Finance Committee

DATE:  June 15, 2009

MEMBER ROSTER:
Ai-Hua Chen, Co-Chair, achen@queenslibrary.org

Esther Lee, Co-Chair, eylee888@gmail.com

Shuyong Jiang, Treasurer, shujiang@uiuc.edu

Weiling Liu, w.liu@louisville.edu

Maggie
Wang, Ex-Officio, wang_maggie@hotmail.com  

IS THIS AN INTERIM OR
ANNUAL REPORT?
  Annual Report

LIST SIGNIFICANT
ACTIVITIES THE COMMITTTEE HAS DONE SINCE THE LAST REPORT:

Since our last Report for the Midwinter Meeting in Denver, January 2009, the
Committee is pleased to work with our Treasurer, Shuyong Jiang, to ensure that
our finance is sound, despite the economic downturn for the year.  We now have a net asset of $124.974.74, an increase of $10,313.22 over the amount of $114,661.52 six
months ago.  We have $74,638.91 in the three Bank
Accounts
(General Fund, Life Membership Fund, and Sally C. Tseng
Professional Development Fund), and $50,335.83
in the six Special Investments Accounts
(Scholarship; Huang/Wu; Life Membership; JCLC; Tseng; & Lai). 

Included in the balance of the net asset is $10,800.00 for
the China Earthquake Donation Fund, raised before and after the $10,000.00 was
donated to Chinese library colleagues in the earthquake disastrous area, via
the Library Society of China, in October
2008. 

Notable from the recent income is the Membership Dues, and
chief expenses are Chapters' rebates, printing/postages, scholarship/grants,
and conference expenditures.

Almost all of the sum of $7,750.00 recently raised by the
Public Relations/Fundraising Committee is not yet included in the net asset
above.  Exception goes to the $1,000.00
donated by the Starmark International (Peter Wang), with $500.00 for the Sally
C. Tseng Professional Development Grant, and the other $$500.00 for the 21st
Century Seminar Fund.

LIST COMMITTEE
RECOMMENDATIONS, IF ANY, TO THE BOARD:

  1. In
    regards to the bank accounts of over $74,638.91, bearing less than 1 %
    interest, and the stock market is very volatile, the Committee recommends
    the Treasurer to find a neighborhood bank with a high FDIC-insured CD
    yield for a year (e.g., 2.50 % at the First American International Bank
    for a year, or check with Bankrate.com) and: 
    1. Leave
      $20,000.00 in the bank for daily operation.
    2. Let
      the China Earthquake Fund of $10,800.00 be distributed to China
      by its Taskforce within a month or two, in order to clear the Fund.
    3. Deposit
      the Life Membership Fund (restricted) of $11,000.00 in a new annual CD
      for more growth.
    4. Deposit
      the remaining $32,812.60 plus the newly raised sum of $7,750.00 (once all
      received) to two new CDs for a little more interest.
  2. That
    means : 
    1. Leave
      the six investment accounts alone (five in Vanguard and one in Janus), so
      that when the economy changes for the better, those funds will rise with
      the stock market.   
    2. Leave
      the Sally Tseng Grant account of $1,020.72 separate, so that the
      $2,750.00 raised recently for it will soon be added to that Grant.
    3. Add
      new Life Membership Fund to the existing account with $26.31, because
      $11,000.00 would be taken out for a new CD.

Respectfully submitted by

Ai-Hua Chen, Co-Chair

Esther Lee, Co-Chair

Finance Committee