholic Historical Association
- Report of the Executive Secretary and Treasurer, October 2010 the American Catholic Historical Association
As treasurer of the American Catholic Historical Association (ACHA), this is my first annual report. I gave a short and less detailed report on our finances at the general meeting of the ACHA when we met in San Diego on January 7-10, 2010.
The worst part of the collapse of the market during this recession happened between late September 2008 and early March 2009. On March 5, 2009, the Dow fell to a new low of 6,594.44. On October 9, 2007, the Dow had closed at 14,164.43. Between its peak and its bottom, the Dow had dropped more than 50 percent in just seventeen months. This has been the longest and most severe postwar recession we have experienced. The market value of our Deutsche Bank, Alex Brown investments in 2009 increased from a low of $672,932 in January 2009 to $787,404.00 in December 2009. This represents a 26.7 percent return to the portfolio. Our DB investment councilor, David Canham, has advised us to stay the course. On the other hand, our mutual fund accounts at Vanguard and T. Rowe Price, which represent about 20 percent of our endowment, have earned about 4 percent during this same period. These mutual fund accounts were created to endow prizes and so remain in a series of GNMA funds.
As our expenses have increased, our revenue stream has become smaller. The 2007 budget was $66,544.31. The 2008 budget was $74,651.74. In 2009, our budget was $102,872.52. The difference came from a $15,000 payment on the new Web site and $12,000 to the executive secretary for both a monthly stipend and travel expenses to the annual meetings. This has led to deficit spending from the portfolio. It is clear that our present revenue stream, which primarily comes from memberships, is down. To offset this, we need to increase the endowment to increase the dividend earned from these funds. [End Page 743]
Fund Statement (as of December 31, 2009)
Cash
Balance as of December 15, 2008 (PNC Bank) . 8,960.66
Transferred from Investments . . . . . . . . . . . (49,000.00)
Balance as of December 15, 2009 (PNC Bank) . 9,745.58
Market Value of Investments: See Exhibit B
DBAB investments . . . . . . . . . . . . . . . . . . . . 787,404.00
Mutual funds . . . . . . . . . . . . . . . . . . . . . . . . 153,503.52
Total fund resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 940,907.52
Statement of Revenue and Expenses: (Exhibit A)
Revenue:
Membership fees (annual) . . . . . . . . . . . . . . . 31,383.50
Annual meetings
New York . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,150.00
Philadelphia . . . . . . . . . . . . . . . . . . . . . . . . . 2,435.68
Total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,969.18
Expenses:
Office expenses
Executive secretary . . . . . . . . . . . . . . . . . . 12,000.00
Office secretary . . . . . . . . . . . . . . . . . . . . . 19,800.00
Supplies and printing . . . . . . . . . . . . . . . . . . 1,723.02
Postage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400.00
Total office . . . . . . . . . . . . . . . . . . . . . . . . 34,923.02
The Catholic Historical Review . . . . . . . . . . . 38,000.00
ACHA Web site . . . . . . . . . . . . . . . . . . . . . . . . 15,280.00
Annual Meetings
New York . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,100.00
Philadelphia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0
Total meetings . . . . . . . . . . . . . . . . . . . . . . 8,100.00
Awards:
John Gilmary Shea Prize . . . . . . . . . . . . . . . . . 750.00
Howard R. Marraro Prize . . . . . . . . . . . . . . . . . 750.00
John Tracy Ellis Dissertation Prize . . . . . . . . . 1,200.00
Peter Guilday Prize . . . . . . . . . . . . . . . . . . . . . 100.00
Total Prize Awards . . . . . . . . . . . . . . . . . . 2,800.00
Miscellaneous:
Bank charges . . . . . . . . . . . . . . . . . . . . . . . . . . . 98.50
Certified public acct . . . . . . . . . . . . . . . . . . . 2,400.00
CIC membership . . . . . . . . . . . . . . . . . . . . . . . . 51.00
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . 220.00
Total Miscellaneous . . . . . . . . . . . . . . . . . . 2,769.50
Total Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102,872.52 [End Page 744]
Investments (Exhibit B)
Deutsche Bank Alex Brown
Money Market . . . ........................................ 170.30
PIMCO Bonds GNMA.......................... . . . 51,767.85
Davis Manager Large Cap Fund.............. . . .387,189.00
Small Cap Fund.................................. . . .156,619.02
Developing Markets, Euro-Pacific Fund.... . . . .191,334.00
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 787,080.17
Total Market Value of Portfolio
Capital Gains (1/1/2009) . . . . . . . . . . . . . . . . . . 672,932.00
(12/31/2009) . . . . . . . . . . . . . . . . . . . . . . . . . . 787,080.17
Dividend . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,904.22
T. Rowe Price
Mutual Fund GNMA:
(1/1/2009) . . . . . . . . . . . . . . . . . . . . . . . . . 50,010.90
Dividend . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,332.14
Market fluctuation . . . . . . . . . . . . . . . . . . . . . . . 845.85
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,188.89
Vanguard
GNMA Fund (1):
Capital Gains (1/1/2009) 90,562.85 (12/31/2009) 95,350.65
GNMA Fund (2):
Capital Gains (1/1/2009) 4,935.69 (12/31/2009) 4,963.68
Total . . . . . . . . . . . . . . . . . . . . 95,498.54 100,314.33
Dividend . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4,513.28
Total...
