Society for Medical Anthropology: summary of the treasury 2002
Society for Medical Anthropology
Summary of the Treasury
November 22, 2002, Mark R. Luborsky
Summary: On 1/1/02, SMA net assets were $123,407.45, the Basker Prize (a separate fund) were $10,656. An $6,774. deficit is expected in 2002, $760 higher than estimated. SMA currently has about 1,500 members.
Revenues and Expenditures in 2002:
Revenues: (a) higher MAQ income; we expect about $6,000 above estimate in 2002); (b) Membership income is up slightly, about $4,000 (~6%), but student memberships dropped slightly.
Expenditures: (a) MAQ – U Conn duplicate Editorial Office and transition costs $2,856. (b) MAQ - Univ. Iowa, closeout $2,300; (c) SMA Webs site resource development, vigorous support: $10,996 higher than budgeted; and (d) Other expenditures categories are consistent with the budget for 2002.
Projections for the 2003 Budget:
Revenues: AAA estimates little change in membership, we are losing some students. SMA has modest revenue gains from dues increase. Other sources, including ads will also slow marginally.
Expenditures: Except for the 25% time web developer, expenditures for 2002 are consistent with past years. The new MAQ Editorial costs will be lower by about $12,000). The MAQ cover will be redesigned and updated, a one time charge.
Outlook for 2003: Given the dues structure, the SMA will continue to maintain a fund balance into the very near future. Dues increases helped some, but these are offset by the higher web site costs. MAQ revenues may closely match estimates and not provide excess revenue.
Recommendations & Issues for the Future.
SMA/AAA basic assumption: Maintain balance of at least 50% of overall operating budget
Recent activities increased spending (or reduced revenue): expanded Web site services, continued free-standing SMA spring meetings; more pages for the MAQ, and AAA requests for SMA to give for association-wide activities, such as the minority dissertation fellowship. Planned changes to financing of Journals by the AAA, not yet known, limit our ability to foresee future MAQ net revenues. SMA continues to have no control over production and editorial cost since AAA determines these. Student memberships need to actively encouraged.
The SMA’s budget deficit continues due partly to initiatives needed to strengthen the SMA. But, the long term impact of deficit spending must be addressed in the next 2 to 4 years. A “worst-case” scenario suggests the fund balance could drop to roughly $54,000 by 2004; MAQ is a major revenue source for other activities. We need to set targets to sustain prior year’s successes. The Executive Board might consider regular minor dues/journal fee increases rather than the tradition of sporadic ones.