Financials – AANS Annual Report 2020

AANS and Related Organizations

Statement of Financial Position
As of June 30, 2019 (Unaudited)
$ in 000s

Assets

Cash and Investments

$19,461

$10,000

$173

$29,634

Accounts Receivable

$845

$7,299

$725

$8,869

Other Current Assets

$842

$12

–

$854

Property and Equipment (net)

$5,466

–

$5,466

Total Assets

$26,614

$17,311

$898

$44,823

Liabilities and Net Assets

Accrued Liabilities

$4,845

$1,895

$1,157

$7,897

Deferred Revenue

$4,330

–

$540

$4,870

Total Liabilities

$9,175

$1,895

$1,697

$12,767

Net Assets

$17,439

$15,416

$(799)

$32,056

Total Liabilities and Net Assets

$26,614

$17,311

$898

$44,823

AANS and Related Organizations

Revenues
As of June 30, 2020
$ in 000s

Dues/Contributions

$2,925

–

$1,630

$4,555

Annual Meeting*

$183

–

$183

Publications

$4,913

–

$4,913

EPM

$1,243

–

$1,243

Fundraising

–

$1,509

–

$1,509

Resident & Clinical Courses

–

$675

–

$675

Investments

$344

$33

–

$377

Total Revenues

$9,608

$2,217

$1,630

$13,455

*2020’s Annual Meeting was canceled.

AANS, NREF AND NPA

Over the past several years, the AANS has built strong reserves that serve to protect the organization in the event of financial adversity. The impact COVID-19 has had on AANS activities has been mitigated by this plan, highlighting the benefits of this prudent long-term strategy. The cancellation of the 2020 AANS Annual Scientific Meeting has been an impetus to evaluate and adapt meeting and educational offerings to virtual formats.

The AANS finished the year with a net loss (reduction to reserves) of $3,870,000. Event cancellation insurance will help mitigate most of the negative impact of the annual meeting cancellation but will be reflected in the next fiscal year. Unfavorable investment income and program revenue shortfalls were partially offset by expense savings forced by the pandemic. The AANS was able to leverage its strong financial reserves to ensure that important mission-driven activities continue.

The NREF finished the year slightly less than break-even. The NREF is also evaluating how to creatively and effectively address COVID-related challenges to in-person courses as well as the pandemic’s negative effects on fundraising. The NREF is exploring key opportunities to evolve fundraising efforts with individuals, industry and other partner organizations to sustain its important research and education mission.

The NPA completed its strategic planning process during 2020 and will continue to transition in fiscal 2021. The evolution of QOD: Spine to the American Spine Registry and QOD: Vascular to NVQI-QOD are now complete. Anticipation is that these changes will significantly grow participation and opportunities to partner with industry and regulatory agencies.

This report reflects the financial information for the AANS, NREF and NPA from July 1, 2019, through June 30, 2020.