Treasurer’s Report

Hugh R. Taylor, AC, MD

World Ophthalmology CongressWorld Ophthalmology CongressJune 2010June 2010

Berlin, GermanyBerlin, Germany

Financial Status

Net Position• December 2007 USD 1,836,000• December 2008 USD 2,212,000• December 2009 USD 2,006,000

• Reflects a busy year with some great progress• We survived the Global Financial Crisis• Investments show an unrealised paper loss, in part due to

GFC and in part to currency fluctuations

• Independent Accounting Review for 2009• Prepared for a full audit of 2010 accounts

Policies and Procedures

Goal - Defined and transparent processes • Reserves and Investments• Payment Approvals• Expense Reimbursement • Annual Planning and Budgeting• ICO Dues Collection• Dues for Developing Countries• Retention of Documents• Responsibilities of Directors and Officers

Budget 2011

Income• Dues $300k• WOC $80k• Examination $814.8k• ICOF $577.5k• Investments $150k• Miscellaneous $36kTotal $1,958k

Expenses $2,791k

But expect $300k from 2008 WOC and $300k from 2012 WOC

Leaves a projected deficit $232.9k

Budget 2011

Expenses• Education $110.4k• Exams $670.6k• Fellowships $346k• Other Education $435k• WOCs $240k• Other Activities $501.1k• Management/Admin. $479k

Total $2,791k

Schedule for Payment of Dues

• November 1st - invoice sent• January 1s t - payment due• January 7th - 1st reminder• February 1st - 2nd reminder• March 1st - contact by ICO Board member• June 1st or WOC which ever earlier - forfeit membership

benefits.

• Dues for 2011 kept at CHF3 per member and reduced rate for developing countries (1% of their annual dues)

Member Issues

• Suspended- No payments 1994-2010

Bolivia

Haiti

Iraq

Venezuela

• Suspended- One payment 1994-2010

Bangladesh

El Salvador

Morocco

Senegal

• Waiting resolution- Ongoing Discussion

India, Russia, Serbia, Thailand

Thanks

• Bruce Spivey• Bill Felch and Lindsey Washburn• Accounting Consultant Lili Tarachand

• Balder Gloor• Brad Straatsma and Hilel Lewis