Outline
      Background context
      Issues and business plan principles
      Business process
      Alternatives under consideration
      Some specific suggestions being 
       considered
  Background Context
                       Current RAS 
                  Business Divisions
               Four current  business 
                divisions
                  Publications
                  Conferences
                  Administration
                  Investments/Reserves
                      Current Financial Flow
                   Income                                   Expenses
              Publications              Annual             Publications
                Member Fees            Operating 
                ASPP/IEL
                Non-member Fees         Surplus/       Administrative 
                                          Loss           Travel, Awards
                                                         Tech. Comm, IEEE
                Market Gain
                                       Reserves           Market Loss
               Conferences              Surplus/           Reserves
                 Surplus                  Loss
                 Book Broker                               Reserves 
                                                            Margin
                                                         Minimum per      Approved
                                           Surplus        TAB 50%         Initiatives
                                             /Loss       Op Expense
                                   Recent Financial 
                                                 History*
                            Stan.     1997       1998       1999       2000       2001       2002       2003        2004
                            Dev.    Actuals    Actuals     Actuals   Actuals     Actuals    Actuals    Actuals    Budget
                                                                                                                   
          Op Net             70.5     243.2       382.8     380.4       321.9     333.3       460.3      415.7       52.3 
          Market Chg        239.0       70.8       59.4     160.5       (14.7)     (99.0)    (382.8)     396.2         0.0 
          IEEE Tax                                                     (235.8)    (631.7)                          
          Adjustments                   (4.1)     (39.1)      59.3      (10.1)     (34.1)    (216.7)     174.3     
          Net Surplus       473.1     309.9       403.1     600.2        61.3     (431.5)    (139.2)     986.2     
                                                                                                                   
          Reserves                    786.9     1,190.0    1,790.2    1,851.5    1,420.0    1,280.8    2,267.0     
                                                                                                                   
          Watch List Exp              930.9     1,049.6    1,110.3    1,125.6    2,005.0    1,545.2    1,199.2     1,811.4 
                     * All numbers in 
                          thousands