June 17th Council Meeting

New York, NY, June 19, 2000 - The American Numismatic Society (ANS) announced that the ANS Council held a regularly scheduled meeting on June 17, 2000. At the meeting, the Council decided on several important issues, including the budget for the Society's 2001 fiscal year, the future composition of the ANS Council, and additional membership categories.

The ANS Council approved a proposed budget for FY 2001 commencing October 1, 2000. The budget projects income of $1.42 million. Income is derived from membership dues, trust income, donations, publications sales, a draw against the ANS endowment, contributions from ANS Council members, and other miscellaneous income. Total estimated FY 2001 expenditures of $1.92 million is composed of operating expenses, staff salaries and benefits ($1.07 million) and severance packages ($186,000) to be paid to former staff who took voluntary early-out offers (see previous release). This leaves the ANS with a projected deficit of less than $500,000, substantially lower than previous years. It should be noted that these figures do not include income or expenses relating to the forthcoming capital campaign or move to 140 William Street.

Kenneth L. Edlow, Treasurer of the ANS said, "The deficit for FY 2000 is estimated at more than $800,000. In order to rein in the deficit, Council made strong budgetary cuts to help the ANS on the road to financial recovery. It is our goal to substantially reduce the operating deficit in FY 2001, to initiate plans to operate the Society with a surplus, and to eventually lower the annual amount drawn against the endowment to a conservative 4%."

The Council also agreed to a joint slate consisting of current Councilors and Concerned Fellows of the ANS for the upcoming election to be held at the ANS annual meeting on October 21, 2000. The Concerned Fellows nominees have not been finalized and will be announced at a later date. The ANS Council invited members of the Concerned Fellows to attend the June 17 Council meeting as guests. Professors James Schwartz and Fred Kleiner, representing the Concerned Fellows, attended. Donald G. Partrick, President of the ANS said, "We are pleased that they were able to join us at the ANS. The ANS Council has been endeavoring to keep the Concerned Fellows informed about all developments at the Society. We know that only by working together can we ensure the long-term success of our organization."

The Council approved new membership categories for the Society to help offset the costs of membership services. The basic membership category will remain at $40, however if a member wishes to receive the Society's American Journal of Numismatics, dues will be $60. Separate categories for libraries ($100) and corporate/institutional members ($500) were approved, as well as an increase in life membership dues to $2,000. The above membership changes will commence on October 1, 2000. Dr. Ute Wartenberg, Executive Director of the ANS said, "We would like to provide our members with more options in terms of the benefits they receive from the ANS. We hope that these category additions will be well-received by our current members and will enable us to increase our membership."

The American Numismatic Society, founded in 1858, is a non-profit international center for the preservation and study of coins, medals and paper money, representing more than 2,500 years of culture. The ANS collection contains almost one million objects and spans all periods and geographic areas, including Greek and Roman, medieval and modern European, American, Islamic, Asian and African coins, as well as other materials. In addition, the ANS has the world's finest numismatic library, which also contains non-numismatic monographs and references on history, art, economics, language and culture. Both the collection and the library are available to the public.

In 1998, The American Numismatic Society purchased a new building at 140 William Street in the heart of New York's Financial District. The new building has approximately 10,000 more square feet than the current ANS building and is conveniently located. The Society, presently located in Upper Manhattan, expects to move from its current location to 140 William Street in calendar year 2001.