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Commissions
and Reports
Finance commission
(FC) report to the Ex Com July 11, 2004
Report of Finances 2001–2004
10th International Congress of Toxicology, Tampere, Finland, July 2004
Membership:
Torbjörn Malmfors, (Chair), Malmfors Consulting AB, Johanneshov,
Sweden
Judith A. MacGregor (Toxicology Consulting Services, Arnold, MD, USA
Glenn Sipes, Department of Pharmacology, School of Medicine, University
of Arizona
Tucson, Arizona 85742 USA
This report deals
with the following issues:
1. Outcome for 2001-2003
a. Balance sheet
as of December 31, 2003
b. Profit and loss
January 2001, January 1 through December 31, 2003
c. Transaction
ledger
2. Status for March 31, 2004
a. Balance sheet
b. Profit and Loss
c. Transaction details
3. Fundraising
4. ICT X fellowships
5. Comments to the original FC plan for 2001-2004 1.Outcome for 2001 - 2003
a. Balance sheet as of December 31, 2003
Comments
The total assets have increased with about 42% thanks to grants
and sponsor money.
b. Profit and loss
January through December 2003
Comments
The income is unevenly distributed during the three year period
but the average annual income is 157 492, which is almost a 50%
increase.
The
expenses have increased slightly the two last years, 12 and 9%,
respectively, which is partly related to improved administration.
The net income,
totally 113226, is similarly to the income, unevenly distributed.
Transaction
details (ledger) for 2003
.
2. Status through March 2004
a. Balance Sheet
Comments
Positive trend, so far.
b. Profit and loss January through March 2004
Comments
Uneventful
3. Fundraising
No contribution has been received as response to letter March 31,
2004 offering Institutional Membership status of IUTOX,
nor as contribution
to the fellowship program at the ICT X in Finland.
Comments
Solicitation letters have never been an effective way
of getting financial support.
4. ICT X fellowships
Twenty-four senior fellowships @ 1.000 USD and 19 junior
fellowships @ 750 USD were approved and financed partly
by contribution from
EUROTOX, the Japanese SOT and SOT, totally 22.500USD.
5. Comments in relation to the original FC plan
General objectives
Sound finances of IUTOX, including accurate accounting
Enough resources to fulfil the long range goal
Allocate resources based on priorities.
These points have been strongly enhanced by handing over
the economic administration to AIM, May 2002. The collaboration
with AIM has
been excellent and the agreement has been prolonged to
2007.
Specific objectives for 2001-2004
Double the annual income
Maintain the assets 4 times the annual expenditures
The annual income has only increased by almost 50%, due
to the weakened global economic situation, but the assets
have been maintained
around
4 times the annual expenditures.
General tasks
Overlook the finances of IUTOX
In order to simplify and improve the overview of the
financial transactions, the accounts at UBS
in Switzerland have been
closed and the assets
transferred to the First Union bank in Washington
DC,US.
Seek contributions for the activities of
IUTOX.
Prepare budgets
Based at activities to be decided at the
Ex Com meetings budgets have been constructed.
Specific tasks
Establish guidelines for the treasurer
Propose a detailed plan for fundraising
Review of the tax procedure
An IUTOX Financial
Policy has been drafted in collaboration with AIM.
A letter offering Institutional Membership
status of IUTOX has been distributed
without any success.
Timeline
In relation to dates for EC meetings
and other deadlines plus dates given
for each
specific task
The reporting of the finances is proposed
to be changed from ICT to ICT to calendar
year
TM 040704
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