Those of you who attended our Annual Meeting on March 22 will know that 2003 was a very profitable year for the CSEG. Our outgoing Director of Finance, Doug Bogstie, reported a surplus of revenues over expenditures of $266,000 versus a budgeted surplus of $15,500. These very favorable results were mainly attributable to the profit from the convention of $312,000 and from the Doodletrain of $84,000. As a result, your executive has been able to create a restricted operating fund as of 2004 of $300,000, which is equivalent to two years of operating expenses. Our society also has $400,000 in unrestricted accounts for 2004 projects and expenses. These very favorable numbers come after several years of deficits and represent a concerted effort on the part of several CSEG executives to control expenses and improve revenue sources as well as create new revenue sources.
For 2004, we created a budget with a fairly modest surplus of $26,000. This was only 3.7% of our projected revenue so clearly, minor setbacks in revenue or increases in expenses could put us back into a deficit situation. However, due to the outstanding financial success of the 2004 CSEG Convention, our surplus will likely be Significantly higher. In addition, we want to keep modest net revenue expectations from the Doodletrain until we have several more years of results on which to base our expectations.
All CSEG members owe a debt of gratitude to those members who devote so much time and talent to such endeavours as the Convention, Doodletrain, RECORDER and Technical Luncheons. For many years, they have ensured quality educational and social experiences for the membership while incurring no net expenses. Indeed, in many cases, they have actually generated significant profits. Without these volunteers, the CSEG annual dues would be considerably higher than they currently are.
However, the current positive cash position raises a separate issue for the CSEG membership. CSEG executives over several years have been working on the establishment of a CSEG Foundation as a way of using these funds to better execute our mandate in terms of promoting education, research and outreach. Such a foundation would have its own trustees and board who would devote the necessary time to ensure that the funds were used in a manner that is consistent with our mandate "to promote the science of geophysics". All members should take a keen interest in these matters as they unfold. The society is open to input from the membership as we pursue these Significant initiatives.