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Over the last decade, with the good stewardship of its governance, the AANS built a

healthy reserve that serves to protect the organization in the event of financial adversity.

Now that the AANS has reached, and even exceeded, its reserve goals, there has been a

change in the policies that relate to how the organization budgets for investment income.

Fiscal year 2016 was the first year the AANS established a budget based on anticipated

income from investments. This practice enables the AANS to use all of its available

resources in the pursuit of benefits for the membership. Based on both history and

projections for the future, the AANS anticipated an investment yield of $600,000 in fiscal

year 2016. As it turned out, those 12 months were not a strong investment period. The

organization ended up losing nearly $100,000 instead of realizing the anticipated $600,000

gain and caused the association’s final numbers to show a net loss of $685,000. Based on

historical investment data, it is anticipated that future investment performance will even

this out.

Similar investment performance resulted in a loss for the NREF of $200,000 in

fiscal year 2016.

NPA showed a modest profit in this fiscal year.

This report reflects the financial statements of the AANS, NREF and NPA covering the

period of July 1, 2015 to June 30, 2016.

While the year-end financials of the AANS, NREF and NPA are audited by outside auditors,

this Annual Report is being prepared prior to a completed audit and contains unaudited

final numbers. Any material differences between a published financial statement and

the auditor’s report will be 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.