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Annual Report2008

TABLE OF CONTENTSLetter from the President 1

Committees

Management Discussion & Analysis

31

Board of Directors

NYSSA Staff

16 to

33

2to

15

34

35

Dear Members:

Fiscal 2007 was an eventful year for NYSSA. In addition to celebrating our 70th anniversary, we hosted the CFA Institute Annual Meeting, which commemorated their 60th Anniversary and drew over 1,600 participants from around the world to New York City. SEC chairman Christopher Cox addressed close to 500 members at our Annual Member Dinner in June. In January, Secretary of the Treasury Henry Paulson made a presentation to the membership on U.S. market competitiveness and investor rights and protections. The Investment Research Challenge completed its 5th year in New York, and CFA Institute adopted NYSSA’s format and is taking the competition global.

Membership also experienced strong growth in fiscal 2007, as we crossed the 10,000 member mark during the year. We ended the fiscal year with 10,859 members versus 9,977 at the end of fiscal 2006, an increase of 882 members.

In the 2006-2007 Annual Member Report we shared our vision and Ends statements for NYSSA (the current ENDS Statements are posted in the governance section on the Society’s website). The Ends statements are the effect the Society seeks to have on the greater community. As we move forward as an organization we are looking to positively

impact the careers and experiences of our members and have used and will continue to use the ENDS (the organizations core values) to guide our program and service development. As an example of the ENDS driving new program development, this past year we have dramatically increased our “free” and subsidized programming for members in the areas of career development and advancement. Overall free and greatly subsidized programs have increased from 66 in fiscal 2006 to 125 in fiscal 2007.

As we entered fiscal 2008, we identified two significant projects that should positively impact the membership experience. The first is a significant update of the website to improve navigation and create committee pages that deliver content focused on the member’s area of interest. This will extend into 2009 with the development of member pages where you should be able to have more control over your interaction with the Society. The second major project is the development of a quarterly journal with a corresponding website. The magazine is focusing on articles that have a practical application written by forward thinking members and other financial professionals.

A multi-year project facing the Society is the end of our facility lease in 2009. Committing to a multi-year lease is a multi-million dollar decision, necessitating a full review of the Society’s current business and potential future service offerings.

The enclosed audited financial statements and management discussion and analysis show that the Society is in a strong financial position. We are investing in future programming and services as well as preparing for an anticipated move at the end of 2009 when the lease on our current facility will end. We have built strength in our balance sheet to afford us the most flexibility in positioning the Society for the next stage of its life in terms of both our physical presence and our service offerings to our membership.

Regards,

Jan Jackrel, CFA President

Letter From the President

Committees

3 NYSSA ANNUAL REPORT 2007- 2008

Alternative Investments

Committee Description:

The Alternative Investments Committee (“AIC”) provides a forum for discussion and analysis of nontraditional investment approaches including all forms of hedge funds, funds of funds, private equity, structured products and other investments not typically available in the retail marketplace.

Accomplishments, Event Highlights and Special Notes:

Over the past year, the AIC produced several evening programs under its reputable AlternAtive AnAlysts’ Forum brand. It also held meetings, dinners and other social events so that members would have an opportunity to discuss relevant topics impacting fund managers and network with fellow practitioners.

The AIC’s inaugural AlternAtive AnAlysts’ ForecAst event, 2008-What Lies Ahead?, was held last January with Michael Santoli, Barron’s columnist, as the moderator. This evening panel discussion, held at Bloomberg’s midtown facilities, was a direct outgrowth of members’ suggestions for programming and content. The AIC was also pleased to work with the Institutional Asset Management Committee last Fall to organize the What’s Next for Private Equity program. AIC also provided input into the CFA Institute’s Alternative Asset Conference held in Stamford, CT in February, 2008.

Special Thanks and Recommendations for 2007-2008:

The AIC wishes to thank all NYSSA staff who assist in organizing programs for the committee. The AIC would also like to recognize the generosity of Merrill Lynch for providing meeting rooms and Bloomberg for supplying facilities and refreshments for various events over the years. The AIC appreciates the opportunity to work with other sponsors on developing event ideas and educating members about alternative asset products.

Committee History

The AIC was formed in the fall of 1998. It held its first program De-mystifying the Asset Class in May, 1999. The first AlternAtive AnAlysts’ Forum Essential Considerations for Credit Derivatives took place in July, 2005. Since that time, the AIC has hosted 17 such events which explore relevant issues within the alternative asset sector.

The AIC welcomes new members who want to share a broader understanding of the asset class with experienced alternative investment fund managers.

Chair: Loren A. Busby, CFA Vice Chair: Philip J. Taylor, CFA

NYSSA ANNUAL REPORT 2007- 2008 4

Career Development


The Career Committee serve the career needs of society members, primarily through the monthly Career Chat program. These programs cover basic skills such as networking and interviewing, as well as areas of interest including emerging markets, private equity, independent research, investor relations, asset management, and derivatives. Accomplishments, Event Highlights and Special Notes:

This past year has been marked by joint programswith other committees, where we expand our reach and relevance. We are very grateful to these committees for their participation. Joint Career Chat programs included Early Stage Career Challenges with the Student Committee. This program was directed at the large, constant inflow of early career members, and the unique challenges they face in today’s financial industry. Another joint program was Private Equity: Renaissance or Dark Ages with the Alternative Investments Committee. This program focused on one of the most dynamic sectors, where little information is publicly available. The committee did a joint program with the Membership Committee, featuring a NYSSA member Dan Reingold, one of the top telcom analysts, and his recent book.


Special thanks go to Richard Lipstein for organizing and chairing two standout, Career Chats - Trends in Strategic Investor and Corporate Communications Consulting, and The State of Independent Research.

Committee History

The role and impact of the committee have changed dramatically since the 1980s, for three major reasons. First, attitudes have changed. Due to large numbers of layoffs and industry restructuring, career paths are no longer linear and career management is no longer considered something to be hidden from employers. Members now want to discuss their career paths openly. In response to their demands for relevant programming, we began the Career Chats series.

Second, NYSSA membership has broadened the historic model of analyst/portfolio manager reflects only part of NYSSA’s membership. Members are now in every part of financial services, in every job category.

Third, as more members work outside of the traditional office setting, NYSSA needs to look to Internet-based-communication and distribution of programs. Reflecting this, the committee is now podcasting the Career Chats.

Chair: Richard G. Lipstein Vice Chair: Barry M. Stine, CFA, CMT


Corporate Governance


The Corporate Governance Committee addresses issues related to shareholder rights and corporate governance. The committee hosts a series of events assessing the impact of corporate governance on investors, including topics such as executive compensation, proxy access, and shareholder activism. The committee attempts to provide practical tools to help investing professionals incorporate analysis of governance into their regular analytical process.

Accomplishments, Event Highlights and Special Notes: The Corporate Governance Committee has four projects this year.

1.Coporate Goverance Under a Scenario of DistressProfessor John Macey of Yale Law School and John Sweeney of Standard and Poors offered a lively discussion of a variety of issue concerning corporate governance in situations where a company has become distressed.

2. Top Management Pay and Investor Returns Steve O’Byrne, a leading value-based management consultant, presented a comprehensive measure of top management’s shareholder value incentive—what he calls “wealth leverage.” Rob Greenberg, a senior corporate human resources executive, critiqued wealth leverage as a measure of corporate management’s motivation to increase shareholder value.

3. Executive Compensation PracticesJim Reda, a leading compensation consultant to boards or directors, gave a thorough presentation on the issues boards are considering in light of recent SEC changes to disclosures in proxies and the controversial pay package of Rob Nardell at Home Depot.

4. Corporate Governance Survey of the Membership The committee also conducted a survey that gave insight into the memberships current attitudes towards corporate governance.

Chair: J. Armand Musey, CFA Vice Chair: David Silverman, CFA


David Silverman, Richard Bliss and the entire NYSSA staff.


Derivatives


The mission of the Derivatives Committee is to provide a forum for investment professionals to learn more about the use and intricacies of derivatives. The committee offers content to both specialists in the derivatives markets and those professionals who are not currently involved but who wish to learn more. By organizing a variety of events including lectures and forums, the committee is a valuable source of insightful information on derivatives.


This season’s events featured an eclectic mix of presentations including discussions on Single Stock Futures, Portfolio Margining, Information Available in Option Orders and other interesting areas that broadened NYSSA member’s understanding of this fascinating and ever changing field.


Thanks to all committee members for their participation in our events during 2007-2008. We are all looking forward to a terrific and informative 2008-2009.

Committee History

As one of the newer committees at NYSSA, the Derivatives Committee has been making up for lost time with events such as Mock Trading at the NYBOT and presentations from derivatives professionals such as CBOE Chairman Bill Brodsky. We strive to create interesting and informative presentations and look forward to continuing this trend in the future.

Chair: Andrew Spieler, PhD, CFA, FRM Vice Chair: Ehsan Nikbakht, DBA, CFA, FRM, PRM


Global Investing


The Global Investing Committee organizes a diverse range of programs to keep members abreast of key trends affecting global investment markets. The committee is continually seeking to partner with Wall Street firms, money managers and foreign government entities such as consulates and trade promotion boards to most effectively educate our members about the global economy, as well as to provide social and professional networking opportunities.


The committee participated in the national discussion on Sovereign Wealth Funds and their increasing importance as institutional investors which included representatives from the Norwegian Pension Fund and also from the Federal Reserve Bank of New York. Also, the committee explored the new economic growth paradigm between emerging and developed countries in an event on BRIC countries, which included investors in the region (Seygem Asset Management) as well as Global and Latin American Equity strategists from Bear Stearns and Deutsche Bank.


Special Thanks to the speakers; Tim Seymour, Guilherme Paiva, Thierry Wizman, Mathew Higgins, Jens Peter Olsen, who kindly agreed to spend some time speaking to comittee members, to those committee and non comittee members that helped to make the necessary introductions that made these events possible, Ricardo Beninatto, Christian Treitler, Inger Talaksen, and to the hard working staff at NYSSA.

We look forward to the active involvement of the members in 2008-2009 so that we can make it another successful year, with a growing list of events.

Committee History

Following the major integration occurred in financial markets during the 1990s and 2000s, the old label for identifying overseas investments -international- quickly lost ground to be replaced by the now commonplace “global”. In 2007, we decided to provide a well deserved update to the official name of our committee, switching it to “Global Investing” from the previous “International”.

The transformation goes beyond the mere name change, as we have made now a conscious effort to present topics framed in a global context, as opposed to previous event which will often focus on very specific countries. This has been a welcomed change by our members, who find that the broader appeal of global-framed topics attracts a greater number of participants to the events and ultimately generates a richer discussion.

As the recent problems in the credit markets point out the global connections among the world’s financial markets, we are in no way short of topics around which to create an educated exchange of ideas, increase our individual knowledge and ultimately promote change through our individual actions in the markets. The Global Investing Committee has its best years ahead.

Chair: Gabriel E. Garcia, CFA Vice Chair: Karl H. Schmidt


Improved Corporate Reporting


The Improved Corporate Reporting Committee closely follows issues and events affecting financial reporting, corporate disclosure, and accounting standards. Its primary mission is to keep NYSSA members informed about these issues through speaker programs and conferences. Recent undertakings include the annual Financial Reporting Conference, the annual XBRL forum, and other education events. The committee periodically advocates specific positions on proposed financial reporting standards before regulators and accounting standards setters.

Committee History

“There have long been complaints that regulatory bodies such as the U.S. Securities and Exchange Commission, the International Accounting Standards Committee, and the Financial Accounting Standards Board get very little input from users of financial statements,” said former committee chair Kathleen Dieter, CFA, in 1995. “We believe that as a very important group of users, the membership should actively express its views, both collectively and individually, and provide input tothe standards-setting process.”

The committee was established in 1991. Among the distinguished presenters during the early years were FASB chairmen Dennis R. Beresford and Donald J. Kirk; professor Baruch Lev of NYU’s Stern School of Business; and Dominic Tarantino, chair of the American Institute of Certified Public Accountants (AICPA)


Special thanks go to all those who helped with our programs, including NYSSA staff, and especially our guest speakers. Committee member Eric P. Linder, CFA, deserves special thanks for his efforts.

Chair: Mark R. Newsome, CFA Vice Chair: Eric P. Linder, CFA


Institutional AssetManagement


The mission of the Institutional Asset Management Committee is to bring together professionals engaged in the management, oversight and/or advisement of institutional investments. Our diverse member base includes investment consultants, plan sponsors, insurance professionals, risk managers, derivative product specialists and portfolio managers and analysts in a wide variety of asset classes. The committee nurtures a rich exchange of ideas and information by connecting professionals who are broadly in the same profession, but would not otherwise collaborate and network with one another.


The Committee hosted a number of events this past year including Liability Driven Investing: From Theory to Action and What’s Next for Private Equity? The program calendar also featured a members-only breakfast program with a former SEC Examiner discussing the ins and outs of a SEC Examination. Keeping with thought-provoking themes, the Committee hosted Rating Agencies at the Crossroads.


The Committee thanks Jonathan Gold for his service as Chairman from 2003-2007. The Committee would also like to thank its members who served as event Chairmen and on event teams.

Committee History

The committee was established in June 2002 to address the needs of a diverse group of buy-and-sell side professionals involved in the investment decision-making process for large institutions. Since that time it has grown to include over 300 members.

Chair: Lee Minton, III, CFA Vice Chair: William P. Enright, CFA


Investment Strategy


To further NYSSA’s mission of being a premier forum for the exchange of information among investment professionals, corporate managements, and other interested members of the public, the Investment Strategy Committee organizes events that bring leading analysts, portfolio managers, strategists, economists, and company executives to speak at NYSSA.


A breakfast presentation on Performance Attribution as an Analytical Tool featured David Spaulding, the founder and president of The Spaulding Group, Inc., and founder and publisher of The Journal of Performance Measurement®. Although performance attribution has become widely used within the investment industry, many professionals still do not have a full understanding of it. Spaulding provided insight into this increasingly important analytical tool and explored topics including relative and absolute attribution, the two “Brinson” models, arithmetic and geometric attribution, holdings and transaction attribution, and fixed income attribution. The committee also hosted an evening presentation on Risk Management Control, featuring Jennifer Bender, PhD, member of the Applied Research Group of MSCI Barra; Nigel Cheetham, head of portfolio management at Reuters America; Bernard Donefer, adjunct associate professor in the Department of Information, Operations, and Management Sciences at the NYU Stern School of Business, and former CIO of Fidelity Investments; and Sampson Glassman, fund of funds risk management consultant.


Special thanks go to all those who helped with our programs, including NYSSA staff, and especially our guest speakers. Committee member Eric P. Linder, CFA, deserves special thanks for his efforts.

Committee History

The Investment Strategy Committee, once known as the Seminar and Investment Strategy Committee, held seminars on topics judged to be of interest to the financial community, including meetings with leading strategists and portfolio managers. In addition, it organized non-corporate luncheon meetings.

The Corporate Program Committee, which held company meetings, industry forums, and roundtable discussions among analysts, merged into the Seminar and Investment Strategy Committee in 1998. The joint committee put together numerous lunch programs and full-day seminars on a broad range of investment topics. Its name was soon shortened to Investment Strategy. Programs have featured leading economists and investment strategists— including Steve Forbes, Harry Markowitz, and Peter Bernstein—and have centered around topics such as risk management, the demutualization of life insurance companies, and the evolution of index proxies.

Chair: Jay L. Lefkowicz, CFA Vice Chair: Alex Urdea, CFA, FRM


Membership


The Membership Committee reviews and approve all prospective member applications and makes recommendations to the Board of Directors as to guidelines for membership. The committee assists in developing and evaluating member benefits, reviewing special offers, and looking for new recruitment methods for membership. Membership Committee programs encompass member-networking events, including the Annual Dinner.


We would like to thank our committee members and NYSSA staff who donate their time to these accomplishments, including:

• The core group of members and staff who faithfully review each month all the prospective member application and help locate sponsors;

• Members who conceive and organize unique, fun, and educational events, especially Monsour Yamin and Bob Stewart, who made the mock-trading at NYMEX a reality;

• New members, who provide vibrancy to the committee with energy and ideas; and

• NYSSA staff, who support the volunteers in doing the legwork to create successful programs. We would like to feature programs that highlight our members’ professional diversity and personal accomplishments. Potential initiatives include special forums featuring members who have authored new books or other publications, and a speakers’ bureau where our members can share their professional expertise with the financial press.

Chair: Mary F. Stober Vice Chair: Christian Cooper, CFA


The committee organized the 5th Annual Strategies in Wealth Management Summit, one of the premier conferences focusing exclusively on strategic and business planning issues facing senior management of wealth management advisory firms. The committee continued to deliver top-notch programming that focused on many of the diverse issues that wealth managers face:

• Wealth management advisors and institutional asset managers are increasingly expected to function as a “manager of managers” for their clients. In response to this trend, the committee held the 2nd annual Manager Search and Selection full-day conference.

• It is difficult for many people to discuss the issues involved with living longer because of a variety of fears, including fear of failing health and the associated medical costs that may destroy their estates. A breakfast program on Minimizing Longevity Risk taught ways to put clients at ease.

• Attendees of a half-day program on The Essentials of Estate Planning: Trusts and Other Tools for Wealth Managers learned the pros and cons of trusts, family limited partnerships, gifting, and insurance.

• Mark Tibergien of Moss Adams LLP spoke at a breakfast program, identifying the Ten Key Trends of Wealth Management and discussing strategies that can be used to address them.

• The baby boomer generation is spending significant time, money, and other resources to care for elderly parents. A half-day program on Soft Strategies of Private Wealth Management: Planning for the Elder Generation provided insight and offered resources needed to help private clients with the legal considerations, administrative challenges, insurance choices, and the emotional strain of caring for aging parents.

• A brown-bag luncheon on Tax Planning and the Pension Protection Act: What Advisors to Private Clients Need to Know examined the many implications that this new act has for advisors.



The Private Wealth Management (PWM) Committee addresses the needs of the private wealth management professional by providing a community for advisors to high-net-worth individuals; delivering relevant, valuable continuing education; creating a forum for the exchange of ideas; and fostering collaboration and networking with like-minded professionals. PWM programming includes continuing education courses, presentations, and seminars. In addition, the committee provides networking opportunities through its planning meetings, lunch programs, and evening receptions.

Chair: Mark Ukrainskyj, CFA Vice Chair: Ron Shapira, CFA Vice Chair: Stephanie Ackler, CFA

Private Wealth Management


Socially Responsibility Investing Committee Description:

The Socially Responsible Investing (SRI) Committee offers two key services: (1) it provides a forum for its members to discuss matters of particular concern to SRI practitioners and (2) it introduces current SRI issues to the broader NYSSA membership. In each instance Committee programs reflect the ongoing development of SRI concepts and practices, be it traditional SRI, sustainable investing, or financial analysis which incorporates environmental, social, and governance (ESG) factors. Committee members and program attendees increasingly come from outside the SRI practitioner community as more members of the general financial community seek to gain an understanding of the expanded universe of analytical factors which affect both corporate performance and investment management. Because of this, Committee programs and meetings create important networking opportunities for a diverse array of financial professionals who normally would not interact. Also, the greater interest among non-SRI practitioner financial professionals has created the opportunity for more program collaboration with other committees. Programs address the challenges and benefits of incorporating SRI factors in security analysis and target a wide range of analytical and topical sector issues. Until this year NYSSA was unique among CFA Institute member societies in having a separate committee dedicated to SRI issues.

Committee History

The SRI Committee originally existed by another name during the 1990’s, but was then disbanded. It was revived early in 2002 by James Buro. Members in the original committee were essentially SRI practitioners. The revived SRI Committee increasingly is composed of financial professionals who are not SRI practitioners but who find a need in their professional lives to understand specific issues which are associated with the SRI community. Until this past year NYSSA was the only CFA Institute member society with a separate committee dedicated to SRI. During this past year the Boston Society created its own SRI committee. The NY and Boston committees maintain an informal relation and keep each other informed about programs and program opportunities.

Accomplishments, Event Highlights and Special Notes: The Committee has averaged about one program per month. Over the past year topics have included renewable energy, nuclear and coal sources of power generation for electric utilities, carbon management in the electric utility industry, the quantification of corporate environmental impacts, issues in communicating corporate sustainability for the investor relations professional, microfinance, financial innovation and social change, corporate philanthropy, and global supply chain risk. Upcoming programs will address policies and practices among SRI firms, the greatly expanding range of ESG investment vehicles across asset classes, private equity and alternative energy, issues and opportunities in water, corporate IT infrastructure and energy demand, and evolving corporate environmental initiatives. The Committee also looks forward to expanded collaboration with local universities and government agencies. This year the Committee webpage was expanded to include a References & Resources section which also includes mention of relevant upcoming non-NYSSA programs. The webpage also now includes a listing of recent programs with associated presentations. These changes seek to expand the Committee’s educational mandate for all NYSSA members.


The Committee wishes to thank Mary Jane McQuillen, the immediate past Chair, for her several years service as Vice Chair and Chair and proudly acknowledges her election to the NYSSA Board of Directors at last year’s Annual Meeting. The Committee also thanks the several new members who have volunteered to organize recent and upcoming programs in conjunction with the Committee’s three Vice Chairs.

Chair: Anthony A. Ginsberg Vice Chair: Steve Loren, CFA Vice Chair: Gregg Streibig, CFA Vice Chair: Wendy Walker, CFA


Student


The Student Committee encompasses the SEMI Task Force and the Student Programming Task Force. These two groups focus on and enhance the Society’s university outreach program. The SEMI Program (Scholarship, Education, Mentoring, and Internship) is an eight-week educational summer program for undergraduate finance students from New York City–area schools. The program pairs each student with a NYSSA member-mentor during a summer internship. The Student Programming Task Force hosts programs such as the Investment Research Challenge and other NYSSA-sponsored on-campus activities. The Challenge provides seminars on ethics, research analysis, and writing, and gives students the chance to present their research reports on one company to a panel of distinguished investment executives.


The Investment Research Challenge kicked off its 5th year with the same great volunteer spirit that has been the hallmark of the program since it began. Faculty and student representatives from eight area universities were joined by a record number of NYSSA members who volunteered as panelists, graders, mentors, and seminar presenters to support this initiative. NYSSA has also collaborated with CFA Institute to organize the first ever international Investment Research Challenge, modeled after the NYSSA Challenge.

On April 26, 2007, the winning team from NYSSA faced off against the winners of Challenges held by the Boston, Texas, and Hong Kong Societies. In summer 2006, SEMI added Baruch College to its roster of participating schools, with Baruch representing the largest pool of applications ever received from a single school. Five Baruch students were accepted into the 2006 program. Two outside firms hosted the educational breakfast meetings that are an integral part of the SEMI experience. Students enjoyed an inside look at Blackstone and Morgan Stanley. The Student Committee also joined with the Career Development Committee to present a Career Chat on “Early-Stage Career Challenges”.


We thank our SEMI subcommittee, especially Charlie O’Donnell and Ferian Nickelson, for the fantastic job they have done in organizing and running that program. Also, many thanks to all of the members who volunteered their time as presenters, graders, mentors, and panelists for the 5th Annual Investment Research Challenge.

Committee History

The Scholarship Committee was formed in 1996 to distribute a scholarship fund left to the Society by longtime member Heloise S. Ham. Ham led an impressive career and was one of the first women in finance when she entered the profession in the 1950s. The SEMI initiative was launched from this scholarship program in 1997. NYSSA introduced the Investment Research Challenge in the 2002– 2003 academic year as a means to promote best practices in research among the next generation of analysts. NYSSA has collaborated with CFA Institute for the first international Challenge in April 2007.

Chair: Charles H. Stryker, CFA Vice Chair: Timothy McGlinn, CFA


Value Investing


The mission of the Value Investing Committee is to provide a forum for the application and modification of Benjamin Graham’s principles in today’s domestic and international markets.

Accomplishments, Event Highlights and Special Notes: A fireside chat with Murray Stahl, CEO and CIO Horizon Asset Management on September 24, 2007.

The Value Investing Committee paid homage to preeminent value investor Walter J. Schloss, CFA, with a dinner on October 11, 2006, at the Harvard Club.


We would like to offer a special thanks to our guests for their generous time spent and invaluable life and investing lessons shared with our committee. We would also like to thank our sponsor PCS Securities Inc.. Also, without the unfettering dedication of the NYSSA staff, none of these events would be possible. Last but not least, we would like to thank our members, without whom, the committee and the platform for the betterment of value investing would not be what it is today.

Chair: Steven Rogé, CMFC® Vice Chair: Christopher M. Kehoe, CFA

ManagementDiscussion &Analysis Overview

Financial Audit

Management Discussion and Analysis Overview Overview The New York Society of Security Analysts (NYSSA) was established in 1937 by a group that included Benjamin Graham, the “father of securities analysis” and one of the most influential men in the history of finance. It is the premier independent forum for the exchange of information among investment decision-makers. A not-for-profit educational organization with over 10,000 members, NYSSA is committed to the pro-motion of best practices and the highest professional and ethical standards in the investment industry. NYSSA is the largest of the more than 135 societies worldwide that make up CFA Institute, which has over 92,000 members.

Membership Career Development: Through participation in NYSSA, members gain access to a far-reaching network of senior investment professionals and corporate executives. NYSSA also helps members with their strategic career goals through resources (e.g. monthly Career Chats and career-oriented workshops, and an extensive online database of job listings tailored for securities analysts).

Committees: More than 1,500 investment professionals participate in NYSSA’s 13 member committees each year. These are among NYSSA’s most active members and represent a high caliber of professionals: 23% are at the senior VP level and above. Annual Dinner: The Annual Dinner is the biggest event on the NYSSA calendar. It is an opportunity to celebrate the accomplishments of NYSSA’s members and to honor individual Volunteers of the Year. Last year’s speak-er was SEC Chairman Christopher Cox. Past speakers include Robert E. Rubin, chairman of the Executive Committee of Citigroup, Inc.; Barton Biggs, managing partner at Traxis Partners LLC and author of Hedgehogging; and Paul Steiger, managing editor of The Wall Street Journal.

Networking Events: NYSSA hosts several networking events through the year including the new member receptions and golf outings.

Programs Education: NYSSA is a leading provider of weekly review courses for CFA® Exam Levels I, II, and III, and a CFA curriculum of preparatory workshops. NYSSA also offers professional development classes for experienced professionals on a range of topics, from financial modeling to corporate valuation methodologies to deal structuring.

Industry Conferences: NYSSA has a long-standing tradition as the premier provider of corporate presentations to the Wall Street analyst community. At NYSSA’s industry conferences, small and micro-cap companies present their stories to analysts and institutional investors.

Topical Conferences and Seminars: NYSSA’s topical conferences and seminars bring together industry experts and thought leaders to discuss the critical issues facing financial professionals.

Forums: Shorter programs are presented over breakfast or lunch or after work and often feature a networking component. These presentations are timely, cutting-edge, and committee-driven, keeping the pulse on the industry. Programs that are presented in “brown bag” format are free to members.


Student Programs: NYSSA is committed to building the future of the industry by helping prepare students for careers as financial professionals. The Investment Research Challenge is an eight-month initiative in which leading industry practitioners teach best practices in securities research to students from top area business schools. The SEMI program helps to advance undergraduate students through a program of Scholarship, Education, Mentoring and Internships.

Results of Operations

Review of the NYSSA’s ActivitiesThe Society’s fiscal year ends on August 31. The Society’s revenues consist primarily of membership dues, education registrations, and conference fees and registrations. Revenue growth of 14.7% in fiscal 2007 was generated primarily through organic growth in membership and educational programming. Membership (excluding students) increased 8.8% to 10,859 total members in fiscal 2007, from 9,977 in fiscal 2006. Additionally, the renewal rate moved up slightly to 90% in fiscal 2007, from 89% in fiscal 2006.

Revenue Aug. 31,

2007Y/Y

ChangeAug. 31,

2006Y/Y

ChangeAug. 31,

2005

Membership $2,153,870 12.0% $1,923,770 4.9% $1,834,670

Education $3,102,591 29.1% $2,403,650 16.3% $2,067,206

Programs $1,207,895 -12.5% $1,380,553 32.9% $1,038,872

Other $476,725 38.1% $345,119 36.1% $253,586

$6,941,081 14.7% $6,053,092 16.5% $5,194,334

The increase in education-related revenues was due to a slight price increase in CFA exam prep courses and overall increased attendance. Attendance at CFA-related courses increased 30% to 2,055 in fiscal 2007, from 1,583 in fiscal 2006. Professional development and continuing education expanded its curriculum, resulting in a 12% increase in attendance to 1,610 in fiscal 2007, from 1,439 in fiscal 2006.

While programming revenues declined in the year as the mix of programming shifted to fewer full-day topical conferences and more morning and evening forums as well as the doubling of “free” programs for members (increasing from 66 in fiscal 2006 to 125 in fiscal 2007). Further, several previously successful industry conferences were not as popular this year, leading to lower levels of paid attendees. The Society also introduced “brown bag” programs, which are programs targeted at areas of specialty interest and provide little or no revenue. Attendance at programs included in programming and other increased to 12,427 in fiscal 2007 from 10,255 in fiscal 2006, an increase of 20%.

Program offerings, all events hosted by the Society, once again grew dramatically in the fiscal year (47%). During the year, the Society held 228 events comprised of 353 session days, from 155 events and 238 session days in fiscal 2006. We also expanded our relationship with other organizations, offering joint programs with Society of Quantitative Analysts and the National Investor Relations Institute for the first time.


On the expense side, direct expenses in total increased $737,904, a 14.7% increase in fiscal 2007 from fiscal 2006. Indirect expenses declined 26% to $352,783 in fiscal 2007 from $478,346 in fiscal 2006, leading to an increase in total expenses of $612,341 or 11.1%. Personnel expenses accounted for $367,000 of the increase as we filled several open positions from 2006 and added staff to accommodate the 21% growth in programming events.

Expenses on technology updates and upgrades were $135,300. While these expenses were incurred in fiscal 2007, these upgrades should benefit the programming effort for a number of years. The significant changes in technology were (1) architecture change of the network to a hosted model with business continuity and recovery features installed; (2) website redesign to be completed in May 2008, adding many new features and capabilities for members to customize their experience and interaction with the Society; and (3) significantly expanded audio/visual capabilities to allow for live webcasts and archive availability on the website in the fall of 2007.

Net assets (operating income) increased to $822,352 or 50% in fiscal 2007, from $546,704 in fiscal 2006.

Expenses

Aug. 31, 2007

Y/Y Change

Aug. 31, 2006

Y/Y Change

Aug. 31, 2005

Program Services $5,765,946 14.7% $5,028,042 17.4% $4,281,216

Managerial and Administrative $352,783 -26.2% $478,346 18.0% $405,387

Change in net assets $822,352 50.4% $546,704 7.7% $507,731

Review of Changes in Financial PositionAt the end of fiscal 2007, NYSSA had $8.3 million in assets, up from $7.4 million in fiscal 2006. Of the $8.3 million in assets, $7.2 million is in cash and short-term marketable securities (primarily money market funds and short-term U.S. Treasury instruments). The remaining $1.1 million represents renewal dues receivable ($368,000), other prepaid expenses ($289,000), security deposit on facility ($200,387), and fixed assets ($258,898). Liabilities total $2,778,678, with $1,607,820 of the total in unearned dues revenue and $682,571 in unearned revenue (registrations for upcoming educational and programming events). The Society has no debt.

*The pages that follow contain the financial audit.


THE NEW YORK SOCIETY OF

SECURITY ANALYSTS, INC.

Financial Statements for years ended August 31, 2007

and August 31, 2006

Independent Auditors’ Report

To the Board of Directors

The New York Society of Security Analysts, Inc.

We have audited the accompanying statements of financial position of The New York Society of Security Analysts, Inc. (the “Society”) as of August 31, 2007 and August 31, 2006 and the related statements of activities, functional expenses and cash flows for the years then ended. These financial statements are the responsibility of the Society’s management. Our responsibility is to express an opinion on those financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of The New York Society of Security Analysts, Inc. at August 31, 2007 and August 31, 2006 and the results of its activities and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

November 1, 2007

THE NEW YORK SOCIETY OF SECURITY ANALYSTS, INC.

Statements of Financial Position

Assets

August 31

2007 2006

Current assets Cash and cash equivalents (note 3) $ 6,382,125 $ 4,952,953

Investments, at market value (notes 2 and 4)

809,842

801,536

Accounts receivable, net of allowance for doubtful accounts of $3,600 in 2007 and $3,900 in 2006 (note 2)

499,698

498,615

Due from sub-landlord (note 6)

-

515,280

Prepaid expenses and other assets

157,489

132,543 Total current assets

7,849,154

6,900,927

Restricted cash and cash equivalents (note 6)

200,387

200,387

Leasehold improvements and equipment, at cost, net of accumulated depreciation (notes 2 and 5)

258,898 271,462

Total assets $ 8,308,439 $ 7,372,776

Liabilities and Net Assets

Current liabilities Accounts payable $77,352 $19,562

Accrued expenses and taxes

296,305

603,428

Unearned dues revenue (note 2)

1,607,820

1,503,372

Unearned revenue

682,571

680,489

Current portion of rent abatement (note 6)

49,558

49,558 Total current liabilities

2,713,606

2,856,409

Rent abatement, net of current portion (note 6)

65,072

114,630 Total liabilities

2,778,678

2,971,039

Net assets Unrestricted (note 12) Operating fund

251,986

1,021,624

Board designated – Building fund

4,935,938

3,118,196

Total unrestricted

5,187,924

4,139,820

Temporarily restricted (note 7)

341,837

261,917 Total net assets

5,529,761

4,401,737

Total liabilities and net assets $ 8,308,439 $ 7,372,776

TH

E N

EW

YO

RK

SO

CIE

TY

OF

SE

CU

RIT

Y A

NA

LY

STS,

IN

C.

Stat

emen

ts o

f Act

ivit

ies

Yea

r E

nded

Aug

ust

31

2007

20

06

T

empo

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ly

Tem

pora

rily

U

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tric

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R

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d

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and

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(not

e 2)

$

2

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$

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$

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$ 1,

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$

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3,10

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1

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591

2,40

3,65

0

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2,40

3,65

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Pr

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84

5,35

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84

5,35

8

93

1,29

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-

931,

296

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362,

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-

362,

537

449,

257

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44

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-

29,

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-

26,5

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26

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141,

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7

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21

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rom

res

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(no

te 9

)

34,

311

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4,31

1)

-

16,

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(

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69

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Pr

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2,07

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526

-

1,

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esen

tatio

ns

93

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8

-

936,

598

957,

920

-

95

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0

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s

75

2,23

3

-

752,

233

714,

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71

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Mem

bers

hip

1,8

52,3

20

-

1,8

52,3

20

1,38

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-

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792

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l pro

gram

ser

vice

s

5,

615,

362

-

5,61

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2

4,

920,

997

-

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920,

997

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ppor

ting

serv

ices

M

anag

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gen

eral

352,

783

-

352,

783

478,

346

-

47

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6

D

irec

t cos

ts o

f sp

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l act

ivity

din

ners

15

0,58

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50,5

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-

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l exp

ense

s

6,

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-

6

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5,

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5,

506,

388

Incr

ease

in n

et a

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s b

efor

e ot

her

addi

tions

(de

duct

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)

75

2,68

3

69,6

69

82

2,35

2

48

7,08

9

59

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546,

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Oth

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ddit

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(de

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)

In

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men

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ome

(not

e 2)

225,

363

1

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1

23

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4

13

0,37

3

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599

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R

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loss

) on

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190,

443

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ass

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end

of

year

$

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24

$

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41,8

37

$

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$

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7$

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See

note

s to

fina

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l sta

tem

ents

.

TH

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SO

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TY

OF

SE

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24,1

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24

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9,99

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66,8

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66,8

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9

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a pr

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note

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224,

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230,

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13

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4

Mis

cella

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1

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1

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$

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15,3

62$

352

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$

5,96

8,14

5$

5,

399,

343

See

note

s to

fina

ncia

l sta

tem

ents

.

TH

E N

EW

YO

RK

SO

CIE

TY

OF

SE

CU

RIT

Y A

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Stat

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Fun

ctio

nal E

xpen

ses

Y

ear

End

ed A

ugus

t 31

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6

Su

ppor

ting

Pro

gram

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s

Ser

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s

Man

agem

ent

A

nd

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E

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tion

P

rese

ntat

ions

Se

min

ars

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bers

hip

T

otal

G

ener

al

Tot

al

Staf

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ben

efits

$ 5

67,1

32

$

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6

$ 35

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9

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$

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$

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$

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Tem

pora

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elp

-

-

-

-

-

23

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onal

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6

19

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3

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ns

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Prin

ted

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ketin

g m

ater

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01

27

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ting

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ry

4,

787

924

1,88

4

31

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ce e

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ses

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29

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322,

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a pr

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56

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124,

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g

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128,

323

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26

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106

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nal a

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ities

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296

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ter

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note

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155,

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56

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Ren

tal e

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359

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ent r

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reci

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48

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4

Mis

cella

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0

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45

4

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9

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1

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Tot

al $

1,85

9,52

6$

957,

920

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388,

792

$4,9

20,9

97$

478

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99,3

43

See

note

s to

fina

ncia

l sta

tem

ents

.


Statements of Cash Flows

Year Ended

August 31

2007 2006

Cash flows from operating activities Increase in net assets $ 1,128,024 $ 756,216

Adjustments to reconcile increase in net assets to net cash provided by operating activities

Depreciation 76,282

53,043

Loss on disposal of furniture, fixtures, equipment 3,989

-

Realized loss on sale of investments -

12,955

Change in unrealized value of investments (70,058)

(84,495)

Amortization of premium on U.S. Treasury securities 61,752

61,752

(Accretion) of discount on U.S. Treasury Strips -

(1,586)

(Increase) decrease in current assets Accounts receivable

(1,083)

142,378

Prepaid expenses and other assets

(24,946)

27,330

Increase (decrease) in current liabilities Accounts payable

57,790

(6,338)

Accrued expenses and taxes

(307,123)

335,785

Unearned dues revenue

104,448

84,142

Unearned revenue

2,082

(15,967)

Change in rent abatement

(49,558) 164,188

Net cash provided by operating activities 981,599

1,529,403

Cash flows from investing activities

Sale/maturity of investments -

2,472,983

Purchases of leasehold improvements and equipment (67,707)

(223,850)

Amounts expended for leasehold improvements to be reimbursed by sub-landlord

-

(515,280)

Reimbursement from sub-landlord 515,280

-

Net cash provided by investing activities 447,573

1,733,853

Net increase in cash and cash equivalents 1,429,172

3,263,256

Cash and cash equivalents, beginning of year 5,153,340

1,890,084

Cash and cash equivalents, end of year $ 6,582,512 $ 5,153,340

Consists of: Current assets $ 6,382,125 $ 4,952,953

Restricted 200,387

200,387

Total cash and cash equivalents $ 6,582,512 $ 5,153,340


Notes to Financial Statements August 31, 2007 and August 31, 2006

Note 1 – Nature of organization

The New York Society of Security Analysts, Inc. (the “Society”) is a not-for-profit, independent society whose mission is to serve the needs of all professionals involved in the investment decision-making process and to educate the investing public. The Society is involved in all professional aspects of interest to its members. The Society generates revenue from three primary sources: (1) membership dues; (2) educational seminars (the largest seminar producer of income is Chartered Financial Analysts classes); and (3) program meetings whereby corporations pay a fee to sponsor meetings.

Note 2 – Summary of significant accounting policies

Net assets

Unrestricted

Operating fund

Net assets that are not subject to donor-imposed stipulations and that may be expendable for any purpose in performing the primary objectives of the Society are considered unrestricted in nature.

Building Fund

The Society maintains a building fund to provide for the eventual replacement or improvement of the Society’s facility. Any interest earned or unrealized gain or loss on the assets is credited to or deducted from the building fund balance. The Society transferred $1,251,806 from the Insurance Recovery Fund to the Building Fund in the 2007 fiscal year to close out the Insurance Recovery Fund. In addition, the Society transferred $400,000 in the 2007 and 2006 fiscal years, from the Operating fund to the Building Fund (see note 12).

Temporarily restricted

Net assets subject to donor-imposed stipulations that may or will be met either by actions of the Society and/or the passages of time are considered temporarily restricted. As the restrictions are satisfied, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the accompanying financial statements as net assets released from restrictions.


Notes to Financial Statements (continued) August 31, 2007 and August 31, 2006

Note 2 – Summary of significant accounting policies (continued)

Investments

The Society reports its investments at market value as reported to them by Merrill Lynch. Interest income and the change in unrealized value of investments are allocated between unrestricted and temporarily restricted net assets. Investment income consists of interest income.

Leasehold improvements and equipment

Furniture, fixtures and equipment are depreciated on the straight-line method over the estimated useful lives of the assets ranging from three to seven years. During 2007, equipment with a cost basis of $59,446 an accumulated depreciation of $55,457 were removed from the books of the Society resulting in a loss on disposal of $3,989.

Membership dues

Membership dues are recognized as income in the applicable membership period, which is from June 1st to May 31st each year. Consistent with past practice, it is the Society’s policy to record the remainder of the anticipated members’ annual dues as accounts receivable and unearned dues revenue as of August 31st each year.

Use of estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect amounts reported in the financial statements. Actual results could differ from these estimates.

Functional expenses

The cost of providing the various programs and other activities has been summarized on a functional basis. Accordingly, certain costs have been allocated among the programs and supporting services benefited.

Concentration of credit risk

The Society’s financial instruments that are potentially exposed to concentration of credit risk consist of cash and investments. The Society places its cash with what it believes to be quality financial institutions and primarily invests in U.S. Treasury Securities. The Society routinely assesses the financial strength of its cash and investment portfolio. As a consequence, concentrations of credit risk are limited.



Note 2 – Summary of significant accounting policies (continued)

Cash equivalents

The Society considers highly liquid investments with original maturities of 90 days or less to be cash equivalents. Included in cash equivalents are money market funds and a U.S. Governmental Securities Mutual Fund.

Note 3 – Cash and cash equivalents

Cash and cash equivalents are comprised of the following as of August 31, 2007 and August 31, 2006:

2007

Value

Investing

Operating Building Scholarship Archive

Fund Fund Fund Fund Total

Cash on hand $ 300 $ - $ - $ - $ 300

Checking

165,843

-

-

103,939

269,782Money market account

17,992

-

-

-

17,992

U.S. Govt. Securities Mutual fund

1,086,524

-

-

-

1,086,524

Money market fund

652,069

4,121,570

233,888

-

5,007,527

Total $ 1,922,728 $ 4,121,570 $ 233,888 $ 103,939 $ 6,382,125

2006

Operating Building Scholarship

Fund Fund Fund Total

Cash on hand $ 300 $ - $ - $ 300

Checking

129,401

-

-

129,401

Money market account

76,771

-

-

76,771U.S. Govt. Securities Mutual fund

1,294,171

-

-

1,294,171

Money market fund

1,336,059

1,913,079

203,172

3,452,310 Total $ 2,836,702 $ 1,913,079 $ 203,172 $ 4,952,953



Note 4 – Investments

The following is a summary of the investments as of August 31, 2007 and August 31, 2006:

2007 2006

Cost Market Cost Market

Building fund

U.S. Treasury Notes $ 653,163

$ 809,842 $ 714,915 $ 801,536 Total $ 653,163 $ 809,842 $ 714,915 $ 801,536

Note 5 – Leasehold improvements and equipment

The following is a summary of the leasehold improvements and equipment as of August 31, 2007 and August 31, 2006:

2007 2006

Leasehold improvements $ 137,094 $ 120,398

Furniture, fixtures and equipment

251,646

260,081 Sub-Total

388,740

380,479

Less: accumulated depreciation

129,842

109,017

Total leasehold improvements and equipment $ 258,898 $ 271,462

Note 6 – Rental lease agreements

On November 27, 2001, the Society entered into an agreement to sublease office space. The sublease, which commenced January 14, 2002 and was to expire on December 31, 2003, required an annual base rental of $372,186 plus a certain portion of the landlord’s operating expenses. The Society elected to extend the lease for two additional one-year periods through 2005.

During the 2005 fiscal year, the Society renegotiated the lease agreement and reduced the annual base rent. The lease required an annual base rent of $286,570 in the 2006 fiscal year, plus a portion of the landlord’s operating expenses. Rent expense for the period of September 1, 2005 thru December 31, 2005 totaled $88,931, and has been included in occupancy charges on the statement of functional expenses.



Note 6 – Rental lease agreements (continued)

In addition to the rental of office space, the Society rents space on an as needed basis for its educational programs. Rental expense for the years ended August 31, 2007 and August 31, 2006 totaled $31,961 and $175,945, respectively.

During August 2005, the Society entered into an agreement to sublease office and conference space, commencing in December 2005 and expiring in December 2009. The sublease requires monthly lease payments of $50,097 plus the Society’s proportionate share of certain operating expenses of the sub-landlord as defined in the sublease agreement. Rent expenses paid for the period of December 12, 2005 thru August 31, 2006 totaled $233,784 and have been included in occupancy charges on the statement of functional expenses. The future minimum sublease payments would be as follows:

Fiscal Year

2008 $ 601,160

2009 601,160

2010 198,771

Total $ 1,401,091

As part of the lease agreement, the Society received four months of free rent. The Society amortizes rent expense each year equally over the term of the lease. The difference between rent expense recorded in this manner and the actual cash paid per the lease agreement represents deferred lease liability.

In connection with the above sublease, the Society delivered to the sub-landlord a letter of credit in the amount of $200,387 as security for the sublease agreement. In connection with the letter of credit, the Society established a separate bank account in the amount of the letter of credit, as required by the lease.

In accordance with the above sublease agreement, the Society is entitled to be reimbursed by the sub-landlord for hard costs and expenses for a maximum amount of $515,280. The Society incurred such costs during the 2006 and 2005 fiscal years and, during the 2006 fiscal year submitted a request for the full amount of the reimbursement from the sub-landlord. This reimbursement was received during the 2007 fiscal year.



Note 7 – Temporarily restricted net assets

In 1996, the Society established the Heloise S. Ham Educational Scholarship Fund (the “Fund”) from a pledge received from the family of Heloise S. Ham to endow a scholarship program and recorded it as temporarily restricted. On an ongoing basis, the Fund is funded by contributions from the family of Heloise S. Ham and income from the Fund assets and Society members. The scholarships are available to undergraduate students who are enrolled full-time in a college or university in the greater New York area and who have completed at least their sophomore year by the time the program begins in the summer.

They must also demonstrate academic excellence and have an interest in the securities profession. Because these funds can only be used for scholarship purposes, the assets of the fund are considered temporarily restricted.

During 2006 the Society received funds of $49,200 for the creation and maintenance of an archive to benefit value-investing research. The fund is recorded as temporarily restricted.

The following is a summary of the activity of the temporarily restricted net assets for the year ended August 31, 2007:

Balance, Balance,

Beginning Net Assets End of Year Additions Released of Year

Scholarship fund $ 212,717 $ 39,331 $(14,150) $237,898

Value investing archive

49,200

74,900

(20,161) 103,939 Total $ 261,917 $ 114,231 $(34,311) $341,837

Note 8 – Retirement plan

The Society maintains a defined contribution plan (the “Plan”) for all eligible employees who have completed ½-year of service. Employees vest in the Plan 20% each year over five years, beginning in year two. During the 2007 and 2006 fiscal years, the Society contributed 5% of each employee’s base wages to the Plan. Contributions to the Plan are determined annually by the Society’s Board of Directors. The plan expense amounted to $80,403 and $67,473 for the years ended August 31, 2007 and August 31, 2006, respectively.

Note 9 – Net assets released from restrictions

Net assets were released from donor restrictions by incurring expenses that satisfied the restricted purposes specified by donors as follows:

Purpose restriction accomplished: Scholarships $14,000 Bank service charges 150

Value investing archive 20,161

Total $34,311



Note 10 – Legal claims

As of August 31, 2007, management was not aware of any legal claims against the Society. While claims may arise from time to time in the ordinary course of business, such claims would not in the opinion of management have a material effect on the Society’s financial statements.

Note 11 – Tax status

The Society is exempt from Federal income taxes under Section 501(c)(3) of the Internal Revenue Code (the “Code”). In addition, the Society has been determined by the Internal Revenue Service to be a publicly supported organization, and not a private foundation, within the meaning of Section 509(a)(2) of the Code.

Note 12 – Unrestricted net assets

The following is a summary of the activity of the unrestricted operating and board designated – building fund for the years ended August 31, 2007 and August 31, 2006:

Unrestricted

Board-Designated-

Operating Building

Fund Fund Total

Balance, at August 31, 2005 $ 839,997 $ 2,615,081 $ 3,455,078 Revenue Investment income

94,032

36,341

130,373

Other revenue

5,993,477

-

5,993,477

Change in unrealized value of investments

356

66,924

67,280

Total revenue

6,087,865

103,265

6,191,130

Less: Expenses 5,506,238

150

5,506,388

Increase before interfund transfer 581,627

103,115

684,742

Interfund transfer (400,000)

400,000

-

Increase in net assets

181,627

503,115

684,742

Balance, at August 31, 2006 1,021,624

3,118,196

4,139,820

Revenue Investment income

129,485

95,878

225,363

Other revenue

6,871,412

-

6,871,412

Change in unrealized value of investments

-

70,058

70,058

Total revenue

7,000,897

165,936

7,166,833

Less: Expenses 6,118,729

-

6,118,729

Increase before interfund transfers 882,168

165,936

1,048,104

Interfund transfer to close out Insurance Recovery Fund

(1,251,806)

1,251,806

-

Interfund transfer (400,000)

400,000

-

Increase (decrease) in net assets

(769,638)

1,817,742

1,048,104

Balance, at August 31, 2007 $ 251,986 $ 4,935,938 $ 5,187,924

Officers

President Jan Jackrel, CFA Citigroup

Executive Vice President Nanci D. Morris, CFA Princeton Theological Seminary

Treasurer Thomas J. Boczar, Esq., CFA Twenty-First Securities Corp.

Secretary R. Bruce Cameron, CFA Berkshire Capital

Directors:

Karen E. Boroff Dean Seton Hall University’s Stillman School of Business

Walter (Bud) Haslett, CFA, FRM CEO Miller Tabak Capital Management; Director Option Analytics Miller Tabak & Co., LLC

A. Michael Lipper, CFA President Lipper Advisory Services, Inc., & Lipper Consulting Services, Inc.

Mary Jane McQuillen Director Social Awareness Investment Portfolios ClearBridge Advisors

Andrew J. Melnick, CFA Managing Director Somerset Capital Management

Elizabeth K. Miller, CFA & CIC Managing Director Trevor Stewart Burton & Jacobsen Inc.

Guy G. Rutherfurd, Jr., CFA Principal F&V Capital Management, LLC

Stanley G. Lee, CFA Principal & Portfolio Manager David J. Greene & Co., LLC

Board Members2007-2008



Executive

Executive Director Alvin Kressler

Programming,Education & Event Services

Director of Programming, Education & Event Services Eileen Budd

Associate Director of Conferences & Programming Eileen Stempel

Presentations & Programming Manager Evelina Ioselev Program Planner Derly Vargas

Education Manager Open

Education Associate Shelia Panzavecchia

CFA Instructor Susan Lakatos

CFA Instructor

O. Nathan Ronen

Event Services Manager Sharufa Rashied-Walker

Event Services Coordinator Bethany Rivera

Finance, Administration, HR & IT

Director of Finance, Administration, HR & IT Michael Herz

Financial & Benefits Administrator Daisy Carney

Account Manager Stephen Frasier Accountant Nancy Kahanec

IT Manager William Perez

Technical Coordinator Brian Henley

CFA Instructor O. Nathan Ronen

Marketing & Membership Development

Director of Marketing, Membership & Development; Investment Professional Managing Editor William Drawbridge

Business Management Developer Brian Stype

Marketing Manager Lee Arbel

Marketing Associate Shauntay Jones

Marketing Coordinator Natacha Lavelanet

Member Services

Manager of Marketing & Development - Member Services Nanci Roth

Office Manager & Member Services Rosalie Poss Member Services Coordinator Maritza Valenzuela

The Investment Professional

Editor Dawn Cavlieri

Associate Editor Micaela Morrissette

NYSSA Staff2007-2008

The New York Society of Security Analysts, Inc.1177 Avenue of the Americas, 2nd floorNew York, NY 10036-2714212-541-4530 | fax 212 541-4677www.nyssa.org

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