THE ECONOMETRIC SOCIETY ANNUAL REPORTS REPORT OF THE TREASURER.

This article focuses on the report of the treasurer from Econometric Society's (ES) annual reports. For several decades, the financial objective of ES has been to maintain its ratio of net worth (NW) to adjusted total revenue (ATR), that is, NW/ATR, equal to 50 percent. Starting with the volume year 2004, the structure of institutional prices and membership dues for the journal "Econometrica" will experience its most significant change in the history of ES. For the first time, electronic access will be available to all institutional subscribers, and a compulsory extra charge for electronic access will be included in all institutional prices. Mid-2003 circulation figures displayed in the top portion of data table I of the Secretary's report show a continuing erosion of institutional members but a sharp jump in regular and student members. Many, if not most, nonprofit institutions have experienced a decline in their net worth over the past two years as a result of the decline in the U.S. and foreign stock markets. In May 2003, ES's office marked the fourteenth anniversary of the Society's administrative assistant Maryann Semer's association with ES.