Report of the Executive
Secretary-Treasurer
28 July 2001
Financial Reports (Annual Report for 2000, and Interim Report for 2001)
This report includes a balance sheet for
the calendar year 2000 and an interim balance sheet covering the first six
months of 2001 (01.01-30.06).
The
Hume Society has both US$ and Icelandic-krona (ISK) accounts with the
Agricultural Bank of Iceland. Grants from the University of Iceland and dues
payments by credit card are deposited in the latter, and local expenses are
generally paid from that account. Dues payments made by check are deposited in
the former, and expenditures in currencies other than ISK are paid out from
that account.
After
15 years of appreciable stability and strength, as measured against the US$,
the Icelandic krona has unexpectedly deteriorated against the US$ in the later
months of 2000, and more especially in the first half of 2001. This reflects
itself in a loss in value those of the Society's assets retained in ISK when
expressed in US$. This loss is not as serious as it might appear, since most of
the services which the Society pays for are currently paid for in ISK, and the
cost of these, while it has risen
somewhat in ISK, has declined when expressed in US$. Dues are also set
in US$ and a higher ISK amount is therefore collected as the US$ rises.
Some
bank service charges, and the costs of currency conversion, are included in the
figures for various items, rather than being separately listed. Icelandic-krona
(ISK) figures in the balance sheet for the year 2000 been converted using the
daily exchange rate 31.12.00 of ISK 84.00 per US$. For the interim balance
sheet, the exchange rate 30.06.01 of ISK 104.50 per US$ has been used.
2000 Balance Sheet
(1 January - 31 December, 2000)
Balance
denominated in US$ carried forward . . . . .
. . . . . . . . . . . . . .
$ 23,385.95
Income
denominated in US$:
Dues
payments received in 2000 . . . . . . . . . . . . . . . . . . . . . . . . . .
. $ 3,066.35
Interest . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . .
$ 925.19
__________
Total
income denominated in US$:
$ 3,991.54
Expenditures denominated in US$:
Support
to Hume Studies . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . $ 5,003.27
Graduate
student grants for Williamsburg conference. . . . . . . . . . . . . . . $ 2,025.54
Taxes
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . $ 92.52
__________
Total expenditures denominated in
US$: $ 7,121.33
__________
Balance denominated in US$ as of
31/12/00: $ 20,256.16
Balance denominated in ISK carried
forward . . . . . . . . . . . . . . . .
. . ISK 515,671
($
6,138.94)
Income denominated in ISK:
Grant
support from the University of Iceland (2000) . . . . . . . . . . . . . . ISK 210,000
($
2,500.00)
Dues
payments received in 2000 . . . . . . . . . . . . . . . . . . . . . . . . . . .
ISK 475,035
($ 5,655.18)
Interest
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . ISK 23,739
($ 282.61)
___________
Total income denominated in ISK: ISK 559,880
($
6,665.24.41)
Expenditures
denominated in ISK:
Printing
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. ISK 64,170
($ 763.93)
Mailing . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . ISK 69,474
($ 827.07)
Special
services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. ISK 70,590
($ 840.36)
Gifts
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ISK 10,918
($ 129.98)
Taxes
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . ISK 2,373
($ 28.25)
Service
charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . ISK 372
($ 4.43)
Miscellaneous
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ISK 17,128
($ 203.90)
___________
Total expenditures denominated in
ISK: ISK 235,025
($ 2,797.92)
___________
Balance denominated in ISK as of
31/12/00: ISK 989,420
($
11,778.81)
The assets of the Hume Society expressed in US$ thus
amounted to $ 32,034.97 as of 31 December 2000.
2001 Interim Balance Sheet
(1 January - 30 June 2001)
Balance
denominated in US$ carried forward . . . . .
. . . . . . . . . . . . . $
20,256.16
Income denominated in US$:
Dues
payments received in 2000 (01.01-30.06). . . . . . . . . . . . . . . . . $
2,606.74
__________
Total income denominated in US$: $
2,605.74
Expenditures
denominated in US$: . . . . . . . . . . . . . . . . . . . . . . . . . $
- 0 -
__________
Balance denominated in US$ as of
30/06/00: $ 22,861.90
Balance
denominated in ISK carried forward . . . . .
. . . . . . . . . . . . . ISK
989,420
($
9,468.13)
Income denominated in ISK:
Grant
support from the University of Iceland
. . . . . . . . . . . . . . . . . . ISK
210,000
($
2,009.56)
Dues
payments received in 2000 (01.01-30.06). . . . . . . . . . . . . . . . . ISK 252,012
($
2,411.60)
__________
Total income denominated in ISK: ISK 462,012
($
5,458.63)
Expenditures denominated in ISK:
Printing
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . ISK
64,350
($ 615.79)
Mailing
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . ISK
92,524
($ 885.40)
__________
Total expenditures denominated in
ISK: ISK 157,001
($ 1,502.40)
__________
Balance denominated in ISK as of
30/06/01: ISK 1,294,558
($
12,388.11)
The assets of the Hume Society expressed
in US$ were therefore $ 35,250.01 as of 30 June 2001.
Report from the Secretariat
The big news for the Secretariat is that
the membership of the Society approved, in a year-end referendum, a substantial
increase in the annual dues and a proposal to establish a permanent business
office for the Society which is to become functional by January 1st, 2003.
The dues increase was much needed for the
efficient operation of the Society; but a reliable picture of the increased
revenues and the profile of cash flow will not be in hand before the middle of
2002. The increased dues have apparently not led to any detectible defection
from the Society, nor have they evidently deterred new members from signing up.
Under the direction of our new President,
Saul Traiger, the Executive Committee has begun work in interpreting the
mandate from the membership for the "permanent business office"; this
process was previsaged in the proposal approved by the members.
The Society's new web site, which went
into operation on June 1st, 2002, may be understood as a central element in the
"business office". The web site operates through an organizational
server, which offers many more possibilities than current university servers
and which is independent of the academic affiliation of any of the Society's
officers. It will survive the regular transitions from one Secretary-Treasurer
to another, without significant modification. It can also be maintained by
various members of the Society, authorized by the Executive Committee, so that
only particular functions, such as maintenance of the membership list and the
financial records, need necessarily be dealt with by the Secretary-Treasurer.
The new web site
<www.humesociety.org> currently offers information about the Hume
Society, about up-coming events such as the Hume Conferences, and about
publications of the Society including Hume Studies. News from members and book
news are also on the site. Electronic new-member registration continues as a
web site feature, but payment of dues by credit-card through a secure line is
an added feature. A special members' area, accessible to members who register a
username and access code, allows members to look up other members in the
Society's database and to view their own files in the Society's database.
Renewal, including dues payment by credit-card, will now be possible
electronically. A future option will allow members to up-date or correct
certain items in their own database file directly. Eventually, Executive
Committee elections and voting on propositions submitted to the membership will
be possible through the website. The dedicated web site database will
facilitate the up-dating of the hume-mem address list. The new web site has
been implemented and designed by Saul Traiger.
The Executive Committee recently voted to
discontinue the printed Bulletin of the
Hume Society. The Bulletin will
now appear only on the web site and will be up-dated at least twice a year.
Running up-dates are possible and will probably become standard practice
already in the current year.
Respectfully submitted,
Mikael M. Karlsson
****************************************************************************************************************
1999 Balance Sheet
(1 January - 31 December, 1999)
Balance denominated in US$ carried forward . . . . . . . . . . . . . . . . . . $ 26,451.69
Income denominated in US$:
Dues payments received in 1999 . . . . . . . . . . . . . . . . . . . . .
. . . . . . $ 3,565.18
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . .
$ 893.66
__________
Total income denominated in
US$:
$ 4,458.84
Expenditures
denominated in US$:
Support to Hume Studies . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,002.64
Graduate student grants for Cork conference. . . . . . . . . . . . . . .
. . . . $ 2,012.61
Gifts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . .
$ 107.63
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . .
$ 89.37
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . .
$ 312.33
__________
Total expenditures
denominated in US$: $
7,524.58
__________
Balance denominated in US$
as of 31/12/99: $
23,385.95
Balance denominated in ISK carried forward . . . . . . . . . . . . . . . . . . ISK 154,948
($ 2,025.99)
Income denominated in ISK:
Grant support from the University of Iceland (1999) . . . . . . . . . .
. . . . ISK 210,000
($
2,745.81)
Dues payments received in 1999 . . . . . . . . . . . . . . . . . . . . .
. . . . . . ISK 417,348
($
5,456.96)
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . ISK
9,915
($ 129.64)
___________
Total income denominated in ISK: ISK 637,263
($ 8,332.41)
Expenditures denominated in
ISK:
Printing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . ISK
60,850
($ 795.63)
Mailing . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . ISK 154,181
($ 2015.96)
Special services . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . ISK 50,000
($ 653.77)
Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . .
ISK 779
($ 10.19)
Miscellaneous . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . ISK 10,730
($ 140.30)
___________
Total
expenditures denominated in ISK: ISK 276,540
($ 3,615.85)
___________
Balance
denominated in ISK as of 31/12/99: ISK
515,671
($ 6,742.56)
The
assets of the Hume Society expressed in US$ thus amounted to $ 30,128.51 as of
31 December 1999.
2000 Interim Balance Sheet
(1 January - 30 June 2000)
Balance denominated in US$ carried forward . . . . . . . . . . . . . . . . . . $ 23,385.95
Income denominated in US$:
Dues payments received in 2000 (01.01-30.06). . . . . . . . . . . . . .
. . . $
2,008.52
__________
Total income denominated in
US$: $ 2,008.52
Expenditures denominated in US$: . . . . . . . . . . . . . . . . . . . .
. . . . . $ - 0 -
__________
Balance denominated in US$
as of 30/06/00: $
25,394.47
Balance denominated in ISK carried forward . . . . . . . . . . . . . . . . . . ISK 515,671
($ 6,742.56)
Income denominated in ISK:
Grant support from the University of Iceland . . . . . . . . . . . . . . . . . . ISK 210,000
($
2,745.82)
Dues payments received in 2000 (01.01-30.06). . . . . . . . . . . . . .
. . . ISK 207,476
($
2,712.81)
___________
Total
income denominated in ISK: ISK 417,476
($ 5,458.63)
Expenditures
denominated in ISK:
Printing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . .
ISK 76,210
($ 996.47)
Mailing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . .
ISK 69,474
($ 908.39)
Special services . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . ISK 70,700
($ 924.42)
Miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . ISK 1,050
($ 13.73)
___________
Total expenditures
denominated in ISK:
ISK 217,434
($ 2,843.02)
___________
Balance denominated in ISK
as of 30/06/00: ISK
715,713
($ 9,358.17)
The assets of the Hume Society expressed in US$ were therefore $
34,752.64 as of 30 June 2000.
Report of
the Executive Secretary-Treasurer
29 July
2000
Financial Report
This report includes a balance sheet for the calendar year 1999 and an interim balance sheet covering the first six months of 2000 (01.01-30.06).
The Hume Society has both US$ and Icelandic-krona (ISK) accounts with the Agricultural Bank of Iceland. Grants from the University of Iceland and dues payments by credit card are deposited in the latter, and local expenses are generally paid from that account. Dues payments made by check are deposited in the former, and expenditures in currencies other than ISK are paid out from that account. While advantageous in other ways, the two-account structure makes book-keeping and reporting slightly more complicated than they would otherwise be.
Bank service charges and costs of currency conversion are included in the figures for various items, rather than being separately listed. Icelandic-krona (ISK) figures have for both balance sheets been converted using the daily exchange rate 30.06.00 of ISK 76.48 per US$.
1999 Balance
Sheet
(1 January - 31 December,
1999)
Balance denominated in US$ carried forward . . . . . . . . . . . . . . . . . . $ 26,451.69
__________
Total income denominated in US$: $ 4,458.84
__________
Total expenditures denominated in US$:
$ 7,524.58
__________
Balance denominated in US$ as of 31/12/99: $ 23,385.95
Balance denominated in ISK carried forward . . . . . . . . . . . . . . . . .
. ISK
154,948
($ 2,025.99)
Income denominated in ISK:
Grant
support from the University of Iceland (1999) . . . . . . . . . . . . .
. ISK
210,000
($ 2,745.81)
Dues
payments received in 1999 . . . . . . . . . . . . . . . . . . . . . . . .
. . . ISK
417,348
($ 5,456.96)
Interest . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . .
.
ISK
9,915
($
129.64)
___________
Total income denominated in ISK:
ISK
637,263
($ 8,332.41)
($
795.63)
($ 2015.96)
($
653.77)
($
10.19)
($
140.30)
___________
Total expenditures denominated in ISK:
ISK
276,540
($
3,615.85)
___________
Balance denominated in ISK as of 31/12/99: ISK
515,671
($ 6,742.56)
The assets of the Hume Society expressed in US$ thus amounted to $ 30,128.51 as of 31 December 1999.
2000 Interim Balance
Sheet
(1 January - 30 June
2000)
Balance denominated in US$ carried forward . . . . . . . . . . . . . . . . . . $ 23,385.95
Income denominated in US$:
Dues payments received in 2000
(01.01-30.06). . . . . . . . . . . . . . . . .
$
2,008.52
__________
Total income denominated in US$: $ 2,008.52
Expenditures denominated in US$: . . .
. . . . . . . . . . . . . . . . . . . . . .
$
- 0
-
__________
Balance denominated in US$ as of 30/06/00: $ 25,394.47
Balance denominated in ISK carried forward . . . . . . . . . . . . . . . . . . ISK
515,671
($ 6,742.56)
($ 2,745.82)
($ 2,712.81)
___________
Total income denominated in ISK:
ISK
417,476
($ 5,458.63)
Expenditures denominated in ISK:
Printing . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . .
ISK
76,210
($
996.47)
($
908.39)
($
924.42)
($
13.73)
___________
Total expenditures denominated in ISK:
ISK
217,434
($
2,843.02)
___________
Balance denominated in ISK as of 30/06/00:
ISK
715,713
($ 9,358.17)
The assets of the Hume Society
expressed in US$ were therefore $ 34,752.64 as of 30 June 2000.
Report from the Secretariat