Treasurer's Report (2014)

Econometrica, Vol. 83, No. 1 (January, 2015), 397–402

AUGUST 24–25, 2014

1. 2013 ACCOUNTS

THE TOTAL ASSETS OF THE ECONOMETRIC SOCIETY stood at $3.12 million at the end of 2013 compared to $2.71 million in 2012. The Society’s net worth stood at $2.20 million, an increase of 16.9% over the year. The increase in net worth was essentially due to the capital gains on the Society’s financial portfolio, whose value increased from $2.40 million to $2.69 million over 2013. Table I presents the end-of-year balance sheet of the Society from 2010 to 2013.

Table II gives the revenues of the Society and Table III gives its expenses. As in the past two years, the Society had a net operating loss. It was contained this year at −$81,435 by a reduction in publishing costs, and a strong investment income allowed us to finish 2013 with a healthy net income of $309,491. This should not obscure the continuing trends of a slow increase in our publishing income, in the face of a steady increase in our operating expenses.We project a larger net operating loss in 2014, and it would be imprudent to expect that our investment income will be as buoyant as it was in 2012 and 2013. In the end it is likely that the Society will just balance its accounts in 2014.We are currently exploring alternative sources of income, such as charitable donations.

Last year the Society engaged Schulman Lobel of North Brunswick, New Jersey as its accounting firm to assist us with book-keeping and advise us on compliance requirements. Rothstein, Kass & Company, New York audited the financial statements for the calendar years 2010, 2011, and 2012. They started the audit for the calendar year 2013 but they were taken over by KPMG of New York on July 1, 2014. KPMG is now completing our audit for 2013.

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