The Auditing Committee, composed of Sterling Smith, who was not able to be here, Mr. Pape of Indiana, and myself, accept this report of Carl Prell on behalf of this Northern Nut Growers Association,
PRESIDENT BEST: Let's have the Treasurer's report. Mr. Prell
Report of the Treasurer
CARL PRELL, South Bend, Indiana
At the beginning of this fiscal year it seemed likely to your Board of Directors that the Association's investment in government bonds would have to be converted into cash to meet the year's expenses. There was barely enough money in the treasury to pay for the 42nd Annual Report, which should have been billed the preceding year.
Normally, the treasurer collects only enough money to pay for one report, plus the year's operating expenses. The problem this year was to pay operating expenses and to discharge our obligation on two reports.
Anticipating this problem, and in an effort to correct recurring deficits, your Board made plans back in 1951 for a drive to increase membership. Some momentum was gained by the end of last year, which carried into this year with increasing force. The result was the substantial gain in membership reported upon by your Secretary—with a substantial increase in revenue.
Membership drives, of course, are a mixed blessing. They may produce more dues; but they certainly cost money. Our promotion expenditure jumped from practically nothing in 1951 to $115 in 1952 to $620 in 1953. However, our dues collection from new members thus gained, were more than $1200 in 1953 alone—twice as much as was spent. And it is important to note that an expenditure to gain a member is made only once, whereas the member's dues continue year after year.
In any event, increased membership was a factor in keeping us from cashing our reserves.
Another important factor was the very generous response of the membership to a plea for Sustaining and Contributing dues. Thirty percent of our old members responded with $10.00 payments for Contributing Memberships or $5.00 payments for Sustaining Memberships. This help was needed. It is deserving of special mention in this report.