04.
04. Administrative Officer’s Report (May 25, 2017)
Board Action Required: none
BUDGET REPORT
As of May 12, 2017, total projected income was $395,942.29, which is 90.84% of the budgeted income of $435,888.00. This total does not include $34,000 in Notes royalties and $7,300 in JSTOR royalties, both of which were posted to FY16.[1]With these royalties added or estimated back in, MLA should end FY17 with total income of just over $437,242.29, or $1,354.29 above budget.
Total projected expenses as of May 12thwere $435,644.42, which is 92.33% of budgeted expenses.Areas that came in significantly under budget were Management Services (6.0), Program Expenses (7.0), and Publications (9.0).
We should end the year with a net ordinary income of $1,597.87,[2]without tapping into the $25,000 set aside for FY17 from the MLA Fund.
Dues (1.0)
MLA dues income is $161,675.00, which is $7,235.00or 4.28% below budget. IAML individual membership dues account for $19,885.00 of the total, with individual memberships coming in$1,945 over budget and institutional membershipscoming in $2,000 below budget. MLA will return $10,245.33 in dues to IAML (per 5/17 currency exchange rates).
This year theIAML renewal periodwas conductedto correspond withthe IAML membershipyear (calendar) rather than with the MLA renewal period. Overall, this has lessened confusion on the part of the membership, resulting in fewer duplicate IAML membership purchases than in past years. After the Orlando meeting, Jim Z. initiated a clean-up project to address the existing duplicate IAML memberships.In most cases, the memberships could be reapplied to another year, but eleven memberships, mostly from 2016,had to be refunded, for a total of$825.00. We are optimistic that 2018 renewals will go smoothly, as members have had a year to get used to the new renewal calendar.
Chapter Dues (1.28.072)
MLA collected $3,843.00 in dues for FY17 on behalf of the Midwest, Atlantic, Pacific Northwest, California and Greater New York chapters. The majorityhas been returned to the chapters, and any remainder will be paid at the close of FY17. FY18 will see the additional integration ofthe Texas and Mountain Plains chapters.
Notes (2.019.06)
Income from Note advertising is projected to come in $1,190.00 below budget, based on Q3 actuals and Q4 estimates. Royalties income is currently $37,070.99under budget,but we should end the fiscal year $1,000.00 over budget, pending a final decision regarding preferred booking practices.
Notes expenses for FY17 will come in at or just under budget.
MCB (2.03)
MCB subscriptions were down again this year, coming in at $6,545.00, or93.5% of the budgeted amount.
Royalties (Monographs) (2.05)
MLA received $1600.85 in royalty income from MLA’s monographs published by A-R; Scarecrow titles generated $308.19 in royalty income. Overall, royalties came in at 83.14% of the budgeted amount.
Online Advertising Income (2.06)
Income from online advertising is projected to come in just $170.00 (98.33%) below budget, based on Q3 actuals and Q4 estimates.
Meetings (3.0 & 10.0)
The 2017 annual meeting in Orlando narrowly made a profit of $667.66. Registration fees brought in $85,459.00, or 99.64% of the budgeted amount. Registration numbers for session streaming were lower than hoped, with 19 live registrants and 8 archived registrants contributing $365.00 to the total.$8,725.00 in contributions toward the meeting were received.
Diane Steinhaus worked tirelessly to minimize expenses. The formidable Wi-Fi bill was cut nearly in half due to her negotiations, including that of a $6,000.00 reduction as atonement for the billing nightmare endured by many attendees.All bills have been received and paid except in the video caption and translation category, for which we await completion of two final videos by May 30. The additional expense should be around $200.00.
The breakdown of notableexpense areas are outlined below:
Ratliff breakdown (12.07):
Guest rooms: $5,044.89
IAML reception: $3,822.75
Airfare: $6,995.61
Video transcription/translation: $9,927.33*
$25,790.58 ($9,209.42 left)
*Does not include captioning/translating of final two videos
Streaming breakdown:
V-Cube (streaming): $4,800.00 (10.023)
V-Cube (cap/trans): $7,560.00 (12.07)
3-Play (transcription): $2,367.33 (12.07)*
$14,727.33
*Does not include captioning/translating of final two videos
Wi-Fi:
Original quote: $25,000.00
Final Wi-Fi charges: $12,373,79
Other Income (5.0)
MLA’s Silent Auction at Orlando, Café Press Shop, and Amazon Smile campaigns brought in $1,126.40 in additional income this fiscal year.
Web Committee (7.0226)
MLA has purchased a subscription to FeedWind for embedding blog feeds into the MLA website.The $50.00 purchase was approved by the Board at the Winter meeting.
In April, Janelle West attended Xperience17, the annual YourMembership meeting in Orlando Florida. The theme, School of Membership and Engagement, was thoroughly fashioned after Harry Potter, from the Platform 9 ¾ entrance to the live owl that flew in to deliver a post at the opening plenary. The conference was capped off by a private event at Universal’s Wizarding World of Harry Potter, where food was consumed and rollercoasters were ridden.Oh, and the conference sessions were good too.
INVESTMENTS
Fund totals on December 31, 2016 and March 31, 2017:
Dec 31, 2016 / March 31, 2017Fidelity / $1,064,227.28 / $1,146,129.59
Calvert / $278,023.19 / $ 291,658.16
Total / $1,342,250.47 / $1,437,787.75
Award accounts at the end of the CY2017, Q1:
Bradley / $ 6,361.61Gerboth / $ 38,573.13
Duckles / $ 41,314.23
Hill/O’Meara / $ 11,559.06
Epstein / $ 61,856.89
Freeman / $ 53,261.42
Wicker / $ 17,936.60
Ochs / $ 60,460.01
RILM / $ 54,369.68
Ratliff / $ 74,448.87
Coral Travel / $ 18,955.63
Diversity / $ 58,859.33
Other funds:
MLA Fund / $ 874,516.88Board Designated Assets / $ 67,566.41
Our new Fidelity rep continues to be far more helpful and responsive than the previous rep.We have high hopes that signature changes will be handled smoothly and efficiently this time around.
AWARDS
A recap of award and endowment amounts for FY18, as voted by the Boardat the Winter meeting:
Gerboth / $ 1,560.00Duckles / $ 700.00
Hill / $ 300.00
O’Meara / $ 230.00
Coral Travel / $ 650.00
Freeman / $ 2,300.00
Papakhian / $ 500.00
Wicker / $ 800.00
Ochs/Notes / $ 2,300.00
RILM / $ 2,300.00
The Board also approved use of the MLA Fund up to $35,000.00.
MEMBERSHIP
Membership is down in every category except Sustaining and Corporate memberships, and overall membership is at 94.15% of FY16 numbers. Membership number comparisons as of May 12th are as follows:
FY16 / FY17MLA Members
Regular Member US / 446 / 422
Regular Member non-US / 28 / 26
Institutional Member US / 215 / 205
Institutional Member non-US / 78 / 71
Student Member US / 57 / 65
Student Member non-US / 6 / 1
Retired Member US / 28 / 26
Retired Member non-US / 1 / 1
Sustaining Member US / 62 / 65
Sustaining Member non-US / 0 / 0
Associate Member US / 0 / 0
Associate Member non-US / 1 / 1
Corporate Patron US / 6 / 6
Corporate Patron non-US / 2 / 1
Corporate Member US / 9 / 10
Corporate Member non-US / 0 / 0
Paraprofessional US / 52 / 46
Paraprofessional non-US / 0 / 1
Totals / 991 / 947
IAML Members / FY16 / FY17
IAML Individual / 143 / 107
IAML Institutional / 118 / 96
PUBLICATIONS
A-R Editions anticipates publication offour new MLA titles for FY18, which should improve the royalties outlook for next year.
Respectfully submitted,
Janelle West
1
[1] MLA practice is to post royalties to the FY in which they were received, regardless of the CY they represent, but currently there is confusion regarding whether or not to split larger CY payments between FYs.
[2] Net income: $35,536.45