Report of the Executive Secretary and Treasurer for the Year Ending September 30, 2011

摘要

Operating Income Reported in fiscal 2010-2011 decreased by 28.6% over the previous fiscal year due to a decrease in reported subscription income. Net ordinary income decreased by 67.7% with the fall in income being almost equally divided between the fall in subscription income and a fall in capital gains. The year-to-year comparisons of total operating income is distorted by the effects of a Wiley accounting change during the 2009 calendar year that resulted in a 45.6% increase in the 2009-10 income over the previous year. Net ordinary income was affected by that and the substantial decrease in unrealized capital gains year-to-year. Overall the Association's net worth increased by 4% year over the 2010-11 fiscal year.