Report of the Treasurer for 2019

I n 2019 the Society recorded revenue from our various operating activities of $15,560, including member dues, lunches, raffles and merchandise sales. The expenses associated with those activities totaled $13,790, resulting in net income of $1770. The budget for 2019 was higher for both expected revenue and expenses. In January 2019, AMHS agreed to be a Founder of the Casa Italiana Sociocultural Center, making a pledge of $5000, payable equally over three years. 2020 is year two of our obligation. We are grateful to the AMHS member who donated $1000 at the January 2019 meeting, when the pledge was approved. The 2019 Scholarship Appeal resulted in total donations of $7760. Of that total, $5890 was designated for the Annual Scholarship Fund and the balance of $1870 was designated for the Scholarship Endowment Fund.

At the close of 2019, the Endowment Fund balance was $43,750. The closing balance for the Society’s checking account was $10,674. The closing balance for the Society savings account was $63,560. Both accounts contain both restricted funds, such as the Endowment Fund, and unrestricted funds. We have discontinued our institutional affiliation with NIAF as a result of their decision to stop providing matching scholarship funds. As a result for 2020, we will fund our scholarship program entirely on our own for $8000, while not contributing the NIAF membership fee of $2500. We look forward to using our resources to participate with other Italian heritage groups and Casa Italiana Sociocultural Center in activities that celebrate and support our history and culture. Should any member have a question related to the information above, please email me at peter@ezhudhelp.com or see me at a membership meeting. ❚