Rodziny - Polish Genealogical Society of America

PGSA FINANCIAL STATEMENT FOR 2007submitted by Joy Mortell, PGSA Treasurer In February 2007, the PGSA Board ofDirectors voted to publish the PGSA’s financialstatements in the Rodziny in the firstissue after the close of each calendar year.The first and most important reason theBoard wanted to do this is because this isthe members’ money and you should knowwhat you have. Also, the Board is responsibleto the members for what it does withyour money and you should know whatyour money is spent on. Lastly, and frankly,the PGSA lost a little money eachyear for a few years, and we felt thatif we knew that the financial informationwas going to be published we’dbe a lot more careful. The goal was toat least break even in 2007. Well, itworked better than we expected. ThePGSA ended up with a net profit for2007.The most important reason wasthat the conference made a profit thisyear compared to losses for the pastfew years. Vice President and ConferenceChair Linda Ulanski deserves allof the credit, because she was able tofind corporate support for the annualconference. Also, Linda decided toforgo having a speaker from Polandbecause of the weak dollar and thecost of travel. Although there was asmall net loss from the costs associatedwith Membership, primarily becauseof increased postage expenses,the increase in membership fees startingin 2008 should offset that and, wehope, whatever postage increase goesinto effect later this year.Now that we are certain that thePGSA is in a good financial position,we are making plans to expend thefunds that we have on projects tobenefit PGSA members. The first itemthat will be implemented in 2008 isan updated web site. The PGSA Boardof Directors decided that the Web siteneeded to be updated and online functionsincorporated into the site. Thisproject would be too complicated andtime-consuming for the volunteersthat the PGSA has always relied onfor running the Web site, so the PGSAhas engaged a professional Web site26 Rodziny, Spring 2008development company. The new site will bemuch easier to navigate and a lot more funto use. Details about the new site will bemade available when it is ready to launch.We hope that you think this will be a worthwhileinvestment of your money.If you have any questions or commentsabout the financial statements, please contactTreasurer Joy Mortell at . Thank you.Balance SheetAs of December 31, 2007AssetsChecking and Savings $58,247Inventory 13,643Total Assets 71,890Liabilities and EquityRetained Earnings 65,319Net Income 6,571Total Equity 71,890Total Liabilities and Equity $71,890Income StatementFor Year Ended December 31, 2007IncomeMembership $36,955Book and CD Sales 11,133Library and Research 5,852Conference 17,295Other 2,186Total Income $73,421ExpensesMembership 37,888Cost of Book and CDs Sold 6,349Library and Research 2,346Conference 14,559Other 5,647Total Expenses 66,849Net Income $6,571