It’s been a busy few months for the Treasurer and Treasurer-Elect! We’ve continued the transition to Podium for association and conference management services. Together we have:
• Established an operational budget for ASB to better track expenses and revenues. The balance for the operating budget is approximately $125,000 with nearly $250,000 in long-term investments. We also maintain a separate purpose code with a current balance of $50,000 for diversity and inclusion initiatives. Our projections revealed that maintaining status quo would yield an annual deficit of more than $30,000 due in part to limited revenues from virtual conferences, added management expenses, and low membership fees.
• Updated membership rates to better support the Society. The previous rates of $80 Regular Member and $20 Student Member have been in place since 2015. The new rate changes (see below) reflect the high quality of our Society, added society services, and the large number of awards currently offered to our members. The new rates have been evaluated against comparable professional societies (see below) and were calculated to maintain affordability while also ensuring the Society maintains its long-term financial goals. Additionally, a new Regular Membership category was introduced for “Early Career Members”. Consequently, the projected financial health of the Society is good (with the caveat that we are waiting for resolution of COVID-related cancellations of the last two in-person conferences).
Average membership rates for nine related societies (new ASB rates in parentheses):
Regular $166.40 ($140)
Student $39.56 ($30)
Early Career $104.44 ($80)
• Implemented a new Corporate Partnership program. The ASB Executive Board has implemented a new program to raise funds and highlight Corporate Partners who regularly support our community. Furthermore, non-academic participation from our corporate partners fosters awareness of diversity in biomechanics careers.
• Introduced new mechanisms to receive general donations. We welcome member donations to our award funds (Founders, Goel, Hay, and Pytel) and added a new general donation feature where funds can be allocated to the donor’s award of interest or allocated by the ASB Executive Board if no award is specified. In addition, we started an ASB GoFundMe page which might be helpful if you would like to host a fundraiser for your students or community.
We wish you health, happiness, and financial stability in the new year!