Treasurer´s report

The following report is based on information provided by the IEEE TAB office as of February 16, 1978 on the financial status of our Society as of December 31, 1977. IEEE Headquarters acts as the bursar for our Society, as well as for all other Groups and Societies in the IEEE. The Society´s income consists of membership fees, support from the IEEE, interest, sales of Transactions and conference proceedings, IEEE Press sales of books written for our Society, meeting profits, and other income. Expenses are incurred by the Transactions, the Newsletter, meetings, IEEE staff administration, IEEE Headquarters service to the AdCom, and AdCom external costs. Income for 1977 exceeded expenses by about $64,500; income for 1978 is epxected to again exceed expenses by a modest amount. Our capital surplus at the end of the calendar year 1977 was $129,700 (less outstanding loans of $8,000). This cash balance is equivalent to approximately 80% of our annual budget.