Exhibit 25 – Report of the Treasurer
Financial Statements:
12
months ending June 30, 2001
12 months
ending June 30, 2000
After experiencing a steady growth in fund balances during the
1990's, the Fraternity has seen a drop of around $3K per year for the past
couple of years. This year's decrease appears to be even more, owing mainly
to the fact
that a couple of active chapters are seriously delinquent in dues.
The Supreme Council and the Board of Trustees are working at optimizing the
allocation of moneys between the various Funds of the Fraternity. The Expansion
Fund, for example, is one focus of attention which may receive transfers from
other sources. The General Endowment Fund, which was created for the establishment
of a permanent National Office for the Fraternity, will likely supplement
the General Fund in paying the salary of the Fraternity's newly established
Executive Director position. Also to that end, the CD assets of the Fraternity,
previously held in Potters Bank of Ohio, have been liquidated into the Fraternity's
business checking account.
The Fraternity's recent investment in establishing the full time Executive
Director position is expected to yield continued achievements in chapter expansion
and increased efficiency in fundraising and collection of chapter Forms and
dues. Considering these factors, it is highly anticipated that the Fraternity
fund balances will once again turn dramatically upward during this decade.
Fraternally,
Edward A. Hurst
Treasurer
July 13, 2001
