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  • Financial Report of the Executive Director for 2016 *
  • Clydette L. Wantland

The executive director 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 re-invested for long-term growth. Routine operating funds are maintained in the SASS operating account. Income and expenditures are itemized.

Members/Institutions: As of December 31, 2016, the Society had a membership of 591 (130 institutions and 461 individuals). This represents an increase of 46 members since December 31, 2015 (an increase of 55 individuals and a decrease of nine institutions).

Individuals   Institutions  
Reg. E-only 55 E-only 62
Reg. Print Only 204 Print + E 3
Life (Print) 67 Print only 65
Retired (E-only) 7    
Retired (Print) 53    
Students (E-only) 20    
Students (Print) 55    
Totals 461   130

Scholarships/Grants: The Society administers two grants for graduate students, the Einar and Eva Lund Haugen Memorial Scholarship and [End Page 157]the Birgit Baldwin Fellowship in Scandinavian Studies for dissertation research in the Nordic region.

Centennial Campaign: The Centennial Campaign for Scandinavian Studies, a campaign to provide an endowment in support of the Society's journal, was officially launched in May 2010. As of December 31, $34,784 had been contributed.

Women's Caucus: The SASS Women's Caucus funds (included below) had no additional activity in 2016, and the balance remains at $685.

A. INVESTMENTS TO SUPPORT GIFTS AND GRANTS
  VALUE CHANGE  
LORD ABBETT INVESTMENT TRUSTS      
    Multi-Asset Balanced Fund CL A $7,490 $781 (10%)
TOTAL PORTFOLIO (A): $7,490 $781 (10%)
B. INVESTMENTS REINVESTING FOR GROWTH:
FEDERATED
    Income Fund $47,185 $4,091 (9%)
GOLDMAN SACHS      
    Balanced Fund $95,837 $3,018 (3%)
    Growth and Income $158,739 $18,574 (12%)
    Capital Growth $132,070 $2,472 (2%)
TOTAL PORTFOLIO (B): $386,646 $24,064 (17%)
C. BIRGIT BALDWIN FELLOWSHIP
MUTUAL FUNDS      
    Capital Income Builder $709,655 $45,815 (6%)
D. HAUGEN SCHOLARSHIP
MUTUAL FUNDS      
    Income Fund of America $191,610 $18,328 (10%)
E. WELLS FARGO BANK ACCOUNTS
Beginning Balance $50,096.15  
INCOME AND EXPENSES OPERATING ACCOUNT INCOME
Donations  
    Centennial Fund $495.00
    George Schoolfield Translation Prize $200.00
    Graduate Student Travel Fund $260.00
Conference Income      
    Registration Fees $53,877.50
    Nordic Heritage Museum Grant $1,500.00
    American Scandinavian Foundation $1,000.00
    Nordic Ministries Grant $6,159.96
    University of Minnesota $500.00
    Refund from New Orleans Hilton $97.95
    Refund from Delta Airlines $23.50
Other
    Dues and Subscriptions $41,293.70
    Charities Aid Foundation Grant (Ludwig) ** $7,118.72
    Journal Royalties $16,748.43
    Money Market Transfers and Interest $1,203.07
    WF Credit $0.84
Total Income: $180,574.82
EXPENSES
    Monthly Automatic Transfers to MM Account $1,200.00
    2021 Site Inspection Travel $404.20
    ACLS Membership 2015 $990.00
    Aurora Borealis Prize $1,150.00
    Banking Fees $36.00
    Conference Expenses $64,322.37
    Employee Travel $114.95
    Exec. Director Salary $5,965.30
    Gusto Payroll Service $380.00
    Haugen Scholarship $6,000.00
    Journal Publication/Management $29,771.52
    Logo Redesign $975.00
    Office Supplies/Equipment $57.29
    Tax Withholding $1,247.25
    Website Updates $675.00
    Chamber Orchestra Tickets 2017 Annual Meeting $1,250.00
    Deposit 2020 Annual Meeting $10,000.00
    Deposit 2019 Annual Meeting $5,000.00
    Wells Fargo Credit Card Payment $110.26
Total Expenses: $129,649.14
Ending Balance $50,925.68
SUMMARY OF ASSETS, December 31, 2016
    Investments Supporting Gifts and Grants $7,490.00
    Investments Reinvesting for Growth $386,646.00
    Birgit Baldwin Fellowship Funds $709,655.00
    Haugen Scholarship Funds $191,610.00
    Wells Fargo Accounts *** $50,925.68
Total Assets $1,346,326.68

**. CAF is the distributor of an annual donation to SASS from Peter Baldwin and Lisbet Rausing (Lunt Trust)

***. Wells Fargo Accts: Business Acct #8415 = $23,908.36; Old Acct #8816 = $20,345.50; #1183 (Money Market) = $6,671.82

Respectfully submitted,

Clydette L. Wantland
Society for the Advancement of Scandinavian Study

Footnotes

* The initial report, submitted at the 2017 Annual Meeting was incorrect. This corrected version was resubmitted for approval and audit review February 2018.

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Additional Information

ISSN
2163-8195
Print ISSN
0036-5637
Pages
pp. 157-159
Launched on MUSE
2018-08-23
Open Access
No
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