ped 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.

One other factor contributed to successful operation this year, as it
has in other years. This factor does not show up in figures in a
financial statement for the simple reason that the figures are modestly
withheld from the treasurer. I refer to the out-of-pocket and unreported
expenditures of officers and committeemen, which expenditures sometimes
are sizeable. Certainly they were this year. The fact that such
contributions were made should be noted.

The sum total of all this is a financial showing for the year that may
be considered satisfactory. Our debts are all paid. No bonds were
cashed. Nothing was borrowed. And we have money in the bank.

At this time last year we had a cash balance of $1313.78. Today our
balance is $303.70. We spent $1,000 more than we took in. But we paid
for two Annual Reports. The lesser report cost $1200. If this were
subtracted from this year's business, where it does not belong, our cash
balance would be $1500.00. In short, on this year's business--even with
all its unusual expenses for promotion--our income was more than our
disbursements--by $200.00. This reverses the deficit trend of recent
years.

_RECEIPTS_
Membership Dues $3,638.05
Sale of Annual Reports 394.00
Advertising in Nutshell 110.00
Contributions 39.00
Interest on Government Bonds 37.50
_________
TOTAL $4,218.55

_DISBURS