Finance Committee Annual Report

DATE:  June 21, 2008

NAME OF THE COMMITTEE:  Finance Committee, 2007/2008

MEMBER ROSTER: Esther Lee (Chair), eylee888@gmail.com

   Ching Chang, chingchang@mec.cuny.edu

   Patricia Howe, howepa@longwood.edu

   Denise Kwan, kwan_iit@yahoo.com

   Yuan Yao, yyxd78@yahoo.com

   Maggie Wang (Treasurer and 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 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:

  1. $10,000.00 (including the $1,000.00 previously approved by the Board) be 

distributed soon to the Library Society of China, in order to assist in the rebuilding of libraries in earthquake disastrous areas in China.

  1. $20,000.00 from the bank money be placed in high-interest bearing CDs or online

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.

  1. Seeing that many libraries are not providing travelling grants for librarians to attend conferences because of budget constraints, the Committee recommends the Board to allocate $2,000.00 annually to establish four Conference Grants per year for four active members to attend ALA Annual Conferences.  This way, members who do not receive any support from their libraries may fulfill their duties for CALA.  Each Conference Grant is to be $500.00 per person.  A CALA Conference Grant Committee, appointed by the President, should be formed to formulate the Application Form and select the four candidates before May of each year, starting with the 2009 ALA Conference attendance.
  1. The President/Executive Director works closely with the Treasurer to ensure that approved recommendations are put into action.

Respectfully submitted by

Finance Committee

Esther Lee, Chair

Ching Chang

Patricia Howe

Denise Kwan

Yuan Yao

Maggie Wang, Treasurer and Ex-Officio