Although this is my second opportunity to serve the CSEG in the capacity of Director of Finance, (well actually, in 1983, the position was called Treasurer), the organization seems different in so many ways that it may as well be my first time around. And yet in so many ways, it is the same organization, with the same mandate and the same spirit of volunteerism that can lead to success in any organization.
Financially, we are now much stronger, with Associations Plus, a professional firm, providing the routine accounting services. The job of Finance Director is truly a director's job, providing oversight, budgeting, policy decision making, reporting to the executive and membership and ensuring our healthy balance sheet is maintained for years to come. We are fortunate to have Associations Plus and the CSEG office staff of Jim Racette and Sheryl Meggeson to handle the day-to-day accounting matters and do it so well.
In 2002, the CSEG had $1,256,524 in Revenues and $1,094,400 in expenses for a surplus of $162,124. This surplus was used to fund some capital acquisitions like laptop computers and projectors to improve the quality of the presentations at our luncheons. Most of these funds, however, were put into our Reserve Fund, a fund which requires executive approval to spend and which will be used for major initiatives and to cover any possible revenue shortfalls in the future.
So, where does this money come from? Well, in our 2003 budget, we project $220,000 in RECORDER revenue, $150,000 in convention profit, $150,000 in Continuing Education (including the Doodletrain and Distinguished Instructor) , $115,000 in luncheon revenue, $106,000 in individual and corporate dues and $11,000 in miscellaneous for a total of $752,000. (The numbers in the preceding paragraph included the revenues and expenses from the convention, not just the profit.)
So, directly or indirectly, our funding comes from our membership, individual and corporate. These parties demand accountability for these funds in terms of our management and wisdom from the executive in our decisions about spending priorities. This gets us back to the mandate of the CSEG and how we carry out that mandate on a day-to-day basis. As expressed in the RECORDER, it is: "Organized to promote the science of geophysics and to promote fellowship and co-operation among our members".
One expression of the CSEG mandate is the manner in which our funds are allocated. Sure, some activities can be accomplished with very little bottom line impact; advocacy for example. However, the most significant activities of our society come with a price tag and so looking at our financial statements, rather than being a sleep inducing exercise, can actually be instructive as to the priorities of the CSEG.
The 2003 expense budget for the CSEG is $736,450. This is made up of: RECORDER $220,000; Luncheons $106,000; Continuing Education $100,000; Office, Salaries etc. $183,500; Committee Expense $54,450 and Miscellaneous $72,500. (Remember we netted the convention profit.) Clearly, the objectives of the CSEG as reflected in our spending patterns are member oriented: the education of our members and the provision of opportunities for them to communicate and socialize with each other. This can only help to promote the science of geophysics and so, at least as one can discern from our budgeting and spending practices; the CSEG is being true to its mandate.