We're in the red

IN his article in the January issue of Electrical Engineering, C. S. Purnell, Chairman of the Finance Committee, pointed out that the budget for the year beginning October 1, 1954, anticipates a deficit of about $106,000. In the calendar of the Institute, a budget year overlaps portions of two fiscal years. It has been done that way in an attempt to make the budget year coincide approximately with the period during which the Institute committees function. The fiscal year starts on May 1. It is the year for which the member pays his dues and in return receives the publications and other benefits of membership.