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Treasurer's Reports
December 2004
1. 2004-2005
Fiscal Condition. For the 12 month period ending September
30, 2004, the Section had total income consisting of $81,032 and spent
a total of $78,873.27, resulting in net income to the Section of $2,158.73.
We ended the fiscal year with a fund balance of $109,612.39. The final
income statement issued by the State Bar is attached as Exhibit
1. Exhibit
2 is a table comparing the Section's 2003-2004 budget to its actual income
and expenses, with some items being reclassified from that listed in Exhibit
1. Exhibit 3 compares the 2003-2004 Committee and Directorship budgets
with the actual committee expenses incurred through September 30, 2004.
2. 2004-2005 Budget.
Attached as Exhibit 4 is an outline of the Section
budget for 2004-2005. Exhibit 5 is the Committee and Directorship budget
requests which I have received to date. The current budget calls for the
Section to just break even in Fiscal Year 2005, despite the large revenue
increase. The Treasurer hopes to finalize the fiscal year 2005 budget before
the end of 2004.
3. Focus areas in 2005.
On the revenue side, our dues increase should provide
an extra $30,000 in revenue this year. We will also continue to focus on
sponsorship revenue for the Business Law Institute. On the expense side,
eliminating the boot camp should reduce expenses by about $5,000. Eliminating
the annual meeting will also have an effect, although there will still
be a Council meeting and related dinner at that time, which provided the
bulk of this year's annual meeting expenses. The Treasurer intends to review
expenses related to the Business Law Journal, which is our most important
contact with Section membership, but also our most significant expense item.
Respectfully submitted,
Mark R. High
Dickinson Wright PLLC
500 Woodward Avenue, Suite 4000
Detroit, MI 48226
Phone: 313/223-3500
Fax: 313/223-3598
Email: mhigh@dickinsonwright.com
September 2004
- 2003-2004 Fiscal Condition
The Section had a surplus of $123,813.13 as of August 31,, 2004, and
is projected to finish the fiscal year with a surplus of approximately $89,500.
This is a reduction in our fund balance by approximately $18,000. The current
budget information and projections for the year-end are attached.
- 2003-2004 Committee Budgets
The Committee budgets reflected in the attached statement were approved
by the Council at its March meeting, but with an expectation that some of the
budgeted money will not be required. Actual expenditures are projected to be
approximately $9,100. Actual and projected year-end Committee budgets and allocations
of Committee expenses during this fiscal year are attached.
- Section Dues
The current Section dues are $20.00.
The Section Council authorized an increase in the Section dues to $30.00
beginning with the 2004-2005 fiscal year, and the Board of Commissioners
has approved the dues increase. The State Bar of Michigan Finance Department
has processed the information and has already reflected the increase on next
year’s dues invoice.
- Listserv
The State Bar of Michigan has notified
the Sections that the costs for the maintenance and usage fees for the Section
Listserv will no longer be borne by the State Bar of Michigan. This will
result in an expense starting in the next fiscal year. (See Technology Committee
report for further discussion.)
Attachments Effective October 1, 2004:
2003-2004 Budget
2003-2004 Projected Year-End
Michael S. Khoury
Jaffe, Raitt, Heuer, & Weiss
One Woodward Avenue
Detroit, MI 48226
(313) 964-7168
(313) 961-8358 (fax)
mkhoury@jaffelaw.com
- 2003-2004 Fiscal Condition
The
Section had a surplus of $159,287.64 as of April 30,
2004, and is projected to finish the fiscal year with a surplus of
approximately $80,000. The current budget information is attached.
- 2003-2004 Committee Budgets
The
Committee budgets reflected in the attached statement
were approved by the Council at its March meeting, but with
an expectation that some of the budgeted money will not
be required. If the full budgeted amounts are utilized, the Section
would have a deficit of approximately $60,000 for the current
fiscal year and would bring our fund balance to an unacceptably
low level. As a result, Committee chairs and directors were
asked to consider expenditures carefully.
The
committee budget schedule tracks and allocates Committee
expenses during this fiscal year.
- Section Dues
The
current Section dues are $20.00. The Section Council authorized an
increase in the Section dues to $30.00 beginning with the 2004-2005
fiscal year, and the Board of Commissioners has approved the dues
increase. The State Bar of Michigan Finance Department has been notified
and will reflect the increase on next year's dues invoice.
- Listserv
The
State Bar of Michigan has notified the Sections that
the costs for the maintenance and usage fees for the Section
Listserv will no longer be borne by the State Bar of Michigan.
This will result in an expense starting in the next fiscal
year. (See Technology Committee report for further discussion.)
Attachment
A - 2003-2004 Budget PDF
Attachment
B - 2003-2004 Committee and Director Budgets/Expenses PDF
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| March
4, 2004 |
I. 2003-2004 Fiscal Condition
The Section has a surplus level of $168,200.35 as of January
31, 2004 and is projected to finish the year with a surplus
of approximately $45,000.
II. 2003-2004 Committee Budgets
The current budget assumes a deficit of $60,700 for the fiscal
year, which would bring our fund balance to an unacceptably
low level. As a result, revenue and expense categories need
to be examined.
The second budget schedule is the requested budgets for committees.
I will track and allocate the expenses within the various committee
budgets during the year.
III. Actions Required
At the December Council meeting, we had the opportunity to
review the annual budget and gave preliminary approval to a
budget, subject to a further review of some items. Given that
some amounts may need to be examined further, follow up approval
may also be necessary.
IV. Section Dues
The current Section dues are $20. The Council has authorized
the Section to increase our annual dues to $25 per year.
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- 2002-2003 Fiscal Year Results
After several years of efforts to spend down the
surplus for the benefit of the Section members,
the Section achieved its goal in 2003. The Section
now has an acceptable surplus level, finishing
the year with a surplus of $107,453. As is reflected
in the budget summary for the fiscal year that
follows, the Section had a revenue deficit of $65,307.
Some of that amount is attributable to expenses
from the prior fiscal year that were paid in 2002-2003.
Also attached is a three year budget summary, showing the results
of the prior three years. Please note that committee expenses
have not been separately allocated, but are lumped into other
categories of expenses.
- 2003-2004 Section and Committee Budgets
The
third budget schedule is a draft budget
for 2003-2004 based on historical expenses
and income, along with expenses posted
through October 31, 2003. The budget assumes
a deficit of $60,700 for the fiscal year,
which would bring our fund balance to an
unacceptably low level. As a result, revenue
and expense categories need to be examined. The
fourth budget schedule is the requested
budgets for committees. The fifth is the
year to date budget schedule. I have also
arranged for the State Bar to create a
separate account for committee expenses
so that these can be separately tracked.
I will track and allocate the expenses
within the various committee budgets.
- Actions Required
The
December Council meeting is our opportunity
to review the annual budget and to give
preliminary approval to a budget. Given
that some amounts may need to be examined
further, follow up approval may also be
necessary.
- Section Dues
The current Section dues are $20. The State Bar
has authorized the Section to increase our annual dues, up to $40
per year, and we should probably address that issue soon.
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PREPARED
FOR THE DECEMBER 6, 2003 COUNCIL MEETING
By: Michael S. Khoury
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| September
11, 2003 |
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| May
17, 2003 |
The financial position
of the Business Law Section remains sound. As of March 31,
2003, the date of the last financial statements received from
the State Bar, the Section had a surplus of $178,795.90. Any
questions concerning the financial status of the Section should
be addressed to the undersigned.
Respectfully Submitted,
Eric I. Lark |
| March
6, 2003 |
- The financial
position of the Business Law Section remains sound. As of
January 31,
2003, the date of the last financial statements received from
the State Bar, the Section had
a surplus of $191,839.99.
- At the
December 7, 2002 Council Meeting the Business Law Section
Budget for October 2002 - September 2003 fiscal year was approved.
A copy of the approved Budget is attached to this report.
Questions concerning the Budget should be addressed to the
undersigned.
Respectfully Submitted,
Eric I. Lark
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| December
7, 2002 |
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| September
12, 2001 |
The financial condition
of the Business Law Section continues to
be sound. As of July 31, 2001, the Section's YTD Total Income was $75,808.00,
Net Income was $201.57 and the Cash Balance aggregated
was $195,003.84.
Attached to this
Report is a copy of the monthly financial
statements for May and July, 2001. Respectfully submitted,
G. Ann Baker
Treasurer |
The financial condition
of the Business Law Section continues to be sound. As of April
30, 2001, the Section's YTD Total Income was $75,717.00, net
income was $45.924.77 and the cash balance aggregated was $240,727.04.
Attached to this
Report is a copy of the monthly financial
statements for February, March and April, 2001. To obtain
reimbursement for expenses, receipts and a completed
SBM Expense Voucher should be submitted to the Treasurer
for approval and transmittal to the State Bar of Michigan.
Although the Section Council has adopted committee budgets, the
State Bar of Michigan financial statements use different
categories and have no categories for committee budgets.
For example, there are separate items for meetings, seminars,
and annual meetings. We have no method for keeping track
of how the amounts allocated to committees are spent.
For example, for a recent program we do not know the
total income and expenses. In addition, some expenses
are directly billed to the Section and some are expenses
are paid and reimbursement requested. Recommendation:
The Council consider providing committees with additional
direction regarding expenditures, such as, preparation
of an income and expense report for a seminar and consider
whether some expenses should routinely be billed directly
to the section, such as meeting room rental.Respectfully
submitted,
G. Ann Baker
Treasurer |
The financial condition
of the Business Law Section continues to be sound. As of December
31, 2000, the Section's YTD Total Income was $70,899.00, net
income was $62,629.41 and the cash balances aggregated $257,431.68.
The State Bar of
Michigan has experienced problems
with the software program used to produce financial
statements and was unable to print statements. The
problem was recently corrected. Attached to this Report
is a copy of the monthly financial statements for October,
November, and December 2000 and the final statement
for fiscal year October 1, 1999-September 20, 2000.The
officers discussed and recommend the Council adopt
a resolution to allocate $2,500 for this fiscal year
to purchase recognitions for individuals providing
service to the Sections, such as committee chairpersons.The
officers recommend the Council adopt a resolution authorizing
Council members to be reimbursed for mileage to attend
Council meetings. The State Bar policy is to reimburse
at the standard IRS rate. The IRS changed the standard
business mileage rate to 34 ½ cents per mile
effective January 1, 2001.
Respectfully
submitted,
G.
Ann Baker
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The financial
condition of the Business Law Section continues to be sound. As
of September 31, 2000, the Section's YTD Total Income was $74,264.00,
net income was 16,255.71, and cash balances aggregated $201,457.79.
Attached to this Report is a copy of the interim September 30,
2000 financials.
G. Ann Baker
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The financial
condition of the Business Law Section continues to be sound.
As of August 31, 2000, the Section's YTD Total Income (11 months)
was $71,244, net income was $25,385.04, and cash balances aggregated
$210,587.12. Attached to this Report is a copy of the interim
July 31, 2000 and August 31, 2000 financials.
Timothy R. Damschroder
Bodman, Longley & Dahling LLP
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The financial condition
of the Business Law Section continues to be sound. As of March
31, 2000, the Section's YTD Total Income (6 months) was $70,955,
net income was $59,147.67, and cash balances aggregated $244,349.75.
Attached to this Report is a copy of the interim March 31, 2000
financials.
Timothy R. Damschroder
Bodman, Longley & Dahling LLP |
The financial condition
of the Business Law
Section continues to be sound. As of October 31, 1999, the Section's
YTD Total Income (1 month) was $50,119.00, net income was $50,052.34,
and cash balances aggregated $236,132.95. Attached to this Report is
a copy of the interim October 31, 1999 financials.
Timothy R. Damschroder
Bodman, Longley & Dahling LLP
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