Financial Report of the Executive Director for 2021

Abstract

In collaboration with the Financial Officer and with the approval of the Audit Committee, the Executive Director has compiled this report to reflect the purpose and status of each of the Society's assets.Investments: The society maintains four investment accounts. Some investments are intended to help support gifts and grants while others are re-invested for long-term growth. As of December 31, 2021, the investments accounts reflected an overall gain of 12.3 percent. This is a strong return on our investments. In consultation with our financial advisor, we have elected to maintain our long-term investment strategy with an eye toward balanced growth across our portfolios.Portfolio A: Investments to Support Gifts and Grants—This account has shown steady growth with a rate of return for 2021 of 13.21 percent with an average annualized rate of return of 7.29 percent over the lifetime of the fund.Portfolio B: Investments Reinvesting for Growth—A portion of any income received from society activities is invested in a more aggressive account to be used to support proposed society projects. This account has shown steady growth with a rate of return for 2021 of 12.21 percent with an average annualized rate of return of 7.39 percent over the lifetime of the fund.Portfolio C: Birgit Baldwin Fellowship—The original endowment supporting the Birgit Baldwin Fellowship is maintained in a separate investment portfolio. The gift requires that we maintain the total amount of the original endowment and that all payments towards the fellowship be made from dividends. This threshold was met in 2022, guaranteeing that we will be able to offer the Baldwin Fellowship in 2023. Additionally, after discussion with the original donors, we have received approval to use some of these funds to develop a new student support initiative. That initiative is in the planning stages and will be launched in 2023. The rate of return for 2021 was 12.34 percent with an average annualized rate of return of 7.25 percent over the lifetime of the fund.Portfolio D: Haugen Scholarship—The original endowment supporting the Einar and Eva Lund Haugen Scholarship is maintained in a separate investment portfolio. The gift requires that we maintain the total amount of the original endowment and that all payments toward the scholarship be made from dividends. This threshold was met in 2021, guaranteeing that we will be able to offer the Haugen Scholarship in 2023. This account has shown steady growth with a rate of return for 2021 of 12.29 percent with an average annualized rate of return of 6.89 percent over the lifetime of the fund.Operating Account: Routine operating funds are maintained in the SASS operating account. This account remains balanced.A detailed financial report was presented to the membership at the business meeting on April 30, 2022. Members may request a copy of the detailed account from the Financial Officer.Memberships: As of December 31, 2021, the Society had a membership of 567 (104 institutions and 463 individual). This represents an increase of ten memberships since December 31, 2020 (−1 institutional membership and +11 individual memberships).Respectfully submitted.