THE ECONOMETRIC SOCIETY ANNUAL REPORTS: REPORT OF THE TREASURER.

The article presents the annual report of the treasurer of the Econometric Society. The society's surplus in 2003 was $147,953, far above the estimate, made at this time in the year 2003, of $16,000. Revenue other than capital gains was $23,660 higher than the estimate, and this difference occurred entirely in the category of dues and subscriptions income. Total expenses were $13,919 below the estimate, reflecting an unexpected drop in editorial expense that was partly offset by higher than expected expenses in several other categories. The financial objective of the Econometric Society has been to maintain its ratio of net worth (NW) to adjusted total revenue (ATR), that is, NW/ATR, at roughly 50 percent. The 2003 consolidated net surplus was $207,267. This sum is divided in the accounts among the basic surplus of $147,953, plus the $60,000 contribution to the World Congress fund, minus the $572 decrease in the value of the Marschak Fund. The revenue table shows an increase in the nominal revenue exclusive of special financial items by 159 percent.