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SPA Finance Committee Meeting Minutes

March 8, 2002

Miami Beach, FL

In attendance: Drs. Deshpande, Seidman, and Kern; Mr. S. Hinckley; Dr. Armstead (EA)

The SPA Board of Directors discussed the economic downturn which affected the finances of many organizations. Fortunately the SPA reserves were not impacted significantly because the Board has pursued a conservative practice of money management. We are pleased to note that this practice

protected us from the major losses in investments experienced by some other societies and organizations. In this way, we can continue to work to provide the best value for your membership dollar.

As part of this fiscal responsibility, the Board charged the Finance Committee with regularly reviewing and analyzing our finances. This includes providing periodic detailed, graphic reports to the Board.

Currently, the Treasurer and Executive Committee receive a monthly summary, Balance Sheet and Income Statement. Considerable discussion was held on what kinds of charts and graphs would provide the most useful information of our current finances and allow us to analyze trends. The Committee will be working between meetings through e-mail and other means to carry out this task. Members are encouraged to contact me or any other committee member regarding suggestions on finances or fund-raising.

Submitted by: J. K. Deshpande, Treasurer
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