2013 AANS Annual Report - page 43

2013
AANS ANNUAL REPORT
43
Revenue
The financial gains that the AANS realized in fiscal year 2013
were in strong part to revenue growth in several areas, as the
organization looked for new ways to improve both its educational
footprint and prepare for possible future programming
enhancements.
n
The Journal of Neurosurgery Publishing Group again saw an
increase in net revenue in FY13, finishing the year up six percent
overall compared to FY12. The JNSPG net revenue finished at
$1,631,356.
n
In fiscal year 2013, the AANS saw its resident-course revenue
rise to $2,964,132, a jump of nearly five percent from the
$2,823,437 the previous year.
n
A strong showing in the financial markets propelled significant
investment gains in FY13, as the organization saw its net
investment revenues finish at $641,839, an $837,532 increase
from the previous fiscal year.
The pie chart (page 44) indicates the various income sources.
These sources were fairly steady compared to the previous fiscal
year, with the most notable increases occurring with products and
services and professional development.
Expenses
Overall expenses declined by nearly $400,000 in FY2013,
driven by reduced spending both in the areas of committees
and governance. The effective fiscal oversight supplied by the
AANS Finance Committee and AANS management allowed the
organization to reduce costs while continuing to seek out new
opportunities to build value for membership.
n
Governance expenses decreased from $779,767 in FY12 to
$593,210 in FY13, a 24-percent drop, with reduced expenditures
from the Board of Directors and Executive Committee having the
largest impact.
n
The products and services area saw its expenses decline
by 28 percent in fiscal year 2013, as reduced exhibit costs,
expenditures for the AANS Annual Scientific Meeting video
program and survey resulted in a $115,688 reduction.
n
AANS committees and taskforces also decreased their expenses
in fiscal year 2013, leading to a reduction of more than $440,000.
The 28-percent drop in expenses between FY12 and FY13 was
in large part to reduced expenses by the International Outreach,
CME Tracking and Development Committees.
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.
2013 FINANCIAL SUMMARY
I
n the 2013 fiscal year, the AANS was able to reduce expenses in several areas while recognizing improvements in other areas
and seeing a slightly stronger economy improve investment earnings. Those factors, alo
al planning by the
association’s leaders and management allowed the AANS to finish FY13 with a profit of $1,292,918 — marking the 11th time in the
past 12 years that the organization concluded the fiscal year with a positive gain. This page highlights some of the examples on how the
organization was again able to profitably close out the fiscal year.
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, 2012, through June 30, 2013.
1...,33,34,35,36,37,38,39,40,41,42 44,45,46
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