Greetings, I hope everyone has had a pleasant summer/fall and now we all look forward to another busy winter. As Finance Director, I have come to the conclusion that I am to concern my self with two things: money coming in and going out. It sounds simplistic and it is, as of now our society is financially healthy with a restricted and non restricted cash reserve of over $700,000. That sounds like a lot of money but I urge caution, it was only a few years ago the CSEG was running at a deficit. It is worthy to mention that having a monetary surplus and being “fiscally prudent” in case of an economic downturn is wise. It is my opinion that we must plan for the future well being of our society, by placing some of the cash surplus into low risk investments like bonds and in turn building up a shelter against economic change. Why would I take such a cautious stance when we are a nonprofit society well… there are many committees, programs and events the CSEG supports and encourages through financial donations. The RECORDER magazine and monthly “technical luncheons” are a mainstay within our society and must continue. However, the aforementioned do not really contribute to the financial health of the CSEG. The CSEG is always a willing contributor to non-profit events within our society like the Doodlebug, Doodlespiel, Student Outreach, Junior Geophysicists Forum, educational seminars etc. All these events within our society have great merit but rely on contributions to continue and at the forefront is the CSEG. These are the reasons I urge fiscal prudence and I firmly believe that we can run our society with a balance between saving/investing and donating. The CSEG Convention and Doodletrain are our revenue generating events that provide for our society’s very existence. Knowing this, I encourage you readers and members of our society to participate in either one of said events or both. Over the past few years, great ideas have been generated by volunteers of the CSEG that enable our society to grow. I do not doubt that new educational seminars and events will be thought of which will require financial donations by the CSEG to flourish and in return benefit the members. For 2006 and 2007 the CSEG will remain financially sound and as always the CSEG will remain at the forefront of our industry contributing to worthy causes. I am always amazed at the level of involvement our volunteers make within our industry. Individuals working for E&P companies and those in the service sector spend hours of their own free time to make things happen. I applaud those who show such dedication and ask for nothing in return.



Share This Column