LESI Delegates Winter Meeting Rio de Janiero, Brazil April 2012 Treasurer´s Report LESI Delegates Winter Meeting Rio de Janiero, Brazil April 2012

Balance Sheet 2013* 2012* 2011* Total Equity USD 1,782,491 * As of the end February

P&L Statement 2011* 2010** Total Revenues USD 875,369 USD 821,987 Total Expenses USD 1,023,353 USD 903,909 Net Income (Loss) (USD 147,984) (USD 81,922) * As per December 31, 2011 ** See the final Financial Statement issued by Gelman, Rosenberg & Freedman on 8/12/11

Investments $800,000 has been invested in the following insured CDs. Amount Issuer Rate Maturity $200,000 GE Cap Retail Bank 0.3% June 18, 2012 Bank of India NY September 26, 2012 $48,000 Beal Bank SSB 0.35% December 19, 2012 $152,000 Bank of China 0.65% December 31, 2012 Goldman Sachs Bank 1.1% December 31, 2013

2012 Budget Highlights Operating Revenue down ~$31,000 Membership down slightly 12/31/10: 10,680 12/31/11: 10,323 2012 dues notices were sent January 31 17 societies have paid their dues in full. 13 societies have not paid their dues 2nd dues notice sent March 22 USA/Canada paid 25% of its total dues, and requested a quarterly payment schedule Board approved on a pilot basis for 2012

2012 Budget Highlights Expenses exceed revenue despite: $74,000 reduction in les Nouvelles expenses $55,000 reduction on web site expenses $125,000 of Committee requests not approved. Total Committee expenses budgeted to be close to 2011 budget total $72,000 increase for LESI Office support $70,000 transfer from reserves to make budget slightly positive ($2400)

Options for improving LESI Financial Performance Revenue Generation Increase number of members Increase dues Increase investment income Increase surplus from Annual Conference Increase IMDM registration fees Create revenue streams from Education offerings % of registration fees Partial subsidy by local society

Options for improving LESI Financial Performance Cost Reduction Further reduction of les Nouvelles printing and shipping costs Reduce IMDM meeting expenses Reduce Directors’ budgets Reduce trademark registrations further

Questions?