Page 22 - DMN2Q21

FINANCE REPORT
I have had the privilege of serving as Chair of the Finance Committee
this past year and I am happy to give you this report on the actions taken by the committee:
As of April 30, 2021, the Merrill Lynch investments were
at $1,074,743.97 and our checking account balance is at $135,302.67. Our membership revenue is running close
to that of this time last year, however, we have some outstanding group memberships that we are monitoring closely. We are still waiting to collect the Henry Ford Health System Residents dues for 2021. The total amount of revenue for the county portion of dues will total around $13,000.00, if they pay for the same number of residents as last year. Additionally, we are hoping that we receive an update
on the status of the Wayne Health, formerly WSU-UPG, outstanding group membership very soon, as well.
As for our liabilities, the Loan Management Account (LMA) balance as of April 30, 2021, was at $31,522.83, down from $56,228.61 when we last met, as the $25,000 payment was processed on March 30, 2021.
Our expenses have never been lower since we are working with a skeleton crew and not spending anything for in- person meetings. In fact, expenses are down by nearly $60,000 over this time last year.
We have not had any offers from outside parties to take over the lease of our headquarters, no doubt a result of a surplus of empty office space in Wayne County. At this point, we have 10 months left on the lease and the staff will continue to work towards taking the necessary steps to close the office and vacate the space at the end of that time. This will be necessary whether we move into a smaller, less expensive space or have the staff work remotely permanently.
In summary, we are in the best financial shape we could possibly
be in while still dealing with the ramifications of the pandemic. We have enough in checking to cover seven months of operating expenses, which will take us up to the time of year that the 2022 dues invoices will be circulated. Our investment portfolio balance has never been stronger. We were able to secure Payroll Protection Plan funding that does not have to be reimbursed, and we have been able
to make a payment towards our loan balance this year, something we were not able to do last year.
The Finance Committee thanks you for the confidence you place in us
as the fiduciary guardians of the membership dues for the members of the Wayne County Medical Society of Southeast Michigan.
The Eye and
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SAVE THE DATE!
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The Eye and The Chip October 3-5, 2021
Hotel St. Regis, Detroit, Michigan
The Henry Hotel, Dearborn, Michigan
THIS WILL BE A HYBRID EVENT (in-person and virtual options)
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THIS WILL BE A HYBRID EVENT (in-person and virtual options) CALL FOR ABSTRACTS!
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Workers in the field of artificial vision achieved via implantable electronic chip technology rain
Abstract Submission Deadline: EXTENDED to July 1, 2021
Abstract Submission Deadline: June 1, 2021
For more information: www.henryford.com/theeyeandthechip
For more information: www.henryford.com/theeyeandthechip
22 Detroit Medical News
Second Quarter 2021
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