Inflation, dues, and service

THE INSTITUTE, like any other big family, has its budgetary problems, and these problems affect all of the Institute´s operations and the services it is able to give to the rapidly increasing membership. During the past few years your Institute has moved gradually from a condition of being comfortably in the black to a situation where it has become very difficult to keep expenses within income. You will be interested in the Finance Committee´s report on pages 1050–51, which shows that, as a result of careful administration, the 1949–50 operations came very close to the balance point. Figure 1 shows the distribution of income and expenditures for the fiscal year ending April 30, 1950, and Table I shows these items calculated on a per-member basis.