ICSOM TREASURER’S REPORT – 2006

What are the duties of the ICSOM Treasurer?

• Pay bills, fees, reimbursements and honorariums
• Balance and otherwise maintain bank and investment accounts
• Prepare reports
• Provide information to the rest of the GB as to the feasibility of projects.
• Handle Senza subscriptions
• Invoice and collect dues from member orchestras
• Engage vendors, such as teleconferencing companies
• Invoice the other players’ conferences and the AFM as needed
• Maintain files and archives of all financial transactions
• File 1099s, 990s and related tax forms
• File LM-3s with the Department of Labor
• Administer the ERF loans
• Negotiate with conference hotels and oversee conference expenses
• Arrange for insurance and pay premiums
• Order and pay for conductor evaluation forms, and pay Wayne State for evaluations
• Manage book printing and royalties
• Basically supervise any ICSOM activities involving money

Were does ICSOM spend your money?

• Legal costs: 35%*
• Conference Expenses: 14%
• Travel: 11%
• Directory: 11%
• Printing (Senza): 11%
• Honoraria: 9%
• Telephone/teleconf./internet: 3%
• Scholarships: 3%
• Postage/shipping: 3%
• Conductor Evaluation: 0%
• Other: 3%

*percentages rounded off

In addition to the money ICSOM spends, $8,222 is put into the Emergency Reserve Fund ($2 per capita) and reserves grew by $42,437.66 (some of which will be needed to operate until dues start coming in in the fall).

Thanks to the ratification of our annual dues increase, ICSOM finished the last fiscal year in the black. (It should be noted, however, that some FY 2007 expenses have been and are being paid after the completion of the fiscal year, the net effect being not as much in the black as the present numbers show).  Even with expenses climbing, we expect to stay in the black this year as well. The following pages represent snapshots of our financial condition for 2006-2007.  The fiscal year is from July 1 – June 30.

New dues structure for next year -

The dues increase is phased in over a six year period. The Dues structure for 2007-08 is:

Dues letters -

Dues invoices will be in your mailbox at the Conference. Please make any needed corrections and pass a copy to your orchestra treasurer, management (if dues are withheld) or Local (if your local pays ICSOM dues). If for any reason you need another copy, I can email you a pdf version. If your orchestra has suspended status, you will not receive an invoice, nor be required to pay ICSOM dues.

Timely payment is essential -

Dues are due by December 31, 2007. A bylaw passed three years ago established a $1 per capita penalty imposed after March 1. Only one orchestra paid a late penalty last year. The sooner dues can be submitted, the better, as ICSOM normally runs low on reserves in December.

It has been my pleasure to serve as your Treasurer this past year. Please don’t hesitate to email at Treasurer@atlantabrass.com or call me at 404-875-8822 if you have any questions or suggestions.

Michael Moore

ICSOM Treasurer