Theatre Design & Technology - Winter 2011 - 78

inside
william j.
byrnes

editor

usitt treasurer's report, december 2010
by Travis DeCastro, Treasurer

December always seems like such an odd month to talk about money. Most people are preoccupied with the holidays, planning trips,
and shopping. Yet this is the time when the Treasurer of the Institute shares with the membership the year-end Budget Summary and
the audited Statement of Financial Position as we pass midway through our current budget.
In recent years, with a lagging-staggering economy, most of the financial news we have received told us to be cautious. We were
content to sit on cash holdings and not shift our course. The economy is not quite as precarious as it has been in the recent past and
it has shown some significant recovery in the investment markets. However, other economic indicators are not as clear; so caution
is still warranted.
As we all know, 2010 was the year of USITT's fiftieth birthday celebration. The conference in Kansas City, which was the culmination of several of years of planning, was a celebration as spectacular as any since the fortieth anniversary. Thank you to all of the
planners who made the conference and celebration possible.
Planning for the fiftieth anniversary involved budgeting for a great party and many other special events and initiatives. Money
was set aside to augment the conference so members could enjoy an incredible array of experiences. Guest speakers were invited to
commemorate our past and talk about our future. Special events and projects not directly part of the 2010 conference were planned
and budgets were increased accordingly. The finances of the organization were aligned to maximize the fiftieth anniversary experience for all our members.
Some items in the financial documents provided here are worth highlighting:
* Funds were moved from cash holdings and invested in Pimco Bond funds as an additional hedge against the fluctuations of the stock market and the pitiful returns on time sensitive investments such as Certificates of Deposit and Banking interest. You will notice the decline in cash holdings and an increase in investment activities. [See Current Assets in
Statement of Financial Position]
* We have added to national staffing by hiring an Executive Director [See Budget Summary 2009-10 Actual to 2010-11
Budget]
* Our overall financial balance of net assets and liabilities increased nearly 10%. [See Statement of Financial Position
Total Assets and Liabilities 2010 vs 2009]
The 2009-10 budget comparison shows many income lines exceeding estimates. Likewise, many of our expenses also exceeded
estimates. It is reasonable to expect that the fiftieth anniversary year would have some items exceeding budget projections given the
nature of how long the planning cycle takes. Many budget lines, such as advertising, saw a one-time increase. Funds were used to
promote the fiftieth celebration far and wide. Conference expenses and Stage Expo expenses ran above projections as many of the
contracts had to be negotiated after the budget for 2009-10 was created. As new opportunities were made available to expand the
experience for members at the fiftieth celebration, many one-time expenses were approved which resulted in increased expenses.
It was a fantastic experience, and now the year of the celebration has passed. Now we will get back to the business of insuring
the long-term fiscal health of the organization. In my report to the Board of Directors at the fall board meeting, I noted that 2010
was a year in which our investment increases were significant enough to enable us to experience positive growth. However, we all
realized that this is a paper increase only.
In the second decade of the new millennia we need to continue to work on strategies that insure positive growth in areas such
as membership and investments. The Board is also working to more clearly define how we will use our investments and align our
budgets to provide our members with long-lasting and valuable programs and benefits.
As you look through these financial reports please feel free to contact me or any member of the Finance Committee with your
questions and comments. The Finance Committee membership can be found in the USITT Membership Directory.
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