TREASURER'S REPORT
                           2 NOVEMBER 2003

Attached is the spreadsheet developed to show the 2003 Region 3 budget
as compared to actual revenues and expenses, and to allow the
preparation of the 2004 budget. First, let us review the status of the
2003 budget through 31 October 2003. I believe the "true" budget
should be considered in terms of program areas, i.e., without the
long-term investment and advances for conferences. Therefore, on the
receipt side, the actual ($100,126) and the budget ($102,700) are
quite close.  Disbursements are quite different; actual ($97,563) and
budget ($147,900). As a result, the excess of receipts over
disbursements is $2,563. However, a number of expenses are forecast
for the remainder of 2003. Thus, in 2003, a budget deficit will occur,
but it should be less than the $45,200 forecast.

As you will note, the 2003 long-term investment returns are much
larger than forecast ($13,759 vs $3,000). Throughout the last three
years, the Region 3 long-term investment value has varied widely;
maximum of $136,450 on 31 August 2000, minimum of $101,087 on 30
September 2002, current value of $119,459.

Now, let us look toward preparing a budget for 2004.  The Region 3
allocation of $66,200 received for the last few years has been
increased to $75,491 in 2004. Also, the Region assessment beginning in
2004 is expected to provide funding of about $40,000. The spreasheet
shows projected program receipts of $145,791 in 2004. Executive
committee members have been requested to submit proposed expenses for
2004 in their respective areas of responsibility. If you have not
submitted your requests, please submit them as soon as possible.

The goal of the Region 3 Finance Committee is to prepare a balanced
budget for 2004.

Respectfully submitted,

Charles E. Hickman, Region 3 Treasurer