Treasurer’s Report
1998 financial results are final. CPMT Society had an operating surplus of $425K in 1998, for a year-end net worth of $2.2 million.
At their meeting June 5 in San Diego the CPMT Board of Governors (BoG) voted to transfer $300,000 from cash to long term investments in three quarterly installments of $100K each. In addition, the BoG adopted a tentative budget for the year 2000. The proposed budget projects revenues $1,150.2K and expenses of $1,223.9K, for a bottom line deficit of $73.7K. This reflects deliberate action by the BoG to use some of the accumulated surplus funds to provide improved value and service to members. Existing successful programs and services will be continued, and the following new initiatives and increased emphases are planned for year 2000:

$100K to prepare all past Transactions of CPMT and predecessor Societies for publications as a CD-ROM set;
$37K for activities commemorating CPMT’s 50 year anniversary, including publication and distribution of a 50-year history of the Society;
Increased globalization and chapter development.
--submitted by Merrill Palmer, Treasurer CPMT