APS / APRL. Key Assumptions Following are the Key Assumptions that are a part of the 2014 Budget Proposal.

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1 APS / APRL Memo: To: APS / APRL Board From: Kenneth P. Martin, Executive Director / Rick A. Banks, Controller Date: 10/25/2013 CC: Re: Proposal We are pleased to present the APS / APRL 2014 Proposed Budget for your review. It has been reviewed and recommended by the APS and APRL Treasurers and the Finance Committee. Combined Summary under Generally Accepted Accounting Principals (GAAP) On a combined APS/APRL basis under GAAP, the is balanced with a net surplus, after depreciation, of $3K (an improvement over the $17K deficit in the 2013 approved budget). This is a result of a $115K surplus for the APS and a $112K deficit for the APRL. This combined surplus is after depreciation expense of $463K. As was the case in 2012 and 2013, the APS 2014 budget includes $88K of depreciation for the Website. (See Table below) The budget reflects no receipt or use of cash donations other than those designated for operations by donors. (See graph on page 5) Combined Cash Flow On a combined APS/APRL Cash Flow basis, the is balanced in that it covers all operating costs, all interest expense, all principal payments, and all planned non-renovation capital expenditures. Any renovations will need to be funded from donations. (See graph on page 6) Combined Economic Diagnostic (CED) On a combined APS/APRL basis under CED, the 2014 Budget covers all operating costs, all interest expense, and all principal payments. In addition, in 2014 we project to cover $212K of depreciation, 46% of the total depreciation expense, an improvement over the 2013 budget. (See graph on page 7) Key Assumptions Following are the Key Assumptions that are a part of the Proposal. APS o Projected membership loss of 926 or 2.9%. (December ,155). Projected revenue loss of $42K on an annual basis. o No dues or foreign surcharge increase. o o No fee changes, other than an increase in Stamp Show bourse fees. Departmental income reductions match current trend in actual performance, target to maintain accurate budget projection expectation. o Personnel expense includes a 2% increase ($28K) for salaries, benefits, and adjustments and an increased employer match ($12K) on pension program by 1% (from 3% to 4%). Employee health insurance cost up 3.2% for 2014, with no additional amount passed on to employees. (More information provided on next page). o No personnel change from current levels. (This excludes the two library interns being funded by the Classics Society, whose positions will end in December, and the anticipated addition of a part-time Stamps Teach Coordinator who will be paid entirely from funds raised for that program. 1

2 o o Investment portfolio projected income of 4% ($84K), consistent with 2013 budget. The 2014 Winter Show in Little Rock, AR is projected to finish with a deficit of $35K. This clearly does not meet our normal expectations for a Winter Show but is indicative of the poor response that we ve received from many dealers regarding not attending the Show. APRL o o o o Major expenses and income drivers for the APRL are related to the real estate of the Match Factory complex. No change in library user fees. Personnel expense includes 2% increase for salaries, benefits, and adjustments. New Tenant s Rent: $45K additional rental revenue in Universal Community Behavioral Health (UCBH) lease began in April The 2014 increase is the effect of a full year s rental income. $32K additional rental revenue in Nittany Valley Distillery (NVD) lease was signed in 2013, budgeted rent to begin in July Tenant fit-out, which will be fully funded by the tenant, scheduled to be complete by July 1, 2014 o Electric utility expenses holding at current levels: Risk of 25% electrical expense increase in 2011 averted with a three year rate locked below earlier levels. Original agreement locked in rate until January A new agreement has been signed locking-in rate until January 2017 at a level slightly lower that the 2012 agreement. o o Investment portfolio projected income of 4% ($38K), consistent with 2012 budget. Continuation of the reserve for new tenant renovation. In the event of tenant changeover, this will allow us to prepare the space for a new tenant. Annually, an amount will be set aside in a reserve fund ($13K in 2014) so that upon tenant change-over, funds are available to repaint unit, clean carpets, etc. (Cash balance in the reserve at 9/30/13 is $25K) Capitals o Operating capitals requested equal $46K, after which a surplus cash flow of $139K remains. Depreciation o In prior years, from 2003 thru 2008, no interest, principal, or depreciation was covered. In 2009 we were able to cover interest and principal but no depreciation. o The schedule for 2014 depreciation includes $328K for building, $47K for furniture & equipment, and $88K for the website (final year on a three year schedule). We do not have capital needs for building, furniture & equipment, or website upcoming nearing these levels. Our 2014 accretion of $212K, or 46% of planned depreciation, will be sufficient. Depreciation Dollars 2013 Projected APS APRL Total APS APRL Total Furniture & Equipment 12,000 35,000 47,000 12,000 24,000 36,000 Website 88,000-88,000 90,000-90,000 Building - 328, , , ,000 Total 100, , , , , ,000 Personnel Expense In the past four and a half years, we have reduced staff, eliminated bonuses of about $27K ($7K reinstated for 2011, a one-time event), eliminated the automatic 4% employee pension contribution, and provided no pay increase for employees for We have also changed health Page 2

3 insurance providers two times in the last eight years, instituted an employee premium contribution, and cut coverage. By changing providers (to Geisinger) and increasing the deductible from $250 to $500 in November 2010, our health insurance costs decreased by 9% in We had no increase in 2012 and incurred an 8% increase in 2013 (2% of this increase, or $10/month was passed on to the employee). For 2014, Geisinger proposed a rate of increase of 25%. Therefore, effective November 2013, we are once again changing health insurance providers (to Capital Blue Cross) and thereby reducing our 2014 premium increase to 3% for a plan that actually provides comparable coverage for our employees. We still feel that a high deductible health insurance plan is not realistic when 53% of our employees make less than $35K and the average age is 54. (See chart below). In 2012, we eliminated one position by taking 0.5 FTE from Internet Sales and 0.5 FTE from the Assistant to the Executive Director called for a further personnel reduction of 0.4 an employee via a two step process. Step 1 the position of Expertizing Coordinator in the Expertizing Department was reduced from being staffed five (5) days per week to three (3) days per week. Step 2 the Circulation Clerk in the library is retired at the end of This position was filled in 2013 with a part-time employee three (3) days per week and by the individual who previously functioned as Expertizing Coordinator the other two (2) days per week. In addition, in 2013, an opening in the accounting department (employee resignation) was filled by transferring an employee from ISU to Accounting. The ISU position was then eliminated. These changes are continued in the 2014 budget. With the aforementioned reduction in paid staff, one of the ways that we ve continued to keep the workflow going is thru the development of our Volunteer Program. We currently are logging ~14,000 annual volunteer hours (the equivalent of 7.2 FTE) at the APC. A PS / A PR L Em ployee S alary Levels Median Salary = $34, < $35,001 $35,001 - $50,000 > $50,000 We cannot afford to restore all the personnel cost cuts that have been made, but we have budgeted for the follows: 2.0% (about $28K over 32 employees) for merit based raises of up to 2.5% for persons employed the entire year, pro-rated for partial year employees. 1.0% increase in the employer match for the 403B pension plan or about $12K if all employees take advantage of the increase. Initiatives Considered, Recommended & Included Reinstating the reimbursement of board members for attending the board meetings held at the winter and summer show. The reimbursement amount will be a flat fee of $350. The increased cost in 2014 to the APS is $8K and to the APRL is $3K. Page 3

4 Note: The Young Philatelic Leaders Fellowship (YPLF) initiative that was established in 2009 and the Stamps Teach initiative that was established in 2011 are funded by designated donations and not part of this operating budget. A separate budget for these two programs will be prepared and is forthcoming. Initiatives Considered & Not Included Reinstatement of fixed 4% employee pension contribution - $51K. Reinstatement of full APS staff participation at WSP shows - $18K. Reinstatement of employee bonus program to previous level - $27K. Debt Review As of September 2013, the APS/APRL has outstanding debt/mortgages (excluding intercompany loans) of $5,458,739 on which we are paying ~$35,000 per month consisting of approximately $19,000 interest and $16,000 principal. Monthly rent from tenants (excluding the APS) provides ~$45,700. In July 2014 an additional monthly rent stream of $5,300 is scheduled to begin with no further debt or cash outlay by the APRL. The present interest rates for our existing bank debt (divided between three mortgages) ranges from 3.32% to 5.24%. Complete details on these loans are included as part of footnote 7 on pages of our 2012 annual audited statements. Summary On a GAAP and Cash Flow basis, the combined APS/APRL budget is balanced. Under CED, the covers all operating costs, all interest expense, all principal payments, and 46% of all depreciation expense (which is 100% of depreciation associated with furniture, equipment and website plus 24% of building depreciation). None of the bases includes any undesignated donations, gifts designated for programs such as YPLF and Stamps Teach, debt reductions, library construction, etc. The APRL deficit that is budgeted is the smallest in the past 11 years. The operating budget does not include funds for any new staff positions. The budget also does not reflect any early pay-down of the mortgages, although a payment of $250,000 is being considered by the end of this year (2013). What is making this budget work? Ability to hold the line on spending consistent with Phase I and II savings initiatives that were instituted in 2009/2010. Holding the staffing levels down. Success of outsourcing the IT function. Procurement of another tenant in 2014 (NVD), following UCBH in 2013, BHARP in 2012 and Graymont in Success of new revenue initiatives Buyers fee on circuit sales instituted in 2011 and Dealer Membership fee in Looking ahead to 2015, we recommend that the board consider a dues increase of $1, which would increase revenue in 2015 by approximately $25K. The last increase was in 2008 when dues increased $10/year and we had a considerable loss in membership that year and the following year. We feel that smaller, more frequent increases will be more palatable than less frequent large increases. Page 4

5 APS/APRL Surplus / Deficit per GAAP Depreciation Interest Tenant Operations 5,000,000 -$884K -$580K -$595K General Youth 4,000,000 -$267K -$384K -$536K -$102K +$101K +$212K +$92K +$20K -$17K +$3K Web Site Specialty Sales Shows Circuit Sales PR/Recruitment/Promotion Officers & Committees Dollars 3,000,000 2,000,000 Internet Sales Information Technology Expertizing Library Operations Executive Director Education Book Sales 1,000,000 American Philatelist Administration Accounting Total Income Estimate 2013 Budget Page 5

6 APS/APRL Combined Cash Flow (Includes All Non-Renovation Capital Expenditures) Capital Expenditures Principal Interest Tenant Operations 5,000,000 General Youth Web Site Specialty Sales 4,000,000 Shows Circuit Sales PR/Recruitment/Promotion Dollars 3,000,000 2,000,000 Officers & Committees Internet Sales Information Technology Expertizing Library Operations Executive Director Education Book Sales 1,000,000 American Philatelist Administration Accounting Total Income Estimate 2013 Budget Page 6

7 APS/APRL Combined Economic Diagnostic (CED) (Includes ALL Depreciation & Principal) Depreciation Principal Interest 5,000,000 -$304K -$424K -$647K -$822K -$717K -$704K -$300K -$124K +$47K -$175K -$126K -$252K -$251K Tenant Operations General Youth Web Site Specialty Sales 4,000,000 Shows Circuit Sales PR/Recruitment/Promotion Officers & Committees Dollars 3,000,000 2,000,000 Internet Sales Information Technology Expertizing Library Operations Executive Director Education Book Sales 1,000,000 American Philatelist Administration Accounting Total Income Estimate 2013 Budget Page 7

8 American Philatelic Society Final - Approved at APS Board Meeting December 10, 2013 October 25, 2013

9 American Philatelic Society INCOME: Dues & Admissions $ 1,511,296 $ 1,429,606 $ 1,349,345 $ 1,301,509 $ 1,259,242 $ 1,216,520 $ 1,203,513 $ 1,175,047 Sales Commissions 610, , , , , , , ,000 American Philatelist 541, , , , , , , ,300 Book & Specialty Sales 127, , ,716 86,713 83,554 78,663 87,350 80,650 Investments 78,781 99,489 84, ,766 93,035 96,904 80,646 79,436 APS Shows 548, , , , , , , ,800 Expert Service Fees 146, , , , , , , ,650 Life Membership Allocation 45,892 45,302 44,586 44,151 43,225 42,159 45,400 42,250 Educational Services 87,587 81, , , , , , ,200 Services to APRL 174, , , , ,454 99,970 A 171, ,356 CFP Funding - Fundraising - 77,691 72,744 9,660 3,572 60, ,243 67,660 Services to Book Publishing 2,666 7,296 1, Miscellaneous 314, , , , , , , ,300 Total Income 4,189,785 4,006,424 3,858,861 3,971,144 3,758,273 3,620,301 3,866,684 3,689,649 EXPENSES: (# of FTE Personnel) Personnel 1,958,041 1,831,561 1,623,858 1,654,298 1,634,463 1,602,751 1,723,716 1,653,238 Postage 190, , , , , , , ,500 Office 110,517 79,769 76,366 81,418 59,308 60,053 68,940 65,167 Rent 120, , , , , , , ,000 Credit Card Costs 86,056 72,603 76,594 75,148 72,221 65,231 72,300 68,175 AP Production\Distribution 603, , , , , , , ,600 Cost of Goods Resold 82,262 68,019 74,634 60,489 56,008 57,725 61,000 58,300 APS Shows 459, , , , , , , ,450 Meetings 35,086 15,917 4,240 3,559 3,603 2,388 4,600 10,300 Dues Collection 33,563 32,636 22,951 24,390 22,698 24,000 24,000 24,000 Travel 71,444 26,664 34,461 36,606 36,585 38,982 56,100 39,600 Recruiting & Promotion 133,688 89,236 86, , , , , ,350 Computer 93, , , , ,542 91, ,300 98,540 Officers & Committees 19,428 13,680 10,370 20,137 17,542 18,968 18,550 19,150 Audit, Legal, Professional Services 91,180 97,819 53,618 42,385 44,954 51,570 62,800 52,050 Dues, Subscriptions, & Educ. 3,771 1,104 4,485 3,351 1,581 2,453 5,800 2,850 Seminars 43,237 41,052 44,583 53,339 52,664 46,896 51,750 48,150 Multi-media Programs , Miscellaneous 24,402 25,267 23,017 28,079 27,725 30,179 29,900 24,876 Youth Programs 1,619 1,488 2,505 1,672 2,693 1,496 3,520 3,210 Total Expenses 4,162,125 3,772,470 3,459,838 3,490,925 3,462,664 3,341,502 3,623,466 3,475,206 Operating Net 27, , , , , , , ,443 Depreciation (95,324) (63,364) (51,884) (19,900) (22,665) (102,035) (107,337) (99,925) Deferred Payments (1,800) Unrealized Investment Gains/(Losses) (97,837) 49,755 21,678 (16,689) 5,817 (27,627) - - JPA Donation / Rex Media W/O Contribution to Reserves $ (167,301) $ 220,345 $ 368,817 $ 443,630 $ 278,761 $ 149,137 $ 135,881 $ 114,518 A Amounts include fundraising costs paid by the APRL Building Fund and the APS CFP. The combined 2013 Budget amounts are ~$100K greater than other years as the 2013 budget included the addition of a Development Officer, which has not been included in the 2014 budget. Page 1

10 APS General INCOME: Dues $ 1,476,070 $ 1,396,243 $ 1,325,090 $ 1,275,267 $ 1,232,334 $ 1,191,017 A $ 1,176,994 A $ 1,149,347 Penalties Surcharges 28,638 26,962 19,061 21,340 21,110 19,684 21,000 20,000 Endowment Fund Investment Income ,051 12,329 24,722 19,592 20,040 17,840 17,759 General Fund Investment Income 39,399 38,787 25,378 40,960 40,504 33,701 24,006 22,877 Life Membership Allocation 45,892 45,302 44,586 44,151 43,225 42,159 45,400 42,250 Services to APRL - Accounting 30,165 21,656 17,170 17,470 21,744 22,256 22,663 39,027 Services to APRL - Administration 5,134 4,245 4,093 3,872 4,088 4,670 4,052 4,150 Services to APRL - AP 9,023 6,217 12,687 8,299 9,327 11,738 9,000 10,500 Services to APRL - Ex Dir 35,183 29,143 20,297 17,943 16,978 18,702 17,576 13,903 Services to APRL - IT 7,055 11,378 11,634 11,026 11,664 9,965 12,066 10,252 Services to APRL - Fundraising 87,897 37,342 43, , ,653 32, ,794 59,524 Services to CFP - Fundraising - 77,691 72,744 8,660 2,966 60, ,243 67,660 Services to Book Pub. - Editorial 2,666 7,296 1, Services to Book Pub. - Education Services to Book Pub. - Administration Affinity Card Royalty 15, Personnel Services Revenue 195, , , , , , , ,787 Sale of Donated Material 74,088 22,435 6, Grant - Visitors Bureau ,000 4,555-3,500 Fixed Asset Funding 22,685 6,211 7,550 Miscellaneous ,667 7,013 3,387 6,615 6,736 5,000 6,500 EXPENSES: Benefits (COBRA, PBGC) 2,099 2, , , Credit Card Costs 12,355 10,794 12,398 13,306 12,097 12,234 12,750 12,750 Dues Collection 33,563 32,636 22,951 24,390 22,698 24,000 24,000 24,000 Inter-Office - Dues Collection 74,304 78,539 74,565 74,041 68,559 68,287 70,759 63,000 Election 15 6,004 (21) 5,343 1,122 6,190 6,500 - Audit 16,800 19,680 22,515 23,670 21,900 15,000 23,000 15,500 Non-Capital Equipment 1, Equipment Maintenance Donation to APRL 195, , , , , , , ,787 Affinity Credit Card advertising 2,950 4,075 3,420 4,095 5,210 1,765 5,000 - Stamp Cruise Ad in Am. Philatelist 6,399 6,931 9,160 6,300 7,370 5,655 5,600 5,600 Exchange Rate Differential (9) Janitorial Supplies 3,354 3,742 5,500 3,750 5,500 Grant - PA Visitors Bureau 4,555 2, ,500 Other Miscellaneous 11,158 2,771 1, ,339 6, ,000 NON-OPERATING EXPENSES: Depreciation (95,324) (1,869) (8,672) (208) (208) (208) (208) (208) Deferred Payments (1,800) Unrealized Investment Gains/(Losses) (97,837) 49,755 21,678 (16,689) 5,817 (27,627) - - JPA Donation / Rex Media W/O NET $ 1,500,045 $ 1,647,410 $ 1,489,390 $ 1,462,521 $ 1,418,326 $ 1,308,093 $ 1,428,718 $ 1,334,591 A B Includes an estimated membership loss of 926. Prior to 2011, a portion of the proceeds from sale of donated material were recorded in the general category. Subsequently, upon the adoption of accounting FASB ASC , all proceeds are now recorded under education, youth, and the reference collection. Page 2

11 ACCOUNTING OFFICE EXPENSES: (# of FTE Personnel) Personnel $ 184,340 $ 176,810 $ 175,535 $ 178,929 $ 181,102 $ 189,588 $ 192,414 $ 183,997 Payroll Service 2,002 2,017 1,992 2,086 1,955 2,250 2,250 2,250 Postage 1, , Stationery & Supplies 1,151 1,180 1, , Printed Forms Copies Non-Capital Office Equipment Dues & Subscriptions Travel Rent 7,473 7,473 7,473 7,473 7,473 7,473 7,473 7,473 Telephone 1, , Equipment Maintenance Computer Supplies , Computer , Computer Support 4,612 4,329 2,766 2,842 3,242 3,250 3,250 3,250 Credit Card Acceptance 3,531 1,743 2,850 2,229 2,787 2,600 2,600 2,600 Legal Fees Outside Services Banking Charges 16,276 12,871 5,779 7,798 7,285 5,300 5,300 5,300 NET INCOME / (EXPENSE) (223,307) (210,075) (200,362) (206,102) (208,859) (214,836) (217,837) (209,070) Depreciation 3,940 1, Inter-Office Services Used 9,315 12,731 12,880 12,269 8,578 7,770 8,796 7,746 Inter-office Services Provided 232, , , , , , , ,816 Contribution to/(from) Reserves $ - $ - $ - $ - $ - $ - $ - $ - Page 3

12 ADMINISTRATIVE OFFICES INCOME: Admissions $ 6,103 $ 4,871 $ 4,368 $ 4,517 $ 4,523 $ 4,604 $ 4,119 $ 4,500 Insurance Records Administration 54,000 57,000 60,000 60,000 58,000 54,000 54,000 54,000 Mailing Lists Sales 31,661 23,445 16,547 18,885 20,610 18,549 16,000 18,500 Sale of Donated Stamps for postage ,900-1,000 Dealer Membership Fee ,975 7,174 6,835 6,240 D 6,240 D 5,800 Donations ,440 1, E 1, Miscellaneous Stamp Sales-Headsville Post Office - - 8,166 11,202 8,992 9,338 10,000 9,500 Total Income 91,764 85, , , ,536 95,045 91,859 93,800 EXPENSES: (# of FTE Personnel) Personnel 229, , , , , , , ,046 Postage 17,579 13,711 11,813 10,394 7,074 9,500 9,000 10,000 Supplies 1, , , , Mailing Supplies Printed Forms , ,000 A 5,000 Stationery 2,281 2, ,498 1,280 2,000 2,000 2,000 Copying Equipment Rental 2,557 2,557 2, Computer Supplies 4,130 2,540 2,960 3,481 3,245 4,015 3,500 4,550 Computer Support 8,484 11,593 11,546 12,077 12,342 12,350 12,350 B 12,350 Computer Software 1, Non-Capital Office Equipment 2, ,440 1, E 1, Rent 25,030 25,030 25,030 25,030 25,030 25,030 25,030 25,030 Telephone 3,108 2,401 2,415 2,560 2,163 1,830 2,100 1,850 Equipment Maintenance 388 1, , , Credit Card Costs Employee Education Membership Survey ,750 C 17,500 8,750 Travel Handbook of Services 1, , Cost of Stamps Sold-Headsville - - 8,111 11,286 8,804 9,452 10,000 9,500 Dealer Expense - - 1, , , Miscellaneous , Total Expenses 303, , , , , , , ,976 NET INCOME / (EXPENSE) (211,496) (143,477) (107,681) (102,586) (100,774) (122,799) (140,743) (129,176) Depreciation 18,505 14, ,407 1,277 1,407 2,222 Inter-office Services Used 69,330 76,104 65,483 61,528 53,922 53,603 55,625 49,476 Inter-office Services Provided 115,251 94,998 92,005 89,128 86,572 96,501 86,455 72,150 Contribution to/(from) Reserves $ (165,575) $ (143,088) $ (95,464) $ (75,923) $ (69,531) $ (81,178) $ (111,320) $ (108,723) A B C D E Membership cards and applications.. Last ordered in Membership database annual maintenance fee. Planned for 2012, pushed to 2013/2014. Initial year $25, subsequent $10. Items purchased/funded by Mighty Buck Club. Page 4

13 AMERICAN PHILATELIST INCOME: Advertising Display $ 475,924 $ 454,112 $ 445,125 $ 437,483 $ 423,456 $ 401,514 $ 435,000 $ 415,000 In-House 37,240 37,230 43,334 50,418 53,138 56,706 55,000 56,700 Classified 23,671 21,933 21,737 22,072 18,303 19,734 21,500 20,000 Sales Samples 1,323 1,820 1,747 1,411 1,903 1,859 1,400 1,600 Subscriptions 3,694 3,487 3,379 12,348 12,582 10,700 10,700 A 12,500 Miscellaneous Income , , Gross Income 541, , , , , , , ,300 EXPENSES: Production/Distribution Paper 199, , , , , , , ,000 Printing & Mailing 153, , , , , , , ,000 Composition 42,475 41,054 37, B - Postage - US 167, , , , , , , ,100 Postage - Foreign 33,902 36,572 33,747 34,463 35,279 32,969 37,000 35,000 Editorial Expenses Payments to Authors 6,762 5,550 6,345 5,250 4,275 4,838 5,800 5,500 Photo Services Operating Expenses (# of FTE Personnel) Personnel 168, , , , , , , ,606 Postage 2,392 2,716 3,660 1,457 1,402 1,451 1,500 1,575 Stationery & Supplies 2, Copying Non-Capital Office Equipment , Rent 10,988 10,988 10,988 10,988 10,988 10,988 10,988 10,988 Telephone 1, Equipment Maintenance Computer Supplies 5,344 3,411 2,322 2,559 5,670 3,912 3,300 4,000 Computer Support Computers / Software (445) 2,542 3,356 3,646 4,084 2,535 3,000 1,500 A/P Online - - 5, B - Credit Card Costs 7,985 8,092 6,557 6,387 5,547 4,563 5,500 5,000 Education Dues & Subscriptions Copyright Registration (230) 300 (900) Competitions Advertising Solicitation Travel Miscellaneous (168) Total Expenses 804, , , , , , , ,969 NET INCOME / (EXPENSE) (262,193) (272,153) (223,301) (166,090) (168,848) (173,167) (166,644) (174,669) Depreciation - 2,681 2, ,575 2,392 2,444 2,818 Inter-office Services Used 48,608 51,711 42,792 40,290 32,446 32,466 33,595 29,193 Inter-office Services Provided 11,689 13,510 14,305 8,299 9,327 11,738 9,000 10,500 Contribution to/(from) Reserves $ (299,112) $ (313,035) $ (253,924) $ (198,917) $ (194,542) $ (196,287) $ (193,683) $ (196,180) A B Includes $9,000 for Affiliate Free Subscriptions which are expensed under Public Relations. Now included under "Printing & Mailing" witn IPC pricing. Page 5

14 BOOK SALES INCOME: Sales of Books $ 55,192 $ 66,396 $ 53,912 $ 33,194 $ 27,913 $ 25,000 $ 30,000 $ 25,000 Postage and Handling - 6,539 6,046 3,358 3,204 3,000 3,500 3,000 Donations , Total Income 55,192 72,935 59,958 38,171 31,117 28,000 33,500 28,000 EXPENSES: Cost of Books Sold 33,856 32,461 27,694 15,547 11,847 12,500 15,000 12,500 Promotion 4,031 1,225 (100) 952 1, , Postage 4,319 7,816 8,331 4,395 3,202 3,000 4,000 3,000 Mailing Supplies 1,540 1, , Rent 2,391 2,391 2,391 2,391 2,391 2,391 2,391 2,391 Credit Card Costs Royalties 2,572 2,743 2,305 (783) 2,219 1,300 1,300 1,300 Inventory Write Off , Total Expenses 49,310 49,321 42,582 23,731 23,264 21,041 25,241 21,041 NET INCOME / (EXPENSE) 5,882 23,614 17,376 14,440 7,853 6,959 8,259 6,959 Inter-office Services Used 8,933 8,501 8,086 8,100 12,393 13,076 12,799 12,324 Contribution to/(from) Reserves $ (3,051) $ 15,113 $ 9,290 $ 6,340 $ (4,540) $ (6,117) $ (4,540) $ (5,365) Page 6

15 EDUCATION Statement of Activitiies INCOME: Rental / Sale of AV Programs $ 3,275 $ 3,285 $ 2,796 $ 3,122 $ 4,164 $ 3,063 $ 3,000 $ 3,000 Stamp Campus 1,264 3,085 2,286 2,736 2,385 3,113 2,500 3,000 Summer Seminar 50,621 45,818 46,875 53,138 49,445 45,938 50,000 50,000 Stamp Saturday / Adult Beginner Show Courses - - 8,785 11,400 5,080 9,200 10,000 9,200 Weekend APC 7,251 5,241 3,219 3,873 2,447-1,500 - Stamps Teach/Web Lesson Plan ,353-2,500 - Donations ,597 3,077 10,843 6,000 3,000 6,000 Sale of Donated Material 16,572 16,714 46,612 44,717 37,094 40,000 40,000 40,000 Postage & Handling Miscellaneous Income Total Income 80,001 74, , , , , , ,250 EXPENSES: (# of FTE Personnel) Operating Expense: Personnel 76,593 69,093 70,467 69,108 63,884 67,529 67,232 69,739 Postage 4,609 3,371 4,508 4,363 5,938 3,188 5,000 3,500 Supplies 3,017 1,064 1,352 1,253 2,165 1,571 2,000 2,350 Copying Non-Capital Office Equipment 1, ,741 3, ,500 1,000 Equipment Maintenance Rent 2,698 2,698 2,698 2,698 2,698 2,698 2,698 2,698 Telephone Computer Supplies 2,415 3,368 2,312 2,151 5,691 5,000 7,700 5,000 Computer Support Computers/Software - 1, , Legal Fees / Prof. Services Credit Card Costs 1, ,663 1,220 1,268 1,100 1,250 Dues, Education, & Subscription A 1, Promotion Travel 3,553 2,436 2,436 2,604 2,611 3,018 3,000 3,000 Stamp Displays/Show Materials Seminars: Stamp Campus 450 1, ,795 1,248 1,020 1,000 1,400 Summer Seminar 36,190 36,502 35,416 37,823 35,647 38,576 37,000 38,000 Show Courses - 1,654 3,975 8,063 6,753 7,050 10,000 8,500 Stamp Saturday/Adult Beginner Weekend APC 5,957 1,066 3,642 4,455 2,967-1,000 - Stamps Teach / Web Lesson Plan ,353-2,500 - Multi-media Programs: Production Maintenance Distribution Supplies , Web Videos ,500 - Publications/Materials: New Reprints Total Expenses 140, , , , , , , ,687 NET INCOME / (EXPENSE) (60,784) (51,537) (18,072) (18,255) (26,664) (28,725) (35,180) (28,437) Volunteer Support Expense - - 1,378-1,526 1,647 2,000 2,000 Depreciation - 1,342 1, Inter-office Services Used 34,271 36,436 31,386 29,657 28,561 28,575 29,532 28,575 Inter-office Services Provided Contribution to/(from) Reserves $ (95,055) $ (89,315) $ (52,227) $ (48,512) $ (56,901) $ (58,947) $ (66,712) $ (59,012) A Includes $1,547 for a one-time purchase of reference materials for DMR. Page 7

16 EXECUTIVE DIRECTOR, LIBRARY SERVICES EXECUTIVE DIRECTOR: EXPENSES: (# of FTE Personnel) Personnel $ 154,777 $ 157,021 $ 86,372 $ 83,977 $ 71,491 $ 68,237 $ 72,347 $ 64,617 Postage 964 1,188 1,087 1, , ,100 Stationery & Supplies Copying Non-Capital Office Equipment Rent 8,535 8,535 8,535 8,535 8,535 8,535 8,535 8,535 Telephone 1,128 1,210 1,262 1, ,509 2,000 2,000 Equipment Maintenance Computer Supplies 1,310 1,428 2,029 2,088 1,710 2,612 1, Computer Support Computers/Software 1, Legal Fees 36,701 64,268 14,317 10,652 12,528 22,520 13,500 20,000 Employee Education Auto 2,548 2,452 2,944 2,170 2,428 4,716 2,500 2,500 Travel & General 8,022 2,598 4,331 3,801 4,195 3,779 5,000 4,500 Dues & Subscriptions 1, Total Expenses 217, , , , , , , ,352 NET INCOME / (EXPENSE) (217,597) (239,729) (123,898) (115,619) (104,724) (114,277) (107,882) (105,352) Depreciation - 6,666 6,122 3, Inter-office Services Used 4,342 2,031 1,895 1,863 1,580 1,791 1,556 1,595 Inter-office Services Provided 209, , , , , , , ,947 Specified Donations , Contribution to/(from) Reserves $ (12,614) $ - $ 3,400 $ (1) $ - $ - $ - $ - LIBRARY SERVICES EXPENSES: (# of FTE Personnel) Personnel $ 195,437 $ 195,437 $ 145,994 $ 170,411 $ 176,896 $ 155,985 $ 170,794 $ 180,787 Page 8

17 EXPERTIZING INCOME: Fees $ 166,376 $ 153,208 $ 135,348 $ 138,477 $ 115,253 $ 127,664 $ 125,000 $ 132,500 Postage and Handling C 9,201 7,781 8,027 8,400 8,400 Less: Refunds (25,187) (17,823) (22,204) (16,500) (21,589) (20,290) (20,000) (20,000) Less: Guaranty Loss Claims (3,450) - B - B - B Net Expert Service Fees 137, , , , , , , ,900 Estate Services Donations (Examiner Fees) 4,833 2,734 2,271 2,753 3,100 2,750 3,000 3,000 Quick ID 2,699 3,934 7,352 2,541 2,705 5,486 3,100 5,000 Expert Luncheon 1, Miscellaneous Total Income 146, , , , , , , ,650 EXPENSES: (# of FTE Personnel) Personnel 113, , , , ,766 88,590 88,373 90,796 Postage 10,349 8,769 6,544 15,944 13,115 12,194 13,790 13,500 Supplies 2,311 1,300 1,382 2,297 1, ,000 1,250 Forms 1,578 2,213 2,091 2,119 1, ,500 Copying Non-Capital Office Equipment Equipment Maintenance Rent 9,332 9,332 9,332 9,332 9,332 9,332 9,332 9,332 Telephone Computer Supplies Computer Support Computers/Software Credit Card Costs 3,242 2,774 2,930 2,532 2,224 2,424 2,300 2,450 Expert Fees 13,608 11,915 10,766 9,870 8,454 8,500 8,500 8,600 Insurance 2,057 2,057 2,057 2,057 2,057 2,078 2,100 2,100 Advertising/Travel/Public Rels. 2,686 2,966 1,973 2,023 1,202 - A 500 2,500 Experts' Luncheon 1, Employee Education Miscellaneous Total Expenses 161, , , , , , , ,488 NET INCOME / (EXPENSE) (15,105) (12,513) (26,514) (23,239) (42,164) (1,270) (7,740) (3,838) Depreciation - 3,299 1, Inter-office Services Used 24,592 22,868 17,269 15,909 18,381 19,142 18,967 19,112 Contribution to/(from) Reserves $ (39,697) $ (38,680) $ (45,344) $ (39,723) $ (61,120) $ (20,987) $ (27,282) $ (23,142) A B C No booth at Sacramento Show. Beginning in 2010, guaranty loss claims paid by Insurance Fund, funded with $1 per certificate from expertizing fees. Previously included under Fees. Page 9

18 INFORMATION TECHNOLOGY INFORMATION SERVICES EXPENSES: (# of FTE Personnel) Personnel $ 71,684 $ 38,429 $ 10,805 $ 13,657 $ 14,384 $ 14,930 $ 14,798 $ 15,530 Personnel - Outside Services - 22,139 41,097 42,883 39,380 29,688 33,000 30,000 Stationery & Supplies Non-Capital Office Equipment (902) Equipment Maintenance Rent 5,886 5,886 5,886 5,886 5,886 5,886 5,886 5,886 Telephone 1, (58) Computer Supplies Computer Support 30,992 52,219 68,064 61,134 38,321 28,632 38,500 29,000 Computers/Software 1, ,972 2,370 1,030 2,015 6,000 A 5,000 Reference Materials & Training Internet 6,932 6,354 6,971 6,988 8,511 10,235 10,250 10,250 NET INCOME / (EXPENSE) (117,983) (126,938) (135,766) (133,628) (106,666) (91,889) (109,184) (96,316) Depreciation - 14,955 9,358 3,893 3, ,146 - Inter-office Services Used 5, ,161 6,807 6,332 6,208 Inter-office Services Provided 88, , , , ,636 99, , ,524 Contribution from Reserves $ (35,466) $ - $ (1) $ (1) $ - $ - $ - $ - A Current software licensing of $2,000 + Office 2010 upgrade with 50 licenses for $3,000 (delayed from 2013 to 2014). Page 10

19 INTERNET SALES DIVISION INCOME: Commissions $ 258,024 $ 238,283 $ 230,058 $ 220,390 $ 188,404 $ 160,000 $ 200,000 $ 175,000 Postage & Handling Fees 39,026 38,869 36,407 38,378 58,705 41,583 67,500 45,000 Submission Fees 14,887 18,515 21,275 18,421 20,198 27,678 23,500 27,500 Sale of Stamp Mounts 4,610 3,775 4,074 3,162 4,581 5,544 4,200 5,000 Miscellaneous ,508 1, , Total Income 316, , , , , , , ,000 EXPENSES: (# of FTE Personnel) Personnel 161, , , , , , , ,314 Postage 53,922 52,988 50,515 48,041 31,286 29,814 35,000 31,500 Office Supplies 2,757 2, , Mailing Supplies 7,199 7,517 9,515 7,142 4,174 5,200 6,500 5,200 Printed Forms , , ,000 Non-Capital Office Equipment Rent 15,513 15,513 15,513 15,513 15,513 15,513 15,513 15,513 Telephone 1, , Equipment Maintenance Computer Supplies Computer Support 1, Computers/Software ,750 1,500 Credit Card Costs 38,859 31,516 30,978 28,404 26,336 22,123 26,500 23,000 Employee Education Cost of Mounts Sold 2,750 2,392 2,598 1,817 3,200 3,323 3,200 3,000 Examiners 237 (241) (236) Promotion 8,618 6,296 7,654 5,210 5,364 5,295 7,500 6,500 Sales Book Adjustments (5) (16) (10) (32) Total Expenses 295, , , , , , , ,777 NET INCOME / (EXPENSE) 20,973 20,755 14,135 11,903 34,755 14,685 48,897 16,223 Depreciation - 2,748 1, Inter-Office Services Used 77,395 81,400 76,114 73,713 64,363 65,783 66,551 61,836 Contribution to/(from) Reserves $ (56,422) $ (63,393) $ (63,652) $ (62,226) $ (30,002) $ (51,674) $ (17,713) $ (46,101) Page 11

20 OFFICERS & COMMITTEES President $ 68 $ 199 $ - $ 6 $ - $ - $ 200 $ 250 Vice President Summer Meeting 16, ,150 Winter Meeting 14,517 11, ,150 Meetings - APS board 4,162 3,519 3,048 2,702 2,925 1,500 3,500 A 3,000 Affiliate Activities 1,144 2, Awards Committee 9,804 5,305 5,508 9,399 8,512 9,000 7,500 9,000 Chapter Activities ,440 1,006 1,000 1,750 1,000 Technology Committee Finance Committee FIP Related Expenses 3,908 3,216-4,222 4,358 4,500 4,500 4,500 Judging Committee LRP / Oversight Luff Award 3,496 1,669 3,240 3,292 2,995 3,479 3,000 3,200 Membership Committee Stamp Theft International Relations Personnel Committee Publications Committee Translation Committee Other Contribution to / (from) Res $ (54,514) $ (29,597) $ (14,610) $ (23,696) $ (21,145) $ (21,356) $ (23,150) $ (29,450) A Includes Out-of-Pocket cost of board meetings... Phone calls, food, digital equipment, phone lines, room rental, etc. Does not include any board member travel reimbursement. Page 12

21 PUBLIC RELATIONS INCOME: HWI Reimbursement $ 22,881 $ 10,434 $ 10,874 $ 12,920 $ 10,070 $ 11,055 $ 12,000 $ 12,000 Sponsorship - E-Newsletter - 5,050 5,325 12, ,000 10,000 Sponsorship - Album Pages - 10,000-10, ,500 1,000 Sponsorship - Radio Show - 1, E-blast Fees Donated Stamps used as Postage ,870-5,000 Other Income Total Income 22,881 26,584 16,199 35,670 11,670 16,425 25,550 29,300 EXPENSES: (# of FTE Personnel) Operating Expenses: Personnel 53,803 39,575 24,967 23,913 21,067 32,841 33,106 39,008 Postage 13,118 8,516 8,671 6,537 4,561 2,495 B - B - Forms & Supplies 12,638 2, , A - A - Rent Computer Supplies 68 3,867 4,249 4,181 7,427 5,500 3,300 6,070 Computer Support 5, Computers/Software Telephone Equipment Maintenance Non-capital equipment Education Sub-total 87,011 56,164 39,102 37,904 34,256 41,694 37,134 46,006 Recruiting Promotional Expenses: Advertising - Philatelic 23,788 8,129 6,685 9,659 8,876 6,656 7,500 7,500 Advertising - Non-Philatelic ,495 4,000 3,500 3,500 Advertising - Web ,000 1,000 Advertising - In-house 2, Advertising Trades Advertising - HWI 22,881 10,434 10,874 12,920 10,070 11,055 12,000 12,000 Brochures / Applications 1,872-1, ,500 - A Business Reply Cards - - 5,655 2,964 4,357 5,115 5,000 5,000 Prospect Mailings ,870 3,500 5,000 B Reinstatement Mailings - 3,750 5,192 4,438 3,226 5,500 5,500 4,000 Chapter Free Dues 11,411 13,230 14,400 13,905 13,635 14,000 13,500 13,750 You-Tube Awards Bounty Payments 9,016 7,859 10,423 6,922 10,516 10,223 6,000 10,200 Affiliate Free Subscriptions ,090 9,090 9,000 9,000 9,000 Specials-Discounts/Giveaways 641 1, ,984 1,680 1,100 1,500 Membership Brochure 2, ,500 - Sub-total 73,447 47,675 54,858 62,205 64,549 71,099 70,900 72,450 Member Retention Bulletin 5,000 5,000 5,000 5,000 5,000 5,000 6,000 Member Handbook - - 1,906-2,000 2,000 - Sub-total - 5,000 5,000 6,906 5,000 7,000 7,000 6,000 General Promotional Expenses: Local Public Relations 2,935 1,796 1, , ,500 1,000 National Public Relations ,340 1, , Postal History Symposium 2,500 1, C - News Releases Stamp Talk Radio Show 13 1,092-2,630 4,159 3,762 3,250 3,250 Promotion Sub-total 6,652 4,629 1,706 4,633 8,196 4,600 6,300 4,750 Recruiting & Promotion at Shows: Lodging 17,825 5,640 7,929 8,242 5,756 9,000 7,000 8,500 Travel 14,555 5,650 6,492 5,267 5,957 7,000 6,500 6,500 Meals 3,984 2,122 2,508 1,956 1,889 2,900 2,500 2,500 Supplies/Signs/Shipping 3,204 1,836 1, ,300 1,000 1,200 Sub-total 39,568 15,248 18,607 16,178 14,463 20,200 17,000 18,700 Total Expenses 206, , , , , , , ,906 NET INCOME / (EXPENSE) (183,797) (102,132) (103,074) (92,156) (114,794) (128,168) (112,784) (118,606) Depreciation Inter-Office Services Used 51,088 45,706 40,195 38,910 28,838 29,784 29,271 13,090 Contribution to/(from) Reserves $ (234,885) $ (148,784) $ (144,215) $ (131,066) $ (143,632) $ (157,952) $ (142,055) $ (131,696) C Event recorded under APRL beginning in Page 13

22 REFERENCE COLLECTION INCOME: Sale of Duplicate Material ,274 5,958 6,608 5,429 5,407 5,700 5,700 Sale of Donated Material ,850-8,500 Total Income ,274 5,958 6,608 5,429 11,257 5,700 14,200 EXPENSES: (# of FTE Personnel) Personnel ,864 7,208 7,400 Credit Card Costs Reference Collection 1, , Miscellaneous Total Expenses 1, ,913 9,208 7,970 NET INCOME / (EXPENSE) (1,193) 10,143 5,764 6,473 5,429 6,344 (3,508) 6,230 Depreciation Inter-office Services Used Contribution to/(from) Reserves $ (1,193) $ 10,143 $ 5,764 $ 6,473 $ 5,429 $ 6,344 $ (3,508) $ 6,230 Page 14

23 SALES DIVISION 2007 INCOME: Commissions $ 344,302 $ 352,383 $ 322,840 $ 313,786 $ 299,696 $ 326,788 $ 325,000 $ 340,000 $ 338,000 Buyers Fee ,738 58,871 64,974 65,000 68,000 67,000 Fines 29,859 28,467 26,415 24,344 20,109 21,553 22,934 25,000 25,000 Stamp Mounts 27,173 26,656 20,996 20,621 17,651 21,173 23,816 22,000 24,000 Sales Books 17,164 17,198 16,993 18,004 14,397 17,468 15,180 18,000 17,000 Postage and Handling ,816 19,252 17,814 19,000 19,000 Donations ,115 1,018 2,813 1,000 2,000 Miscellaneous ,808 3,711 1,000 1,500 Total Income 419, , , , , , , , ,500 EXPENSES: (# of FTE Personnel) Personnel 302, , , , , , , , ,651 Postage 98,286 96,718 95,131 81,974 90,022 90,138 81,627 93,000 88,000 Office Supplies 1,237 2,200 2,169 1,306 1,112 1, ,300 1,200 Mailing Supplies 9,077 6,780 5,184 4,152 10,214 2,179 3,746 4,000 3,800 Microfilming / Digital Imaging 2, Printed Forms 4,465 2,337 3,751 3,679 3,308 3,120 4,157 4,000 4,000 Stationery Photocopying Non-Capital Office Equipment , ,664 1, Travel ,176-1,444 1,100 1,100 Rent 23,104 23,104 23,104 23,104 23,104 23,104 23,104 23,104 23,104 Telephone 1,897 2,111 1,720 1,730 1,856 1,419 1,200 1,450 1,200 Equipment Maintenance , Computer Supplies 3, Computer Support Computers/Software , Credit Card Costs 18,166 17,794 16,068 18,056 17,186 17,860 16,814 17,500 17,000 Employee Education Cost of Mounts Sold 20,180 21,098 17,565 18,497 16,241 19,229 21,251 19,500 21,800 Cost of Sales Books Sold 5,843 6,318 5,720 6,262 5,920 7,169 6,873 7,500 7,200 Discounts to Chapters 4,579 4,576 4,701 1, Examiners , Promotion 3,706 3,249 5,631 4,893 1,967 1,850 5,024 4,000 5,000 Sales Book Adjustments 6,332 5,122 1,921 1,960 2,298 2,973 3,042 3,000 3,000 Total Expenses 506, , , , , , , , ,480 NET INCOME / (EXPENSE) (87,573) (68,565) (73,740) (21,784) (18,955) 25,518 18,422 27,107 16,020 Depreciation 3,712 2, , Inter-Office Services Used 70,792 76,114 74,611 68,307 66,133 71,399 75,039 73,678 68,589 Transfers from Insurance Fund: Investment Income 78,700 39,213 33,651 46,718 55,084 32,939 43,163 38,800 38,800 Circuit Postal Insurance 25,365 24,464 24,336 15,582 13,874 14,485 13,955 16,000 15,000 Filming Sales Books 5,129 4,324 2,291 2,010 2,341 2,342 2,160 3,050 3,348 Contribution to/(from) Reserves $ (49,171) $ (76,678) $ (91,785) $ (28,128) $ (14,143) $ 2,119 $ 2,421 $ 11,040 $ 4,479 Page 15

24 SHOWS AND EXHIBITIONS 2007 DEPARTMENT INCOME: Sale of Frames 21,701 5,852 4,616 3,456 6,584 1,207 (469) 2,500 - Sale of Donated Stamps for Postage 3,864 4,689 2,493 1,530 1,371 2,015 3,135 2,000 3,000 Miscellaneous 2, ,223 2, ,500 Total Income 27,690 10,966 7,769 5,590 8,578 8,445 4,666 5,100 4,500 DEPARTMENT EXPENSES: (# of FTE Personnel) Personnel 103, , , , , , , ,285 91,497 Cost of Frames Sold 16,234 5,008 2,580 2,924 6, ,000 - Postage 3,922 4,685 2,009 1,474 1,453 2,015 2,200 2,000 2,200 Stationery & Supplies , ,673 1,100 1,000 1,100 Copying Non-Capital Office Equipment Rent 4,317 4,317 4,317 4,317 4,317 4,317 4,317 4,317 4,317 Telephone ,170 1,160 1,170 1,455 1,200 1,500 Equipment Maintenance Credit Card Costs Computers ,462-1,500 Computer Supplies ,337 2,180 5,793 3,900 5,500 5,500 Computer Software ,500 - Dues, Subscriptions, & Education Frame Maintenance & Insurance - - 1, ,226 Travel to Future Shows , , ,000 1,000 Miscellaneous , Total Expenses 129, , , , , , , , ,840 Department Net Income / (Loss) (101,700) (112,074) (110,778) (115,023) (116,110) (117,387) (114,431) (117,902) (107,340) SHOW INCOME / EXPENSES APC Event Income APC Event Expense 152 1, , Net APC Event Net Income / (Loss) 490 (1,331) (79) - (1,478) Mega Show Income - 1, Mega Show Expense 883 2,883 1, Net APC Event Net Income / (Loss) (883) (1,410) (1,471) Show Income 492, , , , , , , , ,800 Show Expenses 407, , , , , , , , ,450 Show Net Income / (Loss) 84,563 91, , , ,488 23,616 54,122 70,250 54,350 NET INCOME / (EXPENSE) (17,530) (23,504) 46,154 10,440 30,900 (93,771) (60,309) (47,652) (52,990) Depreciation - - 2,701 1,993 1,845 4,272 3,686 3,568 2,500 Inter-office Services Used 26,564 39,759 43,893 38,250 36,243 32,858 33,138 33,996 29,644 Contribution to/(from) Reserves $ (44,094) $ (63,263) $ (440) $ (29,803) $ (7,188) $ (130,901) $ (97,133) $ (85,216) $ (85,134) Page 16

25 American Philatelic Society Net Income from Shows Milwaukee Milwaukee Hartford Hartford Pittsburgh Richmond Columbus Sacramento 2013 Budget Budget Estimated SUMMER SHOW: Income: Specialty Items $ 5,138 $ 2,700 $ 2,081 $ 2,354 $ 2,841 $ 5,507 $ 2,000 $ 4,000 Bourse 224, , , , , , , ,000 Early Dealer Entry Fee , Food Functions 13,577 13,503 15,844 13,227 14,653 14,820 16,000 15,000 Exhibit Entry Fees 17,912 15,718 16,721 15,171 13,852 16,049 16,000 16,000 Tiffany Dinner 9,225 6,675 10,683 8,550 7,875 9,075 10,500 10,000 Program Advertisement 3,738 3,743 3,255 4,140 4,338 4,090 3,500 4,000 Outside Reimbursement 160, , , , , , , ,000 Miscellaneous including Auction 11,657 35,619 11,122 20,523 20,780 23,539 15,000 10,000 Total Income 445, , , , , , , ,000 Expense: Credit Card Costs 3,714 3,241 3,933 4,519 3,246 2,930 3,700 4,000 Specialty Items 5,147 3,497 2,943 2,553 1,887 1,417 1,000 3,000 Food Functions 15,167 14,311 16,476 13,525 15,645 12,279 15,500 14,500 Tiffany Dinner 10,191 6,853 10,379 8,991 9,883 8,660 10,000 10,000 Dealer Breakfast 4,572 3,880 1,637 4,250 4,081 2,702 2,000 3,500 Exhibits 3,077 1,081 1, , Judges 6,404 7,001 6,803 6,791 8,448 7,667 8,000 8,000 USPS Expense 55,739 50,233 47,813 41,660 49,777 64,721 50,000 50,000 Awards 9,216 5,521 8,435 6,815 4,428 3,159 7,000 5,000 Convention Site 82,240 47,691 38,045 42,900 58,275 73,605 65,000 75,000 Seminars (Audio/Visual) 23,424 11,789 7,044 6,010 9,403 9,749 8,000 11,000 Operations 13,953 11,621 10,178 11,163 28,727 12,983 15,000 12,000 Publicity & Promotion 28,388 32,564 30,742 32,736 31,754 31,314 35,000 35,000 Program 3,758 4,387 4,184 4,853 4,889 4,525 5,000 5,000 Security 15,361 13,349 11,331 11,548 21,381 14,079 15,000 17,500 Decorator 60,823 68,026 50,581 65,995 75,388 52,211 75,000 75,000 Frame Transport 7,175 2,125 3,692-7,900 7,900 3,500 5,000 Auction Expense 5,060 3,044 3,130 8,227 5,577 7,919 5,000 6,000 Youth Area 3,200 2,000 2,100 2,135 3,786 2,560 2,500 2,500 Volunteer / Committee Expense 1,300 1, ,347 1,316 1,385 2,500 2,500 Total Expense 357, , , , , , , ,000 Net STAMPSHOW Income/(Loss) $ 87,341 $ 135,027 $ 148,215 $ 168,414 $ 43,460 $ 50,564 $ 88,800 $ 89,000 Louisville Louisville Little Rock Charlotte Arlington Riverside Charleston Atlanta 2013 Budget Budget WINTER SHOW: Income: Specialty Items $ 2,255 $ 1,461 $ 1,281 $ 1,042 $ 1,125 $ 818 $ 1,000 $ 1,000 Bourse 84, ,130 75,720 75,059 68,364 79,126 65,500 35,000 Early Dealer Entry Fee Food Functions 4,403 6,743 4,598 5,570 7,462 6,028 6,000 5,500 Entry Fees 5,811 7,120 5,575 6,965 6,502 5,857 6,500 5,500 Tiffany Dinner 3,459 3,075 2,775 4,350 4, Program Advertisement - 1,990 1,928 2,440 2,214 2,758 2,250 1,800 Outside Reimbursement Miscellaneous including Auction 80 6,483 5, , Total Income 100, ,002 97,069 95,667 91,130 99,237 81,250 48,800 Expense: Credit Card Costs 575 1,522 1,455 1, , Specialty Items 663 1, Food Functions 12,377 11,324 8,242 6,042 11,975 6,456 5,500 5,000 Tiffany Dinner 4,625 3,325 3,599 5,026 6, Dealer Breakfast ,937 2,227 1,400 1,200 Exhibits , Judges 2,657 3,759 4,237 3,880 3,395 3,855 3,400 3,500 USPS Expense , Awards 2,098 2,099 2,337 3,047 2,256 2,315 2,500 1,500 Convention Site 15,410 13,050 31,802 19,500 17,805 15,600 19,000 14,000 Seminars (Audio/Visual) 6,009 2,546 3,665 7,263 4,544 3,978 4,000 3,500 Operations 9,918 8,817 17,516 14,568 12,690 8,712 10,000 6,500 Travel & Lodging , Publicity & Promotion 9,813 16,212 6,910 6,196 8,772 13,082 15,000 15,000 Program 884 2,196 1,973 2,086 2,119 1,825 2,000 1,750 Security 6,461 7,228 4,163 4,614 6,207 4,759 6,500 5,000 Decorator 24,663 27,082 30,020 22,645 25,762 24,841 25,000 22,000 Frame Transport - 2, , ,000 1,000 Auction Expense - 1, Youth Area 100-1,204 1,161 2,092 3,602 1,000 1,000 Volunteer / Committee Expense , , Total Expense 96, , , , ,974 95,679 99,800 83,450 Net WINTER SHOW Income/(Loss) $ 3,970 $ 23,455 $ (22,752) $ (19,926) $ (19,844) $ 3,558 $ (18,550) $ (34,650) Page 17