Report of the Executive Secretary-Treasurer

This report includes a balance sheet for the calendar year 2002 and is the final report submitted by the undersigned. 

The Hume Society has US$, Euro (EUR) and Icelandic-krona (ISK) accounts with the Agricultural Bank of Iceland. The EUR account was established during this calendar year; the undersigned is of the opinion that the Society should ultimately keep 30-40% of its assets in EUR. Grants from the University of Iceland and dues payments by credit card have been deposited in the ISK account, and local expenses were generally paid from that account. Dues payments made by check have been deposited in the US$ and EUR accounts, depending upon the sourse, and expenditures in currencies other than ISK have been paid out from those accounts. Near the end of the year, substantial transfers were made out of the ISK account into the US$ and EUR accounts.

 Some service charges and the costs of currency conversion have been included in the figures for various items, rather than being separately listed. Icelandic-krona (ISK) figures in the balance sheet for the year 2002 been converted using the daily exchange rate 31.12.02 of ISK 86 per US$. EUR have been converted using the daily exchange rate 31.12.02 of US$ 1.05 per EUR.

 2001 Balance Sheet

(1 January - 31 December, 2002)

                   Balance denominated in US$ carried forward . . . . .  . . . . . . . . . . . . . .                         $ 17,541.53

                                                Income denominated in US$:

                   Dues payments received in 2002 . . . . . . . . . . . . . . . . . . . . . . . . . . .                             $    3,648.01

                   Interest  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                              $         68.32

       ___________

                                               Total income denominated in US$:                                                 $    3,716.33

    Transferred from ISK account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                           $   22,090.00

Expenditures denominated in US$:

                   Support to Hume Studies  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                                 $   5,000.00

                   Graduate student grants for Helsinki conference. . . . . . . . . . . . . . .                               $3,532.79

                    Special services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                                     $      149.05

   Web Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                             $         427.47

                   Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                               $          6.83

                                                                                                                                                          ___________

                                                Total expenditures denominated in US$:                                          $   9,116.14

                                                                                                                                                         ___________

                                                Balance denominated in US$ as of 31/12/01:                                   $ 34,231.72

 Balance denominated in ISK carried forward . . . . .  . . . . . . . . . . . . . . . . . . . . .                       ISK 1,240,387

                                                                                                                                                      ($ 14,423.10)

                                                Income denominated in ISK:

 Grant support from the University of Iceland (2002) . . . . . . . . . . . . . . . . . . . . .                      ISK     210,000

                                                                                                                                                         ($ 2,441.86)

 Dues payments received in 2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                     ISK     851,206

                                                                                                                                                                          ($9,897.74)

   Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                       ISK    29,880.87

                                                                                                                                                        ($     347.45)

                                                                                                                                                        ___________

                                                 Total income denominated in ISK:                                            ISK 1,091,086.87

                                                                                                                                                       ($ 12,687.05)

                                                     Expenditures denominated in ISK:

   Printing & mailing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                    ISK      76,413

                                                                                                                                                        ($   888.52)

  Supplies & miscellaneous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                     ISK     27,679

                                                                                                                                                         ($   321.85)

 Service charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                    ISK          324.79

                                                                                                                                                         ($      3.78)

Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                      ISK       2,987.49

                                                                                                                                                        ($      34.74)

                                                                                                                                                        ___________

                                                Total expenditures denominated in ISK:                                     ISK 107,404.28

                                                                                                                                                        ($  1,248.88)

                                                                                                                                                        ___________

Transferred to US$ account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                         ISK   1,900,182

                                                                                                                                                      ($  22,095.14)

 Transferred to EUR account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                         ISK     150,000

                                                                                                                                                        ($  1,744.19)

                                                 Balance denominated in ISK as of 31/12/01:                            ISK      173,887.59

                                                                                                                                                        ($  2,021.94)

Balance denominated in EUR carried forward . . . . . . . . . . . . . . . . . . . . . . . . . . .                           -0-

                                                Income denominated in EUR:

 Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                               EUR            2.19

                                                                                                                                                            ($      2.30)

                                                Expenditures denominated in US$:

 Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                  EUR          22.00

                                                                                                                                                            ($    23.10)

Transferred from ISK account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                            EUR     1,732.26

                                                                                                                                                        ($   1818.87)

                                              Balance denominated in EUR as of 31/12/02:                           EUR     1,734.23

                                                                                                                                                        ($   1820.94)

 The assets of the Hume Society expressed in US$ thus amounted to $ 38,074.60 as of 31 December 2002.

                                                                                                                      Respectfully submitted,

                                                                                                                        Mikael M. Karlsson