By Jamye Sagan, IDL SIG Treasurer
The SIG continues to perform well financially in 2019. Although we have already spent all our community funding, we have plenty of money in our vested funds. As of August 1, we have $1,751.34 in our account.
What Did We Spend?
The SIGʼs major expenses in May, June and July included:
- Reimbursement for door prizes at our annual SIG business meeting at Summit.
- Annual Survey Monkey membership.
- We use Survey Monkey for our bi-annual demographic survey, webinar evaluation forms, election ballots, and occasional mini-surveys.
- Stipend for our SIG Manager to attend Summit.
- Annual subscription for AP Style Manual, an editorial resource for our newsletter.
These, and other expenses incurred throughout the year, help us provide valuable services to all our IDL SIG members.
Where Do We Get Our SIG Funding?
Since we offer free webinars for IDL SIG members and current students, we do not depend on webinars as a primary source of income. Currently, our primary source of income comes from community funds and vested funds.
Community Funds vs Vested Funds
Every year, we receive community funds from the STC office, based on SIG membership numbers. We receive a certain amount per member, so the more members we have, the more funds we have. Since community funds do NOT carry over from year to year, we must “use them or lose them.”
Over the years, we have earned vested funds. Before we started offering our webinars at no charge to our members, we depended on webinars as our primary source of income. Over the years, we had earned a significant amount of income from our webinars. Unlike community funds, vested funds can carry over year after year.
We spend first from our Community funding, since it does NOT carry over to the next year. Once community funding depletes, we then spend from our vested funds. All our income is deposited into our vested funding, which DOES carry over year after year. Besides community funding, how do we earn income? Although we offer webinars at no charge to IDL SIG members and students, we still earn some funds from non-SIG and non-STC member webinar registrations.
If you have any questions about SIG finances, please email me at treasurer@stcidlsig.org.
Jamye Sagan currently serves as treasurer for the IDL SIG, and is a senior member of STC. She served as a co-manager of the SIG from 2010-12.
At work, she uses her tech comm skills to make sense out of the seemingly senseless. At play, she uses sticks and hooks to transform yarn into pretty objects.