Treasurer's Report
After five years as CPMT Treasurer I will be resigning that
office effective 12/31/02. I am pleased that John Segelken has
accepted appointment to serve as CPMT Treasurer. The finances
of the Society will be in good hands.
Thanks to all CPMT officers and Board of Governors members for
their fiscal responsibility and cooperation. Due to their prudence
and diligence over a period of more years than my tenure as Treasurer,
CPMT financial position is strong. Despite recent year declines
in investment values and $1.3 million in assessments during 2000
and 2001 to support IEEE deficits and Infrastructure, CPMT started
2002 with financial reserves of $2.127 million. Unless investment
values recover and again provide interest and investment earnings,
CPMT reserves will continue to erode over the next three years
due to IEEE charges, but at a decreasing rate. We plan to continue
funding CPMT the present member services and strategic initiatives
and to have a balanced CPMT budget by 2005, when "principles
based" allocation of IEEE charges is fully phased in.
For 2002, CPMT income from both Transactions and Conferences
may be somewhat less than budgeted due to continuing pressures
of the current economic environment on company and agency expenditures
for these items. However, reductions in expenditures will substantially
offset this, to provide near-budget net for the year.
The CPMT budget for 2003 has been approved by the IEEE Board
of Directors. It budgets expenditures of $1.99 million, comprising
$545K for IEEE and Technical Activities Board support; $372K and
$520K, respectively, for the Transactions and Conferences sources
of most of our net revenue; and $554K for member services including
the CPMT Executive Office. The 2003 budget funds International
Leadership Development, another year of Packaging Curriculum Development
Fellowship matching funds, and continued technical, education,
publications, conferences, and marketing activities.
I look forward to continuing service to CPMT as of the Board of
Governors Member-at-Large.