Treasurer’s Report for 2018

I n 2018 the Society recorded revenue from our various operating activities of $16,455, including member dues, lunches, raffles and merchandise sales. The expenses associated with those activities totaled $15,530, resulting in net income of $925. The budget for 2018 was higher for both expected revenue and expenses, as was the expected net income.

The shortfall was due to decreases in the number of memberships and lunch attendance, which resulted in a lower actual net income for 2018. The 2018 Scholarship Appeal resulted in total donations of $5,150. Of that total, $4,090 was designated for the Annual Scholarship Fund and the balance of $1,060 was designated for the Scholarship Endowment Fund.

At the close of 2018, the Endowment Fund balance was $41,869. As a reminder, the Endowment Fund can not be used to provide the annual AMHS commitment of $4000 to NIAF; only the interest on the Endowment principal can be used, which due to current interest rates is quite low. The closing balance for the society’s checking account was $9,868.

The closing balance for the society’s savings account was $61,050, which includes both restricted funds, such as the Endowment Fund, and unrestricted funds. In 2019, we will continue our association with the National Italian American Foundation and their scholarship program.

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.