Welcome to the second issue of the SELAM International News Update!
This is your source of breaking news about SELAM activities and events!
ASPEN IN AUGUST!!!!
After three years of discussion and planning, SELAM is having it's first ever regional program! By now, you should have received paper and electronic versions of the brochure to distribute. Please let us know right away if you need more...we'd like to see this be the roaring success it deserves to be. Visit our website at http://selaminternational.org/Registration/Aspen/index.htm for more information or to register to visit Aspen in August.
SELAM FINANCIAL HIGHLIGHTS of 2005 and 1st Quarter 2006
The financial health of SELAM International continues to grow. Both the endowment and an operating account are invested with Merrill Lynch. Balances as of 12/31/05 were $99,500 (endowment) and $27,700 (operating).
For calendar year 2005, expenses were $44,709.49 and revenues were $70,342.86; thus, a net yield of $25,633.37. The Finance Committee and Board of Directors approved the endowment policy, supporting diversification of our accounts. At year-end, we had 49% in equities, 25% in fixed income, and 26% in cash. The rate of return (ROR) on our endowment account was 4.66% for 2005 (benchmarks for 2005: DOW @ -0.61%; NASDAQ @ 1.37%; S & P 500 @ 2.1 %). For the 1st quarter of 2006 the ROR was 4.18% (Benchmarks: DOW @ 2.8%; NASDAQ @ 2.5%; S & P 500 @ 2.1%). A new purchase of a women-friendly fund (Calvert large cap growth) was added to our portfolio. Merrill Lynch is investigat-ing other women-friendly funds.
We engaged a new accountant, Regina Kelly, CPA, after a competitive bidding process. All account in-formation was loaded into Quicken. Membership terms on the Finance Committee are now staggered. A SELAM budget for 2005 and 2006 was approved.
Finally, I would like to thank the members of the SELAM Finance Committee. Special thanks to Kathy Porter, MD, our former treasurer, for her advice in getting me started and to Victoria “Tori” Odhner, for her “central office” support.
Finance Committee Members:
Elisabeth Kunkel, MD
Chair and Treasurer 2005-2007 Thomas Jefferson University, Philadelphia PA
Kathy Porter, MD
Past Treasurer Term expires 2006 University of South Alabama College of Medi-cine, Mobile AL
Simin Dadparvar, MD Term expires 2007 University of Pennsylvania School of Medicine, Philadelphia PA
Karen Novielli, MD Term expires 2008 Thomas Jefferson University, Philadelphia PA
Jan Richardson, PhD Term expires 2008 Duke University School of Medicine, Durham NC
Ilka Rios, DDS Term expires 2007 University of Puerto Rico, San Juan, Puerto Rico
Luanne Thorndyke, MD Term expires 2006 Pennsylvania State University College of Medi-cine, Hershey PA
Rosalyn Richman, MA Ex Officio Drexel University College of Medicine, Philadel-phia PA
Mark Nottingham, CFM Non-voting member Merrill Lynch, Bala Cynwyd PA
Pamela Goodman Non-voting member Merrill Lynch, Bala Cynwyd PA
Please contact me if you are interested in becoming active on the Finance Committee. We promise you a great learning experience.
Elisabeth JS Kunkel, MD
Treasurer, SELAM International
Thomas Jefferson University
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