ISTSS 2002 Financial Report Shows Substantial Improvement
Stuart Turner, ISTSS Treasurer
October 1, 2003
In March 2003, Mann. Weitz & Associates LLC completed an audit of ISTSS's finances, giving the society's financial statements a clean bill of health.
At the end of 2001, ISTSS had negative net assets of $66,073. Largely as a result of a successful conference in Baltimore and stringent efforts to control expenses by the ISTSS board of directors, the society's financial statements at the end of 2002 showed total unrestricted revenues, gains and other support of $1,183,967 and expenses of $986,551. After adjustments for changes in temporarily restricted net assets, the society's financial statements at the end of 2002 showed an increase in net assets of $208,331, which resulted in ISTSS ending 2002 with $142,258 in net assets. This will help the society build a reserve against future financial fluctuations.
Thanks to the many volunteers and ISTSS members who contributed their time and funds to bring about this dramatic improvement in the society's financial condition.