Treasurer's Report (2011)
Econometrica, Vol. 80, No. 1 (January, 2012), 469–475
THE ECONOMETRIC SOCIETY ANNUAL REPORTS REPORT OF THE TREASURER
OSLO, NORWAY AUGUST 24–25, 2011
1. 2010 ACCOUNTS
THE 2010 ACCOUNTS of the Econometric Society show a surplus of $231,100 (Table III, Line G). The surplus is much higher than the estimate of $40,000 at this time last year. Total revenues were $1,359,531 (Table II, Line D) and total expenses were $1,128,431 (Table III, Line F). The revenues were greater than last year’s estimates by $99,531, with significant positive deviations in member- ship and subscription revenues and in investment income (Table II, Lines A and C). The expenses were lower than last year’s estimates by $91,569, with significant negative deviations in publishing, administrative, and meeting ex- penses (Table III, Lines A, C, and E).
The net worth of the Society on 12/31/2010 went up to $1,598,465 (Table I, Line C). Consequently, the ratio of net worth to total expenses on 12/31/2010 was 142 percent, a figure which is at the middle of the target range between 120 and 160 percent agreed by the Executive Committee in August 2007.
Table I shows the balance sheets of the Society for the years 2006–2010, dis- tinguishing between unrestricted assets and liabilities, whose difference gives the Society’s net worth, and five restricted accounts: The World Congress Fund, which is a purely bookkeeping entry that serves to smooth the expenses every five years on travel grants to the World Congress, the Jacob Marschak Fund, devoted to support the Marschak lectures at regional meetings outside Europe and North America, and the Far Eastern, Latin American, and Euro- pean Funds, which are held in custody for the convenience of the correspond- ing Regional Standing Committees.
Tables IV and V show movements in the World Congress Fund and the other restricted accounts for the years 2006–2010. Of the total $400,000 allocated to travel grants to the 2010 World Congress in Shanghai, only $323,800 were spent, transferring $76,200 to the Society’s General Fund (Table IV, Lines B1 and B3). Interestingly, these figures are almost identical to those correspond- ing to the 2005 World Congress in London. In addition, the Executive Com- mittee decided to contribute $35,000 to the rental of the second venue for the 2010 World Congress (Table IV, Line B2).
