AANS and Related Organizations Statement of Financial Position* 06/30/2018
*This report reflects unaudited financials.
| Assets 2017-18 | AANS | NREF | NPA | Consolidated |
|---|---|---|---|---|
| Cash and Investments | 22,299,962 | 7,948,475 | 631,881 | 30,880,318 |
| Other Current Assets | 10,181,480 | 2,767,960 | 2,048,151 | 14,997,591 |
| Property and Equipment, net | 2,144,247 | 0 | 0 | 2,144,247 |
| Other Assets | 218,948 | 0 | 0 | 218,948 |
| Total Assets | 34,844,637 | 10,716,435 | 2,680,032 | 48,241,104 |
| Liabilities and Equity | AANS | NREF | NPA | Consolidated |
|---|---|---|---|---|
| Liabilities | ||||
| Payables | 8,691,823 | 1,604,243 | 1,933,596 | 12,229,662 |
| Deferred Revenue | 4,417,426 | 119,999 | 1,041,580 | 5,579,005 |
| Total Liabilities | 13,109,249 | 1,724,242 | 2,975,176 | 17,808,667 |
| Equity | ||||
| Beginning Net Assets | 21,382,553 | 8,862,757 | (469,108) | 29,776,202 |
| Net Income | 352,834 | 129,436 | 173,964/td> | 656,234 |
| Total Equity | 21,735,387 | 8,992,193 | (295,144) | 30,432,436 |
| Total Liabilites and Equity | 34,844,637 | 10,716,435 | 2,680,032 | 48,241,104 |
| Revenue | AANS | NREF | NPA | Consolidated |
|---|---|---|---|---|
| Dues/Contributions | 2,718,633 | - | 2,024,429 | 4,743,062 |
| Annual Meeting | 5,635,754 | - | - | 5,635,754 |
| Publications | 5,336,724 | - | - | 5,336,724 |
| EPM | 1,427,945 | - | - | 1,427,945 |
| Fundraising | - | 1,576,352 | - | 1,576,352 |
| Resident & Clinical Courses | - | 901,368 | - | 901,368 |
| Investments | 775,650 | 141,613 | - | 917,263 |
| Total Revenues | 15,894,706 | 2,619,333 | 2,024,429 | 20,538,468 |
AANS, NREF AND NPA
Over the last decade, through active stewardship of its governance, the AANS has built a healthy reserve that serves to protect the organization in the event of financial adversity. Strong results in fiscal year (FY)18 added to those reserves. In recent years, the AANS has begun to use funds in excess of these reserves (retained earnings) for special one-time activities, such as NPA projects, JNSPG website investment and partial funding of the Society of Neurological Surgeons’ (SNS) Neurosurgery Portal, developed with the AANS and CNS.
The AANS finished the year with a net excess (addition to reserves) of more than $300,000. Corporate support continued at the anticipated level, annual meeting attendance was good and expenses remained in line with prior years. Investment income supported the budget, and workshops and joint activities exceeded budget expectations.
The NREF shared a similar story with the AANS. Development income was again solid and investments had another good year, thus enabling expanded research funding, while still adding more than $125,000 towards attaining its reserves goal.
The NPA is maturing financially, enjoying a modest profit in its second year. The NPA continues to look for ways to improve operating effectiveness, while staying current with a rapidly changing environment.
This report reflects the financial statements of the AANS, NREF and NPA covering July 1, 2017-June 30, 2018.
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.