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  • Financial Report of the Executive Director for 2019
  • Kimberly J. La Palm

In collaboration with the Financial Officer, the Executive Director has compiled this report to reflect the purpose and status of each of the Society’s assets.

Investments: The society maintains four investment accounts. Some investments are intended to help support gifts and grants while others are re-invested for long-term growth. As of December 31, 2019, the investment accounts reflected an overall gain of 17 percent. As our members are aware, the markets have been unstable in the first half of 2020. Although there were significant dips in March, as of May 31, 2020, the investment accounts were showing growth since the close of 2019. After consulting with our financial advisor, we have elected to maintain our long-term investment strategy with an eye toward balanced growth across our portfolios.

Portfolio A: Investments to Support Gifts and Grants—Donations to support the presidential grant as well as other small gifts are invested at a conservative rate. This account has shown growth.

Portfolio B: Investments Re-investing for Growth—A portion of any income received from society activities is invested in a more aggressive account to be used to support proposed society projects. This account has shown growth.

Portfolio C: Birgit Baldwin Fellowship—The original endowment supporting the Birgit Baldwin Fellowship is maintained in a separate [End Page 164] investment portfolio. The gift requires that we maintain the total amount of the original endowment and that all payments toward the fellowship be made from dividends. This threshold was met in 2019, guaranteeing that we will be able to offer the Baldwin Fellowship in 2021.

Portfolio D: Haugen Scholarship—The original endowment supporting the Einar and Eva Lund Haugen Scholarship is maintained in a separate investment portfolio. The gift requires that we maintain the total amount of the original endowment and that all payments toward the scholarship be made from dividends. This threshold was met in 2019, guaranteeing that we will be able to offer the Haugen Scholarship in 2021.

Operating Account: Routine operating funds are maintained in the SASS operating account.This account remains balanced.

Income
Ad Revenue: $800.00
Conference Donations: $10,162.00
Grants: $23,411.17
Registrations: $58,045.00
Total Conference Income: $92,418.17
Subscriptions: $33,281.62
Royalties: $28,350.28
Total Journal Income: $61,631.90
Donations: $875.00
Total Donations: $875.00
Total Income: $154,925.07
Expenses
Business Expenses: $1,862.17
Bookkeeping: $4,784.00
Design: $7,000.00
Legal Expenses: $261.00
Postage and Delivery: $212.12
Aurora Borealis: $1,150.00
Bank Charges & Fees: $120.50
Total Business Expenses: $15,389.79
Payroll Expenses: $12,921.41
Payroll Taxes: $4,790.98
Travel: $2,713.37
Total ED Expenses: $20,425.76
JSTOR Fees: $30.00
Print, Bind, and Ship: $9,767.09
Quarterly Fees: $17,144.00
Postage: $1,197.96
Total Journal Expenses: $28,139.05
SASS2019—Entertainment: $4,368.34
SASS2019—Facilities: $33,838.38
SASS2019—Keynote: $3,000.00
SASS2019—Other Expenses: $1,025.00
SASS2019—Refunds: $295.00
SASS2020—Facilities: $20,000.00
SASS2020—Other Expenses: $133.97
Total Conference Expenses: $62,660.69
Total Expenses: $126,615.29

A detailed financial report was presented to the membership at the online business meeting on May 1, 2020. Members may request a copy of the detailed account from the Financial Officer.

Memberships: As of December 31, 2019, the Society had a membership of 578 (113 institutions and 465 individual). This represents a decrease of forty-three members since December 31, 2018 (a decrease of thirty-four individuals and a decrease of nine institutions). The Executive Council has formed a committee to explore methods by which to increase membership.

Respectfully submitted, [End Page 166]

Kimberly J. La Palm
Executive Director
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