DATE: June 21, 2008
NAME OF THE COMMITTEE: Finance Committee, 2007/2008
MEMBER ROSTER: Esther Lee (Chair), email@example.com
Ching Chang, firstname.lastname@example.org
Patricia Howe, email@example.com
Denise Kwan, firstname.lastname@example.org
Yuan Yao, email@example.com
Maggie Wang (Treasurer and Ex-Officio),
IS THIS AN INTERIM OR ANNUAL REPORT? Annual Report
LIST SIGNIFICANT ACTIVITIES THE COMMITTTEE HAS DONE SINCE THE LAST REPORT:
Since our last Finance Report at the Midwinter Conference in January 2008, the Committee is pleased that our Treasurer, Maggie Wang, ensured that our finance is in fine shape, and filed for income tax in April. We now have a net asset of over $145,429.37 (excluding the $6,200.00 fundraising amount which is not yet banked by the end of May, 2008). The net amount is an increase of over $10,093.91 when compared with the total of $135,335.46 in January 2008. Most of the recent increase came from the Sichuan Earthquake Donation Fund of $8,707.60, and from membership dues of $5,369.12. Included in the expenses are membership rebates of $3,441.83, membership directory printing and mailing of $2,000.00, banquet deposit of $1,000.00, scholarship/grant of $1,000.00, and donations of $2,000.00.
We now have in the bank a total of $71,447.11, and in our six special investment accounts, $77,624.09 (from a $70,000.00 base). With expenditures to be paid ($3,641.83 for rebates and checks to be cleared), the net asset came to $145.429.37.
LIST COMMITTEE RECOMMENDATIONS, IF ANY, TO THE BOARD:
distributed soon to the Library Society of China, in order to assist in the rebuilding of libraries in earthquake disastrous areas in China.
banking. Interest at the present is 3.5 % at Citibank for a nine-month CD. Other banks may give a higher interest rate.
3. $20,000.00 be invested in a Fidelity Global Fund or similar mutual fund for future
growth, as the market is very low now, so it is a good time to get in.
4. That still leaves over $20,000.00 for regular operation.
Respectfully submitted by
Esther Lee, Chair
Maggie Wang, Treasurer and Ex-Officio