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Second quarter Treasury report, 2001 (2754 AUC)
Starting balance of 4/1/01: $2,007.18INCOME:
TOTAL REVENUE: $898.85EXPENSES:
TOTAL EXPENSES: $1,218.06
Initial deposit: $25.00
Salvete Patres Conscripti! This time period represented a significant step forward for Nova Roma: the establishment of permanent funds for land and for an endowment (fideicommissum) that will generate income for Nova Roma projects such as scholarships and contributions to worthy research. The amounts are small, but they are a start. For convenience these were joined in one 9-month certificate of deposit, but the two funds will probably be separated after this certificate expires in January.
This time period also saw the beginning of NR's first significant charitable outreach, a donation to the Vindolanda Trust to help sustain its valuable work on Romano-British archaeology.
We have also established the Nova Roma Mint, a separate fund intended to back NR's coinage. Marcus Cassius Julianus has discussed this project previously, but here's a refresher: The NR coins are sold for 50 cents each, and we guarantee to buy them back at that price. Since most of them will be kept as souvenirs and not redeemed, we do not need to reserve enough money to redeem all that have been circulated.
All coin revenues will be deposited into the Mint account until it reaches $833, or one-third the face value of the 5,000 coins that have so far been minted. After that amount has been reached, coin revenues will go to reimburse Cassius for the significant investment he made in having them minted.
Finally, at this year's Roman Days, Lucius Equitius Cincinnatus became the first Nova Roman to make a purchase using NR coinage. The coins he paid to Imperium Ancient Arts were redeemed.
13 Sextilis 2754pc
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