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

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

3. 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

4. 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

5. 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

6. 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)

7. 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

8. 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

9. Questions?