Financial Report for CY 2022
- Financial Report for CY 2022
In collaboration with the Financial Officer and with the approval of the Audit Committee, 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, 2022, the investments accounts reflected an overall loss of –15.87 percent over the course of the year. Despite this negative downturn, these numbers reflect the state of the market in 2022. As noted below, all of the accounts still reflect healthy lifetime growth. In consultation 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: Graduate Student Support Fund (Formerly Gifts and Grants)—This account has shown a loss of –19.14 percent with an average annualized rate of return of 7.28 percent over the lifetime of the fund.
Portfolio B: Operating Fund (Formerly 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 operating expenses and proposed society projects. This account has shown a loss of –17.02 percent with an average annualized rate of return of 5.98 percent over the lifetime of the fund. [End Page 561]
Portfolio C: Birgit Baldwin Fellowship—The original endowment supporting the Birgit Baldwin Fellowship 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 fellowship be made from dividends. This threshold was met in 2022, guaranteeing that we will be able to offer the Baldwin Fellowship in 2024. Additionally, we have launched the new Baldwin Language Fellowship, which is also supported by this fund. The rate of return for 2022 was –15.54 percent with an average annualized rate of return of 5.88 percent over the lifetime of the fund.
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 2022, guaranteeing that we will be able to offer the Haugen Scholarship in 2024. This account has shown a loss of –14.28 percent with an average annualized rate of return of 5.63 percent over the lifetime of the fund.
Operating Account: Routine operating funds and liquid assets (cash on hand) are maintained in the SASS operating account. This account remains balanced.
| 2022 Expenses | |
| Conference | $89,265.61 |
| Grants, Fellowships, and Prizes (comes from investment income) | $40,500.00 |
| Journal | $38,678.79 |
| Payroll | $86,401.86 |
| Other Business Expenses | $16,615.93 |
| Total Expenses | $271,462.19 |
| 2022 Income | |
| Conference Income | $119,618.19 |
| Membership | $24,737.10 |
| Donations and Other | $8064.00 |
| Royalties | $19,292.38 |
| Gross Income | $171,711.67 |
[End Page 562]
| Current Assets Used in 2022 | |
| Awards and Fellowships | $55,500.00 |
| Operating Fund (budgeted) | $35,438.00 |
| Deficit Spend (approved) | $14,562.00 |
| Cash on Hand | $2,314.52 |
| Total | $107,814.52 |
A detailed financial report was presented to the membership at the business meeting on April 22, 2022. Members may request a copy of the detailed account from the Financial Officer.
Memberships: As of December 31, 2022, the Society had a membership of 425 (sixty-two institutions and 363 individual). This represents a decrease of 142 memberships since December 31, 2021 (forty-two institutional membership and 100 individual memberships).
Respectfully submitted,
Kimberly J. La Palm
Executive Director
Society for the Advancement of Scandinavian Study [End Page 563]
