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News -> July, 2004 News
David W. Kennedy, MD, FARS
ARS Treasurer
The goal of the Board of Directors of the Society and of the Treasurer's office continues to be to manage the society so as to maximize the benefit to our membership for their dues. I am pleased to report that the Board has succeeded in this goal. Considering that, as part of our $240 dues payments, the Society subscribes on our behalf to one of two the leading Journal options within the sub-specialty, I am sure that you can understand that this is indeed a tightly fiscally managed organization. The most significant expenses are those associated with our CME programs and meetings. With the exception of legal expenses associated with the advocacy efforts on behalf of our members, our successes in response to membership concerns have been largely based on unselfish volunteerism.
At the end of CY 2003, we had approximately $200,000 in our operating account, up slightly from the prior year. However, there are significant potential financial liabilities involved in holding CME meetings today. Additionally, it is essential that we have the necessary financial buffer to be able to respond decisively with appropriate legal support when issues arise which may adversely affect our membership. Accordingly, I believe that this fund balance needs to be raised somewhat over the coming year. Hopefully this will be aided by further improvement in the market.
The news letter is entirely paid for by commercial support. Additionally, although the Society provides grants to support both resident and attending research, this is not done with dues or operating funds. Rather this research support is entirely covered through the generosity of our Corporate Sponsors and the superb fundraising activities of Paul Toffel. Again, the society has elected not to carry a large research fund balance, but rather to provide maximum benefit to those who financially support this effort by passing the funds on with no administrative costs to those who are successful in the peer reviewed CORE grant process. At the end of CY 2003, our fund balance in this account was $224,000.
Overall therefore, I believe that the Society is financially stable and represents a well run, lean and effective organization. It has been able to fulfill its educational mission and its efforts on behalf of the membership effectively. In the coming year, we should each work to increase our membership by encouraging our friends and partners to join. This will help the Society to improve its financial buffer, without increasing our very reasonable annual dues, and to remain effective in furthering this very important part of our specialty.
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