Magazine article Phi Kappa Phi Forum

Summary of the Society's Finances as of March 31, 2006

Magazine article Phi Kappa Phi Forum

Summary of the Society's Finances as of March 31, 2006

Article excerpt

The Society's finances improved significantly in the third quarter of Fiscal Year 2006. Two of the three main membership categories showed increases over figures reported for last year; new members increased by 12 percent while the number of life members was up by 27 percent. The number of renewals, on the other hand, had a slight 1.6 percent drop. Total membership fees increased by approximately $48,000 or 2.7 percent.

Improved marketing techniques helped boost third quarter sales. In addition, a discount on recognition items (stoles, honor cords, and medallions) was once again offered to chapters. Not only did the discount help increase Society sales revenue, it also gave chapters the opportunity to raise needed funds. Newly designed t-shirts, sweatshirts, and caps carrying the new Phi Kappa Phi logo will have a positive effect on this revenue line for the current fiscal year.

March 31, 2006, marked the end of one of the most successful quarters in years for the financial markets. Quarterly returns for the Society's portfolios were as follows: 4.30 percent for the Foundation, 4.32 percent for the Life Membership, and 1.05 percent for the Operating Investment Fund. All portfolio returns exceeded their respective benchmarks. Net realized and unrealized gains for the period ending March 31 totaled $1.6 million. This compares to approximately $500,000 for the prior year. Investment income also exceeded last year's total by almost $30,000.

Unlike the revenue lines described above, membership contributions showed a decline over the amount received through March 31, 2005. …

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