Financials

AANS and Related Organizations


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

Assets


AANS
NREF
NPA
Consolidated
Cash and Investments
$18,671
$8,539
$840
$28,050
Accounts Receivable
3,145
3,215
332
6,692
Other Current Assets
961
18
118
1,097
Property and Equipment (net)
6,236
6,236
Total Assets
$29,013
$11,772
$1,290
$42,075

Liabilities and Net Assets


AANS
NREF
NPA
Consolidated
Liabilities
Accounts Payable and Accrued Liabilities
$3,589
$1,376
$755
$5,720
Deferred Revenue
4,004
2
940
4,946
Total Liabilities
$7,593
$1,378
$1,695
$10,666
Net Assets
Unrestricted
$15,539
$1,568
$(405)
$16,702
Restricted
5,881
8,826
14,707
Total Net Assets
21,420
10,394
(405)
31,409
Total Liabilities and Net Assets
$29,013
$11,772
$1,290
$42,075

AANS and Related Organizations


Revenues
As of June 30, 2019
$ in 000s

AANS
NREF
NPA
Consolidated
Dues
$2,772
$2,772
Quality Outcome Database
1,199
1,199
Other Registry Revenue
249
249
Annual Meeting
5,991
5,991
Journal of Neurosurgery
5,458
5,458
Education Products
1,556
1,556
Fundraising
1,761
1,761
Resident and Clinical Courses
819
16
835
Investment Income
901
127
1,028
Total Revenues
$16,678
$2,707
$1,464
$20,849

AANS, NREF AND NPA


The AANS has built strong reserves that serve to protect the organization in the event of financial adversity. In recent years, the AANS has begun to use funds in excess of these reserves (retained earnings) for special one-time activities, such as the remodeling of the AANS headquarters, NPA development, 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 loss (reduction to reserves) of $464,000. Our annual meeting, while still profitable, underperformed compared to expectation because of meeting structure changes. Favorable operating expenses offset minor shortfalls in program net revenues. Investments performed better than budgeted expectations.

The NREF finished the year with a net gain of $248,000, which expanded reserves. Development income exceeded expectations. Investment income on unrestricted assets generated a healthy return.

The NPA began the process of transitioning its business model this year. The result of operations resulted in a loss of $130,000. The NPA is currently going through a strategic planning process to transform its business model to generate positive margins in the future.
This report reflects the financial statements of the AANS, NREF and NPA July 1, 2018, through, June 30, 2019.