2023 Fiscal information available to IUG members

As discussed during the IUG 2024 opening session, we’ve now made our 2023 End of Year Fiscal Report available to members in the secure member portal.

When you review the report, you’ll notice losses related to the 2023 conference. These were due to room attrition – we didn’t meet our hotel room block commitments, resulting in a contract penalty. This contract was renegotiated during the pandemic when in-person conference attendance guesstimates were highly uncertain. We did manage to lessen those losses by exercising an option to reduce our room commitment, and thanks to the excellent financial management of previous steering committees, these losses did not cause significant financial hardship for IUG.

In the new year, we’ve taken the following steps:

  • Adjusted conference contracts: We’re ensuring new contracts reflect realistic attendance expectations, we’re expecting a slight surplus for the IUG 2024 conference.
  • Revamped the membership model: The new structure based on organization size should boost membership revenue. While still being less expensive than comparable professional library organizations.
  • Invested wisely: We’ve placed surplus cash in high-interest CD & savings accounts.
  • Reduced costs: Conference App/Membership/web annual hosting costs are down by around 70%.
  • Adjusted Steering Committee Travel: We are conducting most meetings virtually. We are using accumulated credit card points, when possible, for necessary in-person travel.

We welcome your questions! Please contact me or any steering committee member with any concerns.

-Wes Osborn
IUG Steering Committee Past-Chair