We have ended the 1995 financial year with a small surplus due mainly to the extraordinary and unforeseen contribution from SOFCOT. I remind you that the agreement between EFORT and SOFCOT did not
include any revenue for EFORT, as SOFCOT accepted the risk of a loss from the 1993 Congress in Paris.
The meeting, however, was a success in every respect and part of this benefét has been given to EFORT.
This will allow EFORT-SOFCOT Fellowships to be given to young European colleagues to help to cover their expenses for anending EFORT Congresses.
DGOT is proposing a similar arrangement with their surplus from the Munich Congress. We trust also that the Spanish Orthopaedic Society will help us to improve our financial situation after the 1997 Congress in Barcelona. The 1999 Congress in Brussels will be the first to be
held under the full responsibility of EFORT. Any sué-plus will therefore be divided with 75% given to EFORT and 25% to the national associations (BVOT and SOBCOT), although the risk of loss
will be taken by EFORT.
As of January 1 1996, EFORT has 29
national associations as full members, plus only one observer (B ulgaria) since both Poland and Lithuania are now members.
Since the foundation of EFORT in 1992 all countries withðut exception have paid their dues.
We appear to be in a comfortable financial situation at the moment. Closer examination shows, however, that this is due only to the generous grants from COCOMAC, SOFCOT and DGOT. In other words the dues (4 ECUs per member of each national association) do not appear to
be sufficient to support our Federation in the future. We have either to look for other financial sources or consider raising the levy. It is well known that for some national associations 4 ECUs represent a very
small percentage of the total money from members, whereas for others it is a large proportion or even all of the amount paid.
The President and the Executive Committee are seriously consideðng this problem with the support of the Treasurer.
The official audited accounts fðr 1995 have been sent to all natiðnal delegates and I am happy to inform you that Arthur Andersen, our auditor, acted free of charge. We also have to thank Dr Peter
Berger, our lawyer in Basel, who managed our transfer from Munich to Basel free of charge.