Treasurer Report - June 2013

Is this an interim or annual report? Annual report

List significant activities the committee has done since last report:

Four significant events that happened in FY2013 were:

1) Registration of over 100 librarians from China for CALA memberships facilitated by our upcoming Vice President, Lian Ruan.

2) The numerous donations we got from the well-known companies in library world such as EBSCO and Innovative Interface.  Most of these donations were designated to the 2013 President's Initiatives and the 2013 Annual Program.  As of 6/8/2013 total amount of donations  reached $10,000.00.  Special compliments should go out to the FY2013 Public Relations/Fund Raising Committee headed by Sally Tseng, Haipeng Li (Executive Director 2010-2013) and Lisa Zhao (up-coming President).

3) Calendar Year 2012 tax return was prepared by our new CPA, Daniel Kwan, and was sent out before deadline in April.  Question was raised by Chair of Finance, Clement Lau, re the reporting of the investment income.  The decision was to send out the original tax return and prepare amendments should there be any IRS questions.

4) Sally Tseng, donor of the Sally C. Tseng's Professional Development Grant, requested to have her grant account separated out.  She sent a detailed report of all the transactions occured from 2002 to present, with interests factored in, on 4/3/2013.  Dora Ho, Songqian Lu, and Maria Fung had a telephone conference call discussing about how to comb out Sally's account from the combination of funds.  According to Dora, Sally's money was lumped in together with other grants and funds in Vanguard way back in 2007.  However, from 2006 on the treasurers succeeding Dora have been putting donations for the grant  into the general CALA fund.  It means that Sally's money is in 2 places - Vanguard and CALA general fund, and in both accounts her monies are mixed in with other funds and grants.

According to Haipeng the donor has the right to take back management of his/her fund.  The task now is to separate Sally's fund from these 2 places from 2002 onward and assign the total back to her.  Songqian, Dora and Maria are now working on this task and hopefully we will be able to pull out the amount in the upcoming fiscal.

I think management of these investments is a job for certified accountant.  To do so it requires good math skills, tremendous amount of time, and accounting knowledge.  The depth of the involvement is really too much for a volunteering person, especially when the history hasn't been passed down in writing from treasurer to treasurer.  My suggestion is for CALA to hire a certified accountant to manage the funds.  The treasurer can do the ledger and make sure reports are done according to schedules, and can communicate with the accountant in reference to various fund implementations.  Anotheer alternative is to have the funds separated into different accounts, instead of being lumped together in the general fund.  Managing these funds is really too much for one volunteer to take up.

I would like to express my sincere gratitude to Songqian, Haipeng, Sally and Clement for their patience and understanding.  This is definitely a learning process for me, and without all the help and encouragements this could have been a devastating year.  CALA is a strong organization, and I have a feeling that its influence will be growing even further in the U.S. library land in the years to come.  All of us in CALA should be proud of what we have achieved, and prepare ourselves well for the challenges ahead.