The financial good news is that the EMC Society’s
2003 operations yielded a net surplus of $235,000. The major factor
contributing to that surplus was the “up-turn” in the
finance market. The 2003 surplus represents about a 50% recovery
of the combined 2001 and 2002 deficits. The Society’s 10-year
financial history is reflected in the surplus/deficit bar graph.
(Please note all amounts are shown in US Dollars.)
EMC Society 2003 revenue was $826,000. Of that total, Periodical
sales income was $265,000; Newsletter ads provided $71,000; Conference
surplus (from the 2002 Symposium) contributed $231,000; revenue
from Member fees was $92,000 and Market Fluctuation was a positive
$167,000 (in effect, this market gain covered all IEEE administration
and infrastructure costs). The 2003 income pie chart below reflects
the percentage, of the total, for each revenue category. EMC Society
2003 expenses (excluding symposium finances that are administered
by the symposium Treasurer) were $587,000. Of that total, Periodical
production and distribution costs were $133,000; the Newsletter
cost $151,000 to print and distribute (a one time added expense
was incurred for two symposium issues in 2003 - Istanbul and Boston);
Society committee expenses were $150,000; and, IEEE administrative
support/infrastructure costs were $153,000. The 2003 expense pie
chart below indicates the percentage of the total expenses for
those cost categories. EMC
Year
2003 EMC Society Financial Summary