REPORT OF THE FINANCE COMMITTEE Fiorenza Albert, VP Finance

Correction to the Finance Report GWI Dues Line 75 – Dues are paid in accordance with the requirements of membership in GWI – Calculations for each year reflect GWI per capita dues payable in Swiss Francs – An estimated exchange rate is established annually for budget purposes and is found in the budget line

Finance Background Reserve Fund (page 27) – Restricted – Unstricted Calculating of GWI Expenses – DUES – operating budget – at 1.29 (budget) $164,019 - $20.42 – Representation – $3500 VP IFUW (Susan Russell) Assistant Treasurer GWI (Carol Hare) – Attendance at Triennium - $12,000 – Restricted Reserve ($4000 per year) National Pres. VP International – A. Vibert Douglas - $8,000 – Restricted Reserve ($4000 per year)

Financial Background 100 th Anniversary Celebration Expenses – $21,000 $15,000 rfp for history $3000, rolled over - $6000 – for items such as the PP bio, pins, awards etc. Anticipated total identified in the unrestricted funds is $35,000 (line 22, page 27) $35,000 Line 22 was moved from the unrestricted fund to the restricted fund – it is a designated project AWA – administration of the award (in contract) Revenue is line 18 in the budget - $3,900 Expenses is line 25 in the budget - $3,900 2% was added because the common cost is unknown – this was the recommended auditors

Planned Deficit funded From Reserve Fund $18,956 for the 100 th Anniversary – from unrestricted $1,570 for the dues – depending on what the rate of the Swiss Franc is (now anticipated as 1.29) – dues are required by January 1 – 2016 – our date is December 15, 2015