I imagine that you are uninterested in an itemized, detailed report of receipts and expenditures; I imagine you are interested in the question: How are we doing? We are not doing too well. The annual report for this year indicates that our financial condition is not satisfactory. For the second successive year we have spent more money than we have taken in, and that would be the third successive year, if it hadn't been for the fact that due to the lateness of the publication in 1950—that it, the annual report—we did not pay for an annual report that year. That means there are three years in a row that we have gone downhill.
The picture is not entirely black, however. There are some bright spots. For instance, all our bills are paid. Second, we have money in the bank. Third, our $3,000 investment in Government bonds is still intact, and fourth, our deficit this year was less than it was last year, which may indicate that we have already touched bottom and are starting up.
The cause of our deficit is easy to put your finger on. We are operating on budgets that are ten years old, and costs have gone way, way beyond. Dues were increased several years ago, but even at that time they were not increased adequately, and since then costs have skyrocketed.
The membership situation is not too bad, though the cost situation is bad. The two don't jibe at all. The reason we have a lesser deficit this year than last is Mr. Best's work and the work of his vice-presidents in increasing the membership, and the results of that work; I think, have only begun to show.
Specifically, we came within $417 of collecting enough money this year to pay our expenses. It was over $500 last year, making a total of a thousand dollars that we have spent above our receipts. While we have some money in the bank, there will be a bill due in about 30 days on the publication of the annual report, that will be mailed within the next few days. And that will take all the money that is in the bank, plus what we are able to collect in dues immediately, and I hope that many of them are paid at once. But that still leaves us without money to operate through the year, and by January, unless conditions change, we will be borrowing money.
The Board of Directors has discussed this. They have some thoughts on the subject which will be presented to you by Dr. MacDaniels. I think that one of the obvious things that you all think of and I may mention is the matter of increased membership. That's an obvious solution, and as I said a minute ago, it's a very possible solution.
The work that was started by Mr. Best last February is only now beginning to bear fruit. New memberships, even as late as this for this year, in August, are coming in very, very well. I personally see no reason why the membership cannot be increased to a thousand members next year, providing all of us bring in a member or two.
I asked a friend of mine on The Country Gentleman for some data on state population compared to farm population. I forget just exactly now how it runs on various states, but I do recall Indiana. We have a population here of four million people. There are about 700,000 of these people on 166,000 farms. The farms in this state produce a wealth of $75,000,000 a year. With 700,000 farmers in this state and population of 4,000,000 with a wealth of $75,000,000 a year, it would seem to me that the State of Indiana should have more than only 39 members. Out of that group we should certainly increase that ten times. We should have 400 members, and if the same proportion is carried throughout the nation, why, this organization can easily obtain a roll of 7500 to 10,000 members. A thousand members next year should be a pushover. So much for the financial report.
Mr. Best's campaign started last February. His vice-presidents were given material and the inspiration to work for new members, and they responded. For Mr. Best I compiled the list of the new members who have been brought in, with the people who have brought in the greatest number, but that thing went galley-west in the last few days by the strong finishers. Mr. Best himself came in yesterday with a pocket full of 11 new members, and he already had a couple on the list. Up to that time—and I am not giving credit to the Secretary, because several of the members that show his sponsorship have come naturally through his office. So disregarding the sponsored members of the Secretary, Spencer Chase was top man, up until Mr. Best upset him yesterday, followed by Dr. Rohrbacher, who was a late finisher with members who were not recorded in this report. All through the year it was a battle between Pennsylvania and Illinois as to who would have the greater number of members.
Illinois, with 36 members, hopped up to 60, and Mr. Best's 11 make 71. And just this morning they got two others from Illinois, making 73. So I think Illinois has the second place position firmly nailed down.