The March 2001 CPMT Newsletter reported a CPMT operating surplus of $ 365K for the year 2000 but a $417K Reduction of Reserves at year end to cover the Institute-level deficit. Final numbers after all accounting adjustments are $365K surplus, $383K Reduction of Reserves.
CPMT financial performance for 2001 is pretty much tracking the budget except that Transactions revenue and net are down by 18% and 12%, respectively, and a number of CPMT committees are underspending relative to budget. A Reduction of Reserves in excess of $600K is projected for 2001.
The unwelcome reduction of the reserves held by IEEE Societies to cover Institute deficits resulted from several factors that have at last been addressed by the IEEE Board of Directors with tough ground rules for 2002 budgets. Overall IEEE budgets will non-deficit in 2002, even with much lower assumed return on reserves than has previously been budgeted. All IEEE entities must improve their financial bottom line enough that the overall budget is balanced. For CPMT, this means constraints on some of the spending that we were considering. Still, the 2002 CPMT budget approved by the Board of Governors at their meeting this Memorial Day maintains key services to members, implements Document Central electronic processing and tracking of Transactions papers, includes a marketing thrust to provide greater CPMT recognition, influence, and effectiveness in our technology fields of interest, and continues the strategic thrust efforts that define the direction and future of CPMT.
-- Merrill Palmer, CPMT Treasurer