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Jan-Mar2003-11(1)
FINANCIAL REPORT
2001-2002
A look at our financial status might suggest that
the Forum for Medical Ethics Society is doing well. Our income from
subscriptions more than met the main activity of the trust, printing and posting
of the journal. And we were able to set aside a contingency fund of Rs 40,000 to
meet unexpected costs in the future.
However, the majority of the income from
subscriptionss came from a collaborative venture with Cehat to promote medical
ethics. In this collaboration, Cehat paid for complimentary one-year
subscriptions to individuals, and life subscriptions to educational
institutions, totalling Rs 58,000. It was hoped that life subscriptions would
reach the journal to more medical students, and the one-year subscriptions would
be renewed, increasing our subscription base.
Given that a substantial proportion of income from
subscriptions came from this collaborative venture, and we have no such
collaborations currently, income from subscriptions in financial year 2002-2003
is not expected to be as high.
Second, we also earned income from life
subscriptions which are over six years old and are therefore no longer
refundable. Using this money (Rs 25,080) as income to pay for the journal's
printing and posting in effect subsidises expenses which should have been paid
for through new subscriptions, and also eats into the reserve created through
life subscriptions.
A third source of income came from the sale of back
issues of the journal, mostly in the form of CDs, to Cehat. It was hoped that
this income would be used towards new activities. However, it has been used to
for the journal and office functioning.
Fourth, while our subscription base has stabilised
after a sharp drop some years ago, it continues to be very low. While the many
letters we receive from all over India and abroad indicate that the journal is
being read and noticed in the field of health and medical ethics in this part of
the world, we are very far from our goal of 5,000 subscriptions to assure
financial stability.
In fact, we have come no closer to this goal in the
last five years. Our subscription base went from about 600 in 1998 to below 400
in 1999 to about 600 today. Life subscriptions have increased from about 80 in
1998 to about 100 today. The sharp dip in 1999 was probably due to poor
administration and follow-up of renewals.
Our current subscription base is certainly not
enough to sustain the journal's production -- and it is unlikely to increase
unless we make a special effort.
As the journal's registration application is still
ongoing, we are not entitled to subsidised postage. To give a break-up of the
journal printing and postage expenses totalling Rs 87,594, we spent Rs 42,346 on
printing the journal, Rs 21,000 on CDs of back issues and Rs 24,128.75 on
postage.
Another important expense has been that of salaries
for part-time administrative help. This expense reflects the realisation that
while FMES is a not-for-profit organisation it cannot run on voluntary work
alone. While our administrative functioning has often left much to be desired,
it is hoped that such complaints are a thing of the past. We believe that a
strong administration is essential for the organisation to survive and grow. In
fact, the expenses on salaries do not reflect all the work that goes into the
production of the journal, maintenance of the website, and related activities.
All this labour is done on a voluntary basis. Likewise, many related costs are
subsidised by members and well-wishers.
More efficient office functioning, with prompt
follow-up of expired subscriptions to get renewals, keeping an eye on printing
and postage costs, and so on, will have some impact on our financial stability.
Second, we must collect more subscriptions and look at other means of raising
funds. We must raise sufficient funds to meet salary and office expenses as well
as to pay for printing and posting the journal.
What can we predict for the future? For one, our
expenses are bound to go up. We have worked from members' residences and
clinics. We plan to organise an independent office where we can do all editorial
and administrative work for the journal, as well as provide a space for
discussion for those interested in medical ethics. We have also decided to
improve the quality of paper and printing, both of which require more money. Our
website has been supported by friend and well-wisher Mr Sabu Francis. We must at
least reimburse the cost of server space, if not the labour costs of maintaining
the site. Likewise, we have benefitted from the honorary work of Mr Sachin
Mulgaokar who has audited our accounts without charge all these years. Now that
we are in slightly better financial shape, it is only appropriate that Mr
Mulgaokar be paid for his services.
Over the last year or so, we have been part of a
number of local, national and international initiatives in the area of medical
ethics. And we start the second decade of FMES, the journal has a new editorial
team and expanded editorial boards. In fact, the anticipated increase in
expenses should not be seen as a liability but as a challenge, as we grow in
scope, reach, strength and stability.
In all this, we are only too aware that nothing is
possible without the support and involvement of our readers, contributors and
subscribers. It is you who have made the journal what it is today, and it is
your inputs which will take it forward.
| Income in rupees | ||||
| Subscriptions | 91,275.00 | |||
| Membership fees | 700 | |||
| Donations | 8,800.00 | |||
Interest on fixed
depositand savings bank account 19,490.00
| ||||
| Sale of back issues | 53,235.75 | |||
| Life subscription no longer refundable | 25,080.00 | |||
| Misc | 440 | |||
| Total: | 199,020.75 | |||
| Expenditure in rupees | ||||
| Establishment expenditure (printing, stationery, telephone and fax) | 14,316.00 | |||
| Conveyance | 3,210.00 | |||
| Salary | 32,500.00 | |||
| Bank charges | 2,817.00 | |||
| Audit fees | 1,000.00 | |||
| Miscellaneous expenses | 50 | |||
| Depreciation | 10,414.00 | |||
| Contingency fund | 40,000.00 | |||
| Printing and posting of journal | 87,594.75 | |||
| including back issues | ||||
| Surplus carried to balance sheet | 7,119.00 | |||
| Total: | 1,99,020.75 | |||
| BALANCE SHEET | ||||
| Properties and assets in rupees | ||||
| Fixed assets | 12,883.00 | |||
| Tax deducted at source | 3,821.00 | |||
| In saving bank account | 96,001.90 | |||
| Cash on hand with trustee | 23 | |||
| Fixed deposits | 3,25,028.00 | |||
| Total | 4,37,756.90 | |||
| Funds and liabilities in rupees | ||||
| Trust funds or corpus | 14,157.00 | |||
| Contingencies/ Reserve fund | 45,000.00 | |||
| Liabilities (life subscriptions) | 303,250.00 | |||
| Income and expenditure A/c | 75,349.90 | |||
| Total: | 437,756.90 | |||