ALCTS Financial Report: July 2002

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Judith Niles, Budget and Finance Committee Chair

The ALCTS FY 2002 budget represents the first full year that the division no longer shared an executive director and office staff with another division. The joint operation with LAMA ended in fall 2001, and we are pleased that the transition has not caused any major disruptions in our budget stability. However, we anticipate that the 2002 fiscal year close (August 31) will show a slight deficit. This is in part because the preconferences in Atlanta did not attract as many participants as planned, and thus revenue will be below projections. Another factor is the delayed publication schedule for Library Resources and Technical Services. The Budget and Finance Committee (BFC) and the ALCTS board of directors are closely monitoring this situation. We have a solid reserve fund that will ensure that the division’s services are maintained if there is a deficit.

FY 2002 Midyear Revenues

Allocation
%
$
Membership 48
128,166.00
Publications 24
65,447.00
Advertising
5
13,240.00
Continuing education, meetings, conferences
21
55,281.83
Donations, honoraria
2
5,000.00
Total revenues
100
267,134.83

FY 2002 Midyear Expenditures

Allocation
%
$
Office payroll 43
139,522.00
Operating expenses 18
59,632.00
Continuing education, meetings, conferences
16
50,646.00
Travel and related expenses
8
27,187.00
Publications
14
46,012.00
Total expenditures
100
322,999.00

FY 2003 Preliminary Report

The FY 2003 budget projects strong revenues, especially from continuing education (CE).

The FY 2003 budget is being built on the assumptions of a substantial increase in CE revenue (with several preconferences scheduled for the Annual Conference in Toronto). Dues revenue is on track for the first six months of the fiscal year. At this time the budget is projected conservatively with a $30,000 deficit (as approved by the ALCTS board), which will be absorbed by the association’s substantial reserve.

BFC Projects

Membership Dues Analyses: Review of this year’s analysis did not indicate that a dues increase is needed.

ALCTS Financial Plan:BFC considered the financial plan in developing tactical objectives for the ALCTS tactical plan. > BFC considered the financial plan in developing tactical objectives for the ALCTS tactical plan.

New Initiative Proposals: BFC once again has reserved funds for new initiative projects and invites all sections and committees to submit proposals for BFC consideration at 2003 Midwinter Meeting. Please submit proposals (with a brief description and budget) by December 1 to judith.niles@louisville.edu, BFC chair.

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