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Updated May 2009 |
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Treasurer’s Report for the Year 2008 Bill Paul, Treasurer The finances of IWMF are operated through two separate funds: the Research Fund and the Member Services Fund. The assets for these funds are kept separately as are the accounting records. The detailed financial statements are set out below. For the sake of simplicity they are summarized as follows, with a comparison to last year, with amounts rounded to the nearest thousand.
Research Fund 2008 2007 Contributions received $518,049 $901,000 Interest earned 46,123 51,000 564,172 925,000 Research grants awarded 60,000 38,000
Increase in year $504,172 $914,000 Contributions received during 2008 decreased significantly over 2007 due to a decline in general research contributions and memorial/honorarium contributions. Only one research grant was awarded in 2008 just as in 2007. The details of these research projects were reported to members during 2007 and 2008. The total awarded by IWMF to fund WM research since inception is over $3 million. These are exciting times in WM research. The search for a cure is progressing quickly and IWMF is fully involved in it. If you have not already done so, please consider making a five year pledge for research funding. Remember that no operating costs are charged to the Research Fund so every dollar pledged to research goes to research.
Member Services Fund 2008 2007 Contributions received $390,000 $390,000 Member services and operating costs 411,000 449,000
Increase or (decrease) in year $(21,000) $(59,000) Income in 2008 of $390,000 remained stable compared to 2007. Expenses in 2008 declined slightly, primarily because it was not necessary to print so many booklets in 2008. If you have any questions on IWMF financial matters please do not hesitate to contact me directly at 901-494-3049 or billpaul1@juno.com. INTERNATIONAL WALDENSTROM’S MACROGLOBULINEMIA FOUNDATION, INC. STATEMENT OF ASSETS, LIABILITIES AND FUND BALANCES AS OF DECEMBER 31, 2008
Member Services Research Fund_ _ Fund_ _ __Total__
Current Assets: Checking Account/ Certificates of Deposit $281,627 $1,797,551 $2,079,178 Prepaid Expenses 855 - 855
Total Assets $282,482 $1,797,551 $2,080,033
Liabilities: Research Grants Payable $784,684 $784,684
Total Liabilities $784,684 $784,684
Equity:
Retained Earnings – Beginning of Year $303,911 $508,695 $812,606 Net Income (Loss) ($ 21,429) $504,172 $482,743
Total Equity $282,482 $1,012,867 $1,295,349
Total Liabilities and Equity $282,482 $1,797,551 $2,080,033
Note: A number of members have pledged, either orally or in writing, to make contributions in future years. These pledges will be received in the following years:
2009 $246,150 2010 $ 14,450 2011 $ 8,400 $269,000
INTERNATIONAL WALDENSTROM’S MACROGLOBULINEMIA FOUNDATION, INC. STATEMENT OF INCOME AND EXPENSES FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2007
MEMBER SERVICES FUND
2008 2007 Income Contributions $342,415 $334,180 Educational Forum 34,796 39,307 DVD Sales and Other Income 6,164 6,439 Interest 6,504 9,779 Promotional Sales (net) - 1,283
Total Income $389,879 $390,988
Expenses: Accounting and Legal 600 10,860 Awareness Project 50 - Bank and Credit Card Charges 10,139 5,433 Board Meetings 46,344 42,432 Conference Support/Attendance 17,720 36,896 Depreciation - 1,550 Educational Forum 65,681 65,268 Fundraising 27,813 9,976 Educational Grants 2,625 - Insurance 3,079 2,909 International Outreach 2,884 - Miscellaneous 70 - Monitoring Research Grants - 2,992 Office Rent 10,125 10,620 Office Supplies and Expense 14,829 14,686 Office Utilities 2,816 - Patient Database - 2,799 Postage and Delivery 26,448 39,171 Printing - Booklets and Newsletters 48,910 82,491 Secretarial Services 109,478 94,215 Sundry - 2,090 Support Groups 17,662 12,119 Telephone 602 3,333 Travel – Research 514 - Video Tapes and DVDs 228 4,200 Web Site and Internet 2,690 5,640
Total Expenses $ 411,307 $ 449,680 Net Income (Loss) $ (21,429) $ (58,692)
2008 2007 Income Contributions $518,049 $901,324 Interest Income 46,123 50,934
Total Income $ 564,172 $ 952,258
Expenses Research Grants Awarded 60,000 38,615
Total Expenses $ 60,000 $ 38,615 Net Income $504,172 $913,643
COMBINED STATEMENT OF INCOME AND EXPENSES FOR THE YEAR ENDED DECEMBER 31, 2008
Member Services Research Fund Fund Total Income Contributions $342,415 $518,049 $860,464 Educational Forum 34,796 34,796 DVD Sales and Other Income 6,164 6,164 Interest 6,504 46,123 57,438
Total Income $389,879 $564,172 $954,051
Expenses: Accounting and Legal 600 600 Awareness Project 50 50 Bank and Credit Card Charges 10,139 10,139 Board Meetings 46,344 46,344 Conference Support/Attendance 17,720 17,720 Depreciation - - Educational Forum 65,681 65,681 Fundraising 27,813 27,813 Educational Grants 2,625 2,625 Insurance 3,079 3,079 International Outreach 2,884 2,884 Miscellaneous 70 70 Monitoring Research Grants - - Office Rent 10,125 10,125 Office Supplies and Expense 14,829 14,829 Office Utilities 2,816 2,816 Patient Database - - Postage and Delivery 26,448 26,448 Printing - Booklets and Newsletters 48,910 48,910 Research Grants - 60,000 60,000 Secretarial Services 109,478 109,478 Sundry - - Support Groups 17,662 17,662 Telephone 602 602 Travel – Research 514 514 Video Tapes and DVDs 228 228 Web Site and Internet 2,690 2,690
Total Expenses $ 411,307 $ 60,000 $ 471,307 Net Income (Loss) $ (21,429) $ 504,172 $ 482,743
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