Treasurer's Report

Treasurer’s Report L ast year our outgoing Treasurer, John Matteson, could report here that we had weathered “the worst year for the U.S. economy since the great depression.” 2009 certainly proved more stable, and at the end of my first year as Treasurer I can report that the sound investment strategies of my predecessors continue to pay dividends. I have received a great deal of sage advice from John Matteson during this last year, and I want to thank him here for all his help. John Bryant and Dennis Berthold have also helped me a great deal. After a poor performance in 2008, the Murray Endowment has regained much lost ground. The invested assets of both the Melville Society Cultural Project (MSCP) and the Cohen Fund recorded positive returns again this year. I recommend no change in the Society’s investment strategy for 2010. In 2008 the Murray Endowment posted a disappointing negative YTD return of 36.53%. In 2009 it made up considerable ground, posting a positive YTD return of 28.04%. The Cohen Fund has yielded a positive return of 6.23% YTD, up from last year’s positive return of 5.4%. The invested portion of the MSCP earned in 2009 a positive return of approximately 7%, up from 1.67% last year. The Melville Society currently rests upon solid financial footing, but every effort should be made in the coming year to appeal to friends who have fallen away from our rolls, and to attract new members. Our new Website and the PayPal option (for paying dues and making contributions) should help considerably in this regard. Our active membership now stands at 510 members, up only slightly from last year. OPERATING BUDGET (Checking Account, Citibank, New City, NY) Beginning Balance: $32, 597.89 Income: $4,090.00 Expenses: $7417.70 Ending Balance: $29,270.19 C  2010 The Authors Journal compilation C  2010 The Melville Society and Wiley Periodicals, Inc. 98 L E V I A T H A N A J O U R N A L O F M E L V I L L E S T U D I E S T R E A S U R E R ’ S R E P O R T MURRAY ENDOWMENT (Dodge & Cox Balanced Fund) Beginning Balance: $47,959.55 Income: $11,865.30 Expenses: None. Ending Balance: $59,824.85 We hold 929.154 shares of DODBX, with a total YTD value of $59,493.73, up $11,865.30 from last year’s closing value of $47,628.43. An additional $331.12 belonging to the Endowment is being held in the general operating fund. Thus the current value of the Murray Endowment is $59,824.85. COHEN PRIZE FUND (Vanguard GNMA Fund) Beginning Balance: $4821.44 Income: $2016.25 Expenses: $150.00 Ending Balance: $6,687.69 CULTURAL PROJECT (VBMX & Checking Account, Citibank, New City, NY) Beginning Balance: $17,630,99 Income: $1440.00 Expenses: $1163.94 Ending Balance: $17,907.05 At the end of 2009 we owned 1,408,907 shares of VBMFX. Those shares had a total value of $14,582.19 at that time. At the end of the year, the portion of the MSCP still in the general operating account is valued at $3,293.40. The MSCP therefore currently totals $17,907.05. —Tony McGowan Treasurer A J O U R N A L O F M E L V I L L E S T U D I E S 99 ...