Theatre Design & Technology - Winter 2007 - 69

United States Institute for Theatre Technology, Inc.
Budget summary, continued
TEMPORARILY RESTRICTED FUNDS
INCOME***
EDWARD F. KOOK FUND

$20,276

INTERNATIONAL FUND

$3,373

NEW CENTURY FUND

$40,024
$63,673

TOTAL TEMPORARILY RESTRICTED INCOME
EXPENSES
EDWARD F. KOOK FUND

$2,600

INTERNATIONAL FUND

$2,500

NEW CENTURY FUND

$11,880
TOTAL TEMPORARILY RESTRICTED EXPENSES

$16,980

TOTAL NET TEMPORARILY RESTRICTED INCOME OVER EXPENSES

$46,693

RESTRICTED FUNDS

INCOME***

USITT FUND

$12,918
TOTAL RESTRICTED FUND INCOME

$12,918

TOTAL RESTRICTED FUND EXPENSES

$0
$0

TOTAL NET RESTRICTED INCOME OVER EXPENSES

$12,918

TOTAL INCOME OVER EXPENSES - ALL FUNDS
***Investment dividends and donations are not projected for budgeting.

$464,342

EXPENSES
USITT FUND

of the Institute. Investment dividends are allocated within the investment
packages as directed by the Board of Directors and investment guidelines.
In August of 2006, the Board of Directors approved unanticipated
expenses for 2006/2007, which put the budget in a negative balance. One
item, increased travel costs, effects the operating budget and several items
are special project needs, such as storage and preservation of materials
for the Institute's Archives and preparing the PQ 2007 exhibit. These expenses will be covered from cash reserves, if needed.
Donations made to USITT are not part of the budget, which explains
why the budget column in parts of the report is initially blank, and will be
reported as received in monthly reports to the Board of Directors.
The Statement of Financial Position is a snapshot of the Institute's assets and liabilities on 30 June 2006 and 30 June 2005. This standard report is prepared by Koagel & Vincentini, C.P.A.'s in Syracuse, NY, as
part of the required annual audit for preparing the requisite documents
for the Internal Revenue Service and the State of New York.
The unrestricted cash and short-term investments, under the category "Current Assets," are basically the operating funds for the Institute
with reserves for special needs and emergencies. While income continues
throughout the year, our cash ﬂow is reduced following the annual conference until late autumn; therefore, this annual June snapshot reﬂects a

THEATRE

DESIGN

stronger cash position than is found in October. General operating procedures of the Institute require consideration of this issue in maintaining
cash reserves.
The "investments" category reﬂects the investment portfolio, which
began in 1998 with an initial $500,000 from cash reserves into a set of
mutual and bond funds held in the American Fund family. USITT has a set
of Investment Policies that guide the Institute and the investment advisor
in managing the investments. In the intervening years, dividends, budget
surpluses, the principal for permanent awards, and other contributions
have developed an investment portfolio exceeding one million dollars.
Over 58% of this amount provides dividends that directly support annual
awards and grants made by the Institute. These funds have "restrictions"
on their use. The remainder of the investment package provides for the
long-term support and protection of the Institute and are "unrestricted"
and controlled by the Board of Directors.
USITT's ﬁnancial statements are professionally and independently
audited every year and submitted to the Board of Directors. Monthly reports are prepared by the USITT Financial Manager and reviewed by the
Treasurer, Finance Committee, and the Board of Directors. The investment portfolio is reviewed quarterly by the same set of individuals.
If you have any questions concerning these reports, please contact
USITT Treasurer Lawrence J. Hill (Larry_Hill@usitt.org). ❖
Copyright 2007 United States Institute for Theatre Technology, Inc.

TECHNOLOGY
WINTER

2007

Table of Contents for the Digital Edition of Theatre Design & Technology - Winter 2007