2016 End of the Year Financials
Dr. Nitza reviewed end of year financials; The division spent significantly less than we thought we would spend in 2016 and had more income than we thought we would. Part of the reason that we had extra money was that we did not spend some of the money we said we would spend (we didn’t give money for several awards). Dr. Parks pointed out that we are a profitable division because of the journal (even though membership is low).
Dr. Nitza noted we have an investment account with about $47,000 in it as a safety net. It earns $5 a quarter. There might be better ways that money could be handled. Dr. Ribeiro asked if there is a problem with not spending the money we budgeted for last year. Dr. Nitza said no, we do not have to zero out. Dr. Dennis Kivlighan said there are three things that need to be discussed together: the structure of the Board, the budget, awards. One of the reasons that the money didn’t get spent was that there was no one responsible. One of the reasons for the new board structure was so that there would be certain people who would “own” certain aspects of what we do, like the awards.