10/20/2009 (P1655)
Contact: Ken Martin

American Philatelic Society Board Approves Balanced Operating Budget

Also available in pdf format

The American Philatelic Society Board of Directors approved a balanced operating budget for 2010. The balanced operating budget has been achieved by a combination of cutting expenses and implementing new income-producing initiatives that will enable the Society to remain fiscally sound, while investing in the hobby’s future.

In early 2009 the Board directed that a Long Range Planning Committee, chaired by Society President Wade Saadi, draft recommendations that will assure the long-term financial health of the Society. As a result, the Committee suggested budget cuts of $200,000 for 2009 and another $200,000 for 2010 for a total savings of $400,000. With additional recommendations approved reflected in the 2010 budget, the approved 2010 operating budget is $509,130 less than the Society’s actual operations in 2008.

The approved budget, announced during the Board’s October 14 open session, proposes $4,108,600 in revenues and expenses of $3,788,305 with a net income of $320,295, which will offset the American Philatelic Research Library’s operating deficit.

“The American Philatelic Society’s Board of Directors, Long Range Planning Committee and staff pulled together to make positive changes to assure a healthy future for our Society and the hobby of stamp collecting” said APS Interim Executive Director Ken Martin. “Our team will continue to work together to provide outstanding service to our members and our hobby.”

Martin said that the APS will be instituting new programs to broaden the hobby’s appeal. The APS now has representation on the Internet through Facebook, a channel on YouTube and more initiatives are on the way. The Society is working towards having its monthly magazine American Philatelist available online, and the monthly e-newsletter Special e-Delivery is gaining a wider readership every month. “We are reaching out to a wider — global — community who enjoys stamp collecting as we do,” said Martin.

“The American Philatelic Society is facing a bright future,” said President Wade Saadi, “thanks to the fine efforts of our staff and volunteers who serve our Society so well.

Copies of the approved APS and APRL 2010 budgets are available by clicking here.