Paul D. Sponseller, MD
Finance Council Chair
The Finance Council initiated the Research, Education and Outreach (REO) Fund as of October 1, 2011. The money is being invested in the Rockefeller Balanced Fund. This fund was jump-started with the use of $1.4 million from certificate of deposits (CDs) in the Research Fund which were due to mature, and an additional $57,000 in contributions from new Presidential Level donors. The purpose of the REO Fund will be to increase the earning power of our long-term reserves used to support research and other missions. The REO Fund will be offering a return of 4% of its balance for these purposes in 2013.
We made this transition at a relatively fortunate time, during a low point in the equity market cycle! This resulted in an immediate increase in assets as the equity market soared 10% over the next two weeks. We understand there will be swings in the market fund over the years and we have a long-term perspective. An additional $300,000 was transferred into the fund on December 1, 2011. A final planned contribution will occur at the end of the calendar year with maturation of a $250,000 CD.
The Finance Council is also happy to report that the 2011 Annual Meeting made a profit, revenues over expenses of over $300,000, which is in line with previous years. This will allow us to have discretionary money for the SRS mission even though the IMAST incurred a slight loss. The Long Range Planning Committee takes care to plan meetings so that each year a meeting in a more expensive location will be paired with a meeting in an inexpensive location, which is usually in North America. Also we are happy to report that all of our Worldwide Conferences have made a profit, thanks to our staff’s economical approach and to the corporate supporters.
The budget cycle for 2012 is underway with the budget being prepared currently and will be reviewed by the Presidential Line at the SRS headquarters on January 16. It will then be approved by the Board of Directors soon afterward. The SRS Presidential Line tries to be good stewards of your money so it can be used for research grants, educational venues and for new issues such as the directed research programs: AOSpine Scoli-Risk Study, and Pediatric Outcomes Study.
If you have any comments or suggestions about the financial side of your society please feel free to email me at firstname.lastname@example.org.
Council Chair: Paul D. Sponseller, MD; Council Members: Steven M. Mardjetko, MD; Lawrence G. Lenke, MD.