Treasurer’s Report
CPMT financial condition is excellent. Total Society reserves (net worth) exceed $2.5 million, and there are no significant variances from planned 1999 revenues and expenses.
The CPMT budget for calendar year 2000 has been finalized by the CPMT Board of Governors. Expenditures of $1.25 million continue existing services to members and also invest in initiatives for future service and growth. The 2000 budget provides for successful publications, conferences and workshops, technical activities, and educational support to be maintained. It continues the increased Technical Committees activity, increased membership development, and web site support initiated in 1999. It newly includes publication and distribution of the CPMT 50-year history being prepared this year, the development and production of an archival CD-ROM of all past Transactions of CPMT and predecessor societies--over almost 50 years, 50th anniversary commemoration activities, a Chapters Meeting, a membership booth at international conferences, a Student/GOLD Program, and Industry contacts regarding CPMT membership support. These initiatives involve conscious decision by the Board of Governors to add new member benefits and services to ensure the present and enhance the future of CPMT. The proposed budget shows an operating surplus of $36K in 2000, compared to a budgeted deficit of $31K in 1999. This complies with a mandate by the Technical Activities Board Finance Committee that 2000 budgets have a "bottom line" net that is improved vs. 1999 budget net by an amount equal to 3% of 1999 budgeted expenses.
IEEE is currently developing a New Financial Model (NFM) for the reduction, management, and distribution of Institute infrastructure expenses. Our CPMT President and Treasurer are actively involved in this process to help ensure that the resulting model incorporates sound business practice and provides equitable allocation of these costs among the various IEEE entities. It is not yet determined whether the NFM will be at least partially phased in during 2000. When it is, probably CPMT's dollar share of IEEE infrastructure expenses will increase. -- Merrill Palmer, Treasurer