The Southwestern Historical Quarterly, Volume 98, July 1994 - April, 1995 Page: 170
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Southwestern Historical Quarterly
schedule of sessions on topics ranging from Mexican Folk healers to
Texas soldiers in the Civil War.
The 1992-1993 audit (on pages 711-722 of the April 1994 Quarterly)
shows that all of our major funds have a positive balance. The Associa-
tion has three major funds to cover its basic operations. The Handbook
Fund, which covers all the expenses associated with The New Handbook of
Texas, showed a balance of $66,787.95 because of the grants that we re-
ceived toward the end of last fiscal year. The Publication Fund, which
covers most of our publications costs (except for the Moore Reprint Se-
ries and the Cotten Popular History Series, which are endowed separate-
ly), is $1,375.95 in the black, and the General Fund, which covers the
costs of all other Association activities such as the annual meeting,
salaries other than the Handbook, and educational programs, shows a bal-
ance of $4,688.88 as of August 31, 1993.
As interest income continues to decline and our expenses increase,
keeping a positive balance in the General Fund will be difficult and will
possibly threaten our ability to continue our programs intact. Our En-
dowment Fund continues to grow slowly through sales of publications
dedicated to the fund and through direct contributions, but it now
stands at only $760,932.41 and yielded $62,640 in income (8.2 percent)
in 1992-93, which is far below what we need to cover our ongoing costs
as reflected in the total expenditure in the General Fund
($369,678.97). In an effort to make up this difference, we have been
transferring all of the interest income from the Publication Fund to the
General Fund since 1979, but last year that transfer totalled only
$53,040 (also 8.2 percent), for a total of $115,680. The difference
($369,678.97 - $115,680 = $253,998.97) must be raised each year
through memberships, registration fees for our programs, the annual
meeting, the auction, and grants.
The precariousness of this situation is apparent. If interest rates con-
tinue to decline, we will have to make up the difference through an in-
crease in the number of members, the membership fee, program fees,
or grants. Nor does this assist us in preparing for the future. We should
be reinvesting a portion of our interest income each year so that our en-
dowed funds will grow at a modest rate, but we have not been able to do
so because of the immediate need for funds to pay for our basic services.
This means, also, that our growing number of publications have been
paid for by income from sales and grants, rather than by the Publication
Fund. We could do a much better job with publications if we could in-
crease the endowment to the point that our basic activities are covered
in the General Fund. Then the Publication Fund income could be used
for publications, as it was intended.
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Texas State Historical Association. The Southwestern Historical Quarterly, Volume 98, July 1994 - April, 1995, periodical, 1995; Austin, Texas. (texashistory.unt.edu/ark:/67531/metapth101216/m1/198/: accessed July 27, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting Texas State Historical Association.