2011 AANS Annual Report - page 24

2011
AANS ANNUAL REPORT
24
This report reflects the combined financial statements of
the American Association of Neurological Surgeons and the
American Association of Neurosurgeons covering the period of
July 1, 2010, through June 30, 2011.
REVENUE
Net operating revenue again showed growth and improvement
for AANS in fiscal year 2011, realizing a $707,800 improvement
over 2010 figures. All net revenue centers with the exception of
Products and Services surpassed the totals of their respective
areas from the previous year. And while challenging stock
market conditions remained omnipresent in 2010, the overall
correction in the market allowed AANS to realize an investment-
earnings increase of $437,200 over last year.
n
The Journal of Neurosurgery Publishing Group saw its net
revenue eclipse the $1 million mark in 2011. The $1,038,300
generated by JNS equated to a 55 percent increase over the
$668,900 in revenue produced in 2010 — and a $714,400
jump from JNS’ net revenue of $323,900 in 2009.
n
The 2011 AANS Annual Scientific Meeting witnessed a $200,300
improvement in net revenue, despite a decrease in overall gross
revenue. A combination of excellent planning, as well as lower
costs associated with use of the iPod touch and the exhibit
program, helped the organization realize these gains.
n
Education and practice management workshops saw gross
revenues jump by $500,500 in 2011, bolstered in strong part
by sizeable gains in both coding and reimbursement courses,
as well as resident courses. These two areas improved by
$169,100 and $222,500, respectively.
The pie chart (page 26) indicates the various income sources.
These sources remained relatively consistent with fiscal year
2010, with the largest changes occurring within the Annual
Scientific Meeting and Professional Development areas at 2.8
and 2.9 percent, respectively.
EXPENSES
Overall gross expenses held steady in 2011, with AANS realizing
a $63,800 reduction in comparison to 2010 figures. Efficient,
cost-effective financial management was judiciously employed
by AANS leadership and staff, in conjunction with astute and
strong reasoning supplied by the AANS Finance Committee.
n
The 2011 AANS Annual Scientific Meeting in Denver continued
to push the technology envelope with the integration of the
Annual Meeting app and iPod touch. However even as more
innovative “paperless” ideas were introduced via this format,
AANS was able to reduce expenses around the event by
some $624,000. In addition to reduced expenses for iPod
touch devices, significant savings were realized on food and
beverage needs, practical clinics and logistical coordination.
n
The Journal of Neurosurgery Publishing Group again posted
an amazing number of articles both in print and online, and
also put the finishing touches on an entirely updated website
with improved search functionality. But even with the number
of submissions and the changes that were made, JNS also
was able to reduce its expenses by $184,000 in 2011.
n
Collaborative efforts and programs with other like-minded
organizations are critical in AANS’ efforts to carry out its
mission, promote change, and establish new opportunities
for scientific partnership and creativity. In 2011, AANS
teamed with other groups on a wide range of committees and
projects, yet still saw gross expenses associated with Joint
Programs and Committees decrease nearly $30,000.
All year-end financial statements of the AANS are reviewed
by outside auditors. Any material differences between a
published financial statement and the auditors’ report are
communicated to AANS members in AANS Neurosurgeon.
Copies of the most recent audit are available to members by
writing to: AANS Accounting Department, 5550 Meadowbrook
Drive, Rolling Meadows, IL 60008-3852.
The sound fiscal policy of the AANS and its leadership was again demonstrated in fiscal year
2011, as the organization recognized a profit of $2,564,127. This marks the ninth time during the
last decade that AANS has finished the fiscal year with a positive gain. More importantly, the
outstanding guidance provided by leadership and management has built a strong, stable backbone
that will allow the organization to dedicate more resources toward the betterment of membership
and neurosurgery in the coming years.
2011 FINANCIAL SUMMARY
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