Treasurer's Report

Alec Motten
Duke University
Durham, NC

afmotten@duke.edu

THE ASSOCIATION FOR BIOLOGY LABORATORY EDUCATION, INC.  (ABLE)

FINANCIAL STATEMENT SUMMARY

Fiscal Year  June 30, 2007  –  June 30, 2008

CHECKING ACCOUNT BALANCE,  June 30, 2007: $ 3,757.52
 Branch Banking & Trust (BB&T), Durham, NC

      Income                                                            $    3,799.99

     Certificates of Deposits cashed                      $  11,872.42

      Debits/Expenditures                           ($ 15,663.34)

• CHECKING ACCOUNT BALANCE,   June 30, 2008:         $ 3,766.59*

  TOTAL CD BALANCE,  June 30, 2007:                          $23,585.16

        CERTIFICATES OF DEPOSIT (BB&T), June 30, 2008

        Number            Interest Rate   Maturity Date       Amount

 
• TOTAL CD BALANCE, June 30, 2008:                            $13,454.23

                   TOTAL ASSETS,  JUNE 30, 2007:   $27,342.68

                    TOTAL ASSETS, June 30, 2008:  $17,220.82

 *  includes balance in ABLE Memorial Fund  (current fund balance on 6/30/08 =  -$80.00)

Notes and remarks:

The distressingly low income reported above was caused by a delay in receiving payments from the University of Kentucky related to the 2007 Conference (including the membership dues collected then) which had not arrived before the fiscal year ended.  The shortfall thus required cashing several CDs from our reserve funds to maintain the cash flow necessary to meet expenses.   Covering such a contingency is one of the intended uses of the CDs and the main reason for keeping them structured in varied amounts with staggered maturity dates. 

The good news is that a check was received in July from the University of Kentucky in the amount of $19,9097.49 for the 2007 Conference and another check was received in September from the University of Toronto-Mississauga in the amount of $10,710.00 US for the 2008 Conference.  These two credits give ABLE a very healthy financial balance and are being used to purchase CDs to restore and strengthen our reserve funds.

And speaking of financial health, I am happy to report that the bank holding our CDs and checking account, BB&T, is now recognized as a model of corporate fiscal responsibility that was not a participant in the sub-prime mortgage mess.

Respectfully submitted

ALEXANDER F. MOTTEN,  Treasurer, ABLE              (919) 684-2301
Department of Biology,  Box 90338                                    afmotten@duke.edu  
Duke University
Durham, NC    27708-0338