ICSOM’s Financial Outlook Healthy
As the current fiscal year comes to an end, I’ve had the opportunity to give ICSOM a financial checkup. I’m happy to say ICSOM passed the physical!
The past year has seen some good developments. We now have a high-yield money market account where we can park money temporarily in the same bank as ICSOM’s active accounts. Transfers can be made immediately, while maximizing our interest.
We have also collected all outstanding Emergency Relief Fund (ERF) loan funds, so the ERF has grown to an historic high of $268,000. An orchestra can now borrow up to $40,000 if needed (up from $34,000 just a year and a half ago). This has been made possible by the two dollars per individual that is being devoted to the ERF each year, combined with the higher interest rates.
Investment appreciation and interest during last year totaled $12,074 (over 5% of our total income). While our money market account will be decimated by the 2006 Conference and other expenses we will incur before dues start coming in, ICSOM is in excellent financial shape. The one dollar per year automatic dues increase has proved adequate to counter the effects of rising costs.
Thank you for writing that check each year, enabling ICSOM able to continue serving you and our art form/industry while remaining in the black!
A detailed annual financial report will be given to each orchestra’s delegate at the 2006 ICSOM Conference.
|Legal fees, including contributions from musicians through ICSOM to the Leibowitz Fund||$38,200|
|Travel for the Chair, President and other Governing Board members||$23,258|
|2005 Conference expenses||$20,283|
|Printing and mailing Senza Sordinos & bulletins||$13,532|
|The ICSOM Directory||$12,205|
|Honoraria to officers and others||$12,150|
|Transfer to the ERF||$8292|
|Minority scholarships through Sphinx program||$4500|
|Internet and Orchestra-L||$2876|
|Teleconferencing and telephone||$2706|
Snapshot of Assets
|Emergency Relief Fund balance (5/31/06)||$268,225|
|New high-yield money market account||$111,623|
|Corpus of AGE Mendelson Fund (interest subsidizes minority scholarships)||$31,907|
|Remaining reserves in AGE general account||$12,687|
|Checking account balances (6/23/06)||$10,243|