Treasurer's Report

In 2000 our CPMT Society had total revenue of $1,418K and total expenses of $1,053K, for a net operating surplus of over $365K. That's the good news. The bad news is that CPMT financial reserves will be "taxed" $417K as "our share" of the approximately $25,000K Institute-level operating deficit for the year. Still, CPMT starts 2001 with approximately $3,000K total financial reserves.
CPMT Publications and Conferences netted almost $400K and $350K, respectively, in 2000, compared to gross dues income of just over $30K. Overall interest and investment income was only $20K net due to minor loss in market value of long-term investments. CPMT Executive Office and Committees expenses of just over $300K for the year were $157K less than budgeted. CPMT share of 2000 Technical Activities Board expenses was $78K.
The approved CPMT budget for calendar year 2001 is near break-even, with income of $1,623K and expenses of $1,615K. It assumes $400K net from publications and $228K net from meetings and conferences. The 2001 budget continues most existing programs and services and includes the following initiatives: an additional full-time person at IEEE headquarters to manage the review process for Transactions papers and provide other support; development and production of a first web-based CPMT tutorial course; extension of the CPMT Graduate Fellowship another year; increased Board of Governors meetings travel support; strategic efforts with regard to marketing, student programs, and industry support; and definition of an IEEE Field-Level Packaging Award.
The year 2002 budget is now being prepared. Recommendations for projects or programs to provide increased value to members, or of efforts to discontinue are invited to be submitted to CPMT officers during March 2001.
There is great concern among CPMT officers about Institute-level and Infrastructure deficits. These have been ongoing for several years but prior to 2000 have been paid from now-depleted Institute reserves and the investment income generated by those reserves. This is the first year that Societies and other sub-entities with reserves had those reserves taxed to cover the Institute budget deficit. We are working through the Technical Activities Board Finance Committee and Division I Director Ralph Wyndrum to seek prompt resolution of this problem. The issue is being addressed and progress is being made. Operating expenses and initiatives have both been curtailed for 2001, but not enough to eliminate the deficit. Major overhaul of the financial structure of IEEE is probably indicated and is being worked on by an IEEE Board of Directors committee.

---submitted by Treasurer Merrill Palmer