Report of the Executive Secretary and Treasurer

• DOI: http://doi.org/10.1111/jofi.12429
• Published date: 01 August 2016
• Date: 01 August 2016

THE JOURNAL OF FINANCE •VOL. LXXI, NO. 4 •AUGUST 2016

AMERICAN FINANCE ASSOCIATION

Report of the Executive Secretary and Treasurer

for the Fiscal Year Ending June 30, 2015

Financial: The Association remains in a strong financial position with the

total assets over $15.5 million as of June 30, 2015. Due to the change in the

fiscal year end to June 30th from September 30th, Net Operating Income was

reported for the 9 months of October 1, 2014 to June 30, 2015 and was $147,134.

Interest income, dividends, and unrealized capital gains amounted to nearly

$487,000 for the same period. The Association’s net worth increased by 4.4%

over the 9-month period.

Membership: Membership totals over the past nine years are represented

in the following exhibit:

0

2000

4000

6000

8000

10000

12000

20072008 2009 20102011 2012 20 13 2014 2015

Library and Corporate

Life members and

Sponsors

Student members

Acve members

I am pleased to report that individual (active) and student members gained

a sharp rise in 2015 due to the implementation of the requirement that all

authors on papers submitted for presentation at the meetings be members.

The numbers for 2015 show a 7% increase in active members and a 157%

increase in student members resulting in total membership of 8,975.

The library and corporate totals include institutions with a paid institutional

subscription to the journal. The most important development over the past

decade has been the decline in paid institutional subscriptions to the journal.

On the one hand, this trend continues. On the other hand, Wiley sells the JF

as part of a bundled subscription and this sales format has increased.

DOI: 10.1111/jofi.12429

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