Mineralogical Society of America Treasurer's Report

October 30, 2007

I would like to begin by thanking Executive Director Alex Speer for keeping the finances of the MSA in such good order; the Treasurer's job is simple as a result of Alex's diligence.

I am pleased to report that the Society is in a good financial position. A clean opinion was offered by our auditors for calendar years 2005 and 2006, and the 2007 budget year is nearing a close. 2007 Budget Highlights are as follows:

The 2008 budget was passed at the First Council meeting of 2008 this past Saturday. Several highlights can be offered:

For the past Council meeting, the Treasurer was asked to prepare an analysis of the current charges for Life Memberships. Putting aside the extensive analysis and discussion, we arrive at a conclusion that MSA life memberships are no better than a break-even proposition for MSA, and more realistically be a money loser to some degree. Three options were considered:

  1. Accept life memberships as a more or less break-even program and leave the life dues multiplier at twenty-five times the annual dues.
  2. Accept life memberships as a break-even program but increase the life dues multiplier to 35 times the annual dues to ensure that the program does not operate at a loss in most cases.
  3. View life membership as a continuing investment that both covers the cost of the member's dues while they are living and provides MSA continuing income once they pass. This requires increasing the life dues multiplier to about 50 times the annual dues.

Option 3 was selected, and the change in cost of a life membership will be brought to the membership as a request to change the By-Laws in 2008.

Respectfully submitted,

John M. Hughes