Page 10 - Annual Report 2016-2017
P. 10

Treasurer, Ulf BENGTSSON
As Treasurer I’m happy to report that after three consec- utive years of de cits there has been a remarkable turnaround in 2017. The €51,000 de cit of 2016 has turned to a €85,000 surplus in 2017, effectively recouping the de cits of 2015 and 2016. This turnaround of €136,000, or about 25% of our turnover, is so much more remarkable, as it has been made without sacri cing the development of the future FEANI. Among many activities during the year, the FEANI INDEX and the EUR-ACE databases have been merged to form the European Engineering Education Database, and the  rst steps of forming the Engineers Europe Advisory Group has been taken. Both activities are important parts of the strategic plan decided by the General Assembly in Vienna last October.
There are many reasons for this turnaround, not the least all the efforts made by the central secretariat during the recent years. In 2017 we have bene tted the full effect of most of these savings. For 2018 and onwards there will be a further annual reduction of expenses by €5,000- 6,000 due to that we were able to negotiate a new VAT percentage. This new level of VAT will be valid retroac- tively for the last three years, so we will be refunded by the tax authorities. However, most important for the turnaround is the fact that almost all national members have paid their membership fees, bringing down the bad debt provisions to a level well within the budget.
Looking forward I’m happy to see a record level of paid membership fees for this time of year. This paves the way for a new surplus at the end of the year. We need some years with surplus to re ll our economic reserves, so I hope that the few remaining national members send their payment as well. Costs will, as always, be kept under strict control, without withholding the necessary investments to further develop FEANI according to our strategic plan.

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