For the 2004-2005 fiscal year, the League’s sound financial situation can once again be attributed to strong Epilepsia royalties, successful congresses and proceeds from investment activities. A summary of the year’s revenue and expense is included in the charts below. As stated in the previous year’s report, future earning potential should not be overestimated given the twin threats of open access publishing and shrinkage of the pharmaceutical industry’s commitment to epilepsy.
In the previous year, the League adopted a new investment policy with the objective of maintaining a balanced and diversified portfolio to minimize risk and maximize returns. The final phase of this policy was implemented during this 2004-2005 fiscal year. Approximately 3% of these investments are dedicated annually by the Executive Committee to two areas of special interest — new projects and development of the regional agendas focusing on education, epilepsy care and translational research.
The information below includes that from the office of the International Director of Meetings, Richard Holmes, and his team in Dublin. During this fiscal period, the 3rd Latin American Congress was held in Mexico City and the 5th Asian and Oceanian meeting in Bangkok. These two important activities indicate the League’s strong commitment to the continued development of these regions and the support of their agendas and programs.
I’d like to mention just one more initiative — the solidarity fund. This is composed of contributions donated exclusively for the use of chapters in the developing world requesting assistance with payment of their annual dues. My personal thanks, therefore, go to the US, German, Swiss, Taiwanese, Cyprian, and Italian chapters for their generous financial support.
It just remains to remind you that I am available to advise on any financial matters relevant to League business. My special thanks go to our Financial Officer, Donna Cunard, who is based in the Hartford office, for her efficient handling of our day to day financial affairs.
Martin J Brodie