2012 AANS Annual Report - page 31

2012 AANS ANNUAL REPORT
31
In FY12, the fiduciary responsibility of AANS and its leadership helped
ensure the organization again recognized a profit. And while trying
market conditions made for a turbulent accounting year, AANS closed
FY12 with a profit of $23,079 —marking the 10th time in the past 11
years that the organization concluded the fiscal year with a positive
gain. The solid financial stewardship put forth by AANS leadership and
management, with a vision that is focused on long-term growth and
innovation, continues to benefit AANS members and all of organized
neurosurgery.
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, 2011,
through June 30, 2012.
REVENUE
Despite the difficult market conditions and other factors that hampered
revenue-center growth, the AANS was able to overcome those
challenges. Several areas saw improvement in FY12, helping the
organization again finish in the black.
n
The Journal of Neurosurgery Publishing Group saw its net revenue
surpass $1.5 million in 2012. The $1,580,487 generated by JNSPG
represents a 52 percent increase over the $1,038,255 in revenue
produced in 2011. In fact, over the past four fiscal years, JNSPG has
seen its net revenue grow by 388 percent (JNSPG’s net revenue in
2009 was $323,900).
n
Education and practice management workshops saw net income
grow approximately seven percent in FY12, increasing to $346,128.
Continued strong interest in the AANS Oral Boards and Resident
Courses, combined with reduced expenses associated with workshop
programs, were critical to this improvement.
n
New processes and improved procedures helped
AANS Neurosurgeon
cut its expenses by nearly $19,000 in FY12. Those improvements and
other changes helped drive an eight-percent improvement in net
revenue over the prior fiscal year.
The pie chart (page 32) indicates the various income sources. These
sources were fairly steady compared to the previous fiscal year, with
the most notable increases occurring with the Journal of Neurosurgery
Publishing Group (4.4 percent) and the AANS Annual Scientific Meeting
(4.3 percent).
EXPENSES
Overall gross expenses did increase in FY12, but those costs were
tied to program improvements and enhancements, such as expanded
programming and live streaming of the AANS Annual Scientific
Meeting. Overall, effective and efficient management provided by the
AANS Finance Committee and AANS ensured that increased cost
was paired with much increased member benefit, as well as the
opportunity to build additional programing and platforms within existing
infrastructure.
n
The Education and Practice Management department was able to
dramatically improve its bottom line in FY12, cutting expenses by
$194,800 — an 11.5 percent reduction from FY11 — primarily around
the department’s Resident Course programs.
n
The Journal of Neurosurgery Publishing Group continued to produce
an incredible array of content, both in print and via its much-
improved website. And of equal importance was JNSPG’s ability to
lower its expenses in FY12 by nearly $200,000, primarily in the area
impacting the cost of goods sold.
n
A concerted effort in the area of Contract Services to focus on core
vehicles and programs helped AANS reduce expenses in this area
by 22 percent. The $118,200 savings will allow the organization to
remain centered on delivering greater value to Sections and other
organizations contracting with AANS in the future.
All year-end financial statements of the AANS are audited by outside
auditors. Any material differences between a published financial
statement and the auditors’ report are communicated to AANS
members i
n
.
Copies of the most recent audit are
available to members by writing to: AANS Accounting Department, 5550
Meadowbrook Drive, Rolling Meadows, IL 60008-3852
2012 FINANCIAL SUMMARY
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