Membership of the Society as of March, 1995 stands at 416 members, down from a high of 460 a few years ago. Membership dues remain at $25 per year, of which $6 is allocated for membership services and administrative costs. Cumulative income from dues as of December 31, 1994 was $10,206.52. This is a significant source of revenue for the Society, and increasing the number of full members is a major goal in 1995. There were 722 registered attendees at the meeting in Edinburgh last year, so it is clear that interest in the area of molecular plant-microbe interactions is much, greater than the size of our Society would indicate!
Royalties from publication of our journal, Molecular Plant-Microbe Interactions, constitute the second source of income to the Society and totaled $8827.70 FY 94. Total income for 1994 was $19,281.10. Operating expenses for 1994 (members services, administrative charges, and other) were $8,286.47 resulting in a net surplus of $10,994.63. Net worth of the Society as of March 31, 1995 was $29,315.65. The Society should maintain a reserve fund for emergencies of approximately 50 percent of the annual budget.
As a nonprofit organization, IS-MPMI must comply with state and federal tax regulations. We have a federal tax identification number and are required to file annually with the IRS. Our financial records must comply with accepted accounting procedures, and we must account for all our financial transactions including the biennial meeting and the publication of Proceedings. Things have certainly become more complicated as the Society becomes larger and more successful.
A final report on the Edinburgh meeting is not yet available. However, as agreed in 1992, any excess funds will be brought forward as a reserve for future meetings. The Society is grateful to the many companies and foundations whose contributions of funding and materials helped to make the meeting a great success.