2004 Report of the Secretary-Treasurer

I am pleased to report that the Society accepted 3,403 new members during 2004.

We annually promote membership in our Society to new radiology residents and medical students. Through this year's promotional efforts 2,543 radiology residents and medical students joined the Society (1,314 new Members-in-Training, 774 new Corresponding Members-in-Training, 119 Fellows and 336 Medical Students). We are pleased to see these radiologists-in-training and medical students take advantage of the great opportunities offered to them by joining the Society. Members-in-training and medical students do not pay dues, have free access to RSNA online journals and InteractED, are allowed free admission to the RSNA Scientific Assembly and Annual Meeting, and may subscribe to the printed copy of Radiology and RadioGraphics at a highly subsidized rate.

RSNA Record of Membership
	Active	Assoc	Med Stu	MIT	Cor.-MIT	Emeritus	Retired	Honorary	Corresp	Totals
2003	18,385	1,222	440	5,683	1,541	4	3,868	57	3,965	35,165
2004	18,565	1,069	666	6,593	1,943	4	3,962	61	4,037	36,900
Net Difference	180	-153	226	910	402	0	94	4	72	1,735

In 2004, four Counselors retired from their positions and each nominated an individual to be considered as their successors in 2005. The new Counselors were approved at the September meeting of the RSNA Board of Directors.

I regret to report the passing of the colleagues named below as of October 31, 2004. The Society mourns their deaths, comforted by the knowledge of their many devoted services to the health and wellbeing of the communities in which they practiced medicine.

Deceased RSNA Members from 11/1/03 - 10/31/04
R58	Ralph Melvin Adams, B.A., Loma Linda, Calif.
R47	Gilbert H. Alexander, M.D., Durham, N.C.
R67	Charles W. Anderson, M.D., Pine Bluff, Ark.
A84	R. D. Anderson, M.D., Beaumont, Texas
R71	Dallas D. Anthony Jr., M.D., Springfield, Mo.
M94	Alan W. Babcock, M.D., Cedarburg, Wisc.
M84	Alan R. Belknap, M.D., Butte, Mont.
R58	Roger M. Berg, M.D., Bismarck, N.D.
R58	Carroll Z. Berman, M.D., Surfside, Fla.
R61	Robert P. Boudreau, M.D., Skaneateles, N.Y.
C85	Jochen Breunsbach, M.D., Koeln, Germany
R48	Jules H. Bromberg, M.D., Maplewood, N.J.
M86	Robert William Burt, M.D., Indianapolis, Ind.
R58	Richard Young Card, M.D., Salt Lake City, Utah
R84	Prem C. Chandnani, M.D., Toledo, Ohio
M75	Stephan John Cisternino, M.D., Bethesda, Md.
R70	John Patton Clements, M.D., Milton, Vt.
R59	Arthur Reid Clemett, M.D., Port Washington, N.Y.
R49	John A. Cocke, M.D., Virginia Beach , Va.
R54	John Ballinger Coleman, M.D., Minneapolis, Minn.
R52	George A. Collodi, M.D., Taylorville, Ill.
R56	Laurence P. Concannon, M.D., Oak Brook, Ill.
R70	Arthur J. Copeland Jr., M.D., Atlanta, Ga.
R48	William Shepley Curtis, M.D., Boulder, Colo.
R75	Gerald E. Davis, M.D., Halifax, Nova Scotia
M98	Luc Desharnais, M.D., Westmount, Quebec
M72	Andrei S. Dragomer, M.D., Munster, Ind.
R50	Paul W. Eyler, M.D., Lancaster, Pa.
R73	James Thomas Farrar, M.D., Clarksville, Tenn.
C94	Richard Farrow, M.D., Cornwall, U.K.
R68	Carl J. Ferber, M.D., Fort Myers, Fla.
M70	Carlos Fernandez-Pena, M.D., Elyria, Ohio
R42	Archie Fine, M.D., Cincinnati, Ohio
R48	James M. Foerster, M.D., Wausau, Wisc.
M74	Emil Garnil, M.D., Portland, Texas
M83	Alfred L. Goldson, M.D., Washington, D.C.
M55	Bela Gondos, M.D., Chevy Chase, Md.
R55	William A. Goodrich Jr., M.D., Baytown, Texas
R60	Charles R. Green, M.D., Aiken, S.C.
M60	Richard H. Greenspan, M.D., New Haven, Conn.
M76	Jack O. Haller, M.D., Teaneck, N.J.
R81	C. Lee Harris, M.D., Santa Ana, Calif.
R75	Donald R. Harris, D.O., Dayton, Ohio
R63	Clarence J. Hickerty, M.D., Edmonton, Alberta
R77	Leslie D. Hobgood, M.D., Baton Rouge, La.
R48	Floyd K. Hurt, M.D., Jacksonville, Fla.
R74	William B. Hutchinson, M.D., Saint Louis, Mo.
R60	George G. Innocent, M.D., Citrus Heights, Calif.
R62	Dean B. Jones, M.D., San Antonio, Texas
R70	John O. Judge, M.D., Seattle, Wash.
R64	Gerard J. Kelly, M.D., Omaha, Neb.
R70	Walter Joseph Kuebler II, M.D., Bowling Green, Ky.
R61	Robert S. Landauer Jr., M.D., Sarasota, Fla.
R50	Lewis R. Lawrence, M.D., Bellerose, N.Y.
R56	Emery O. Lewis, M.D., North Dartmouth, Mass.
R56	Ji Toong Ling, M.D., Louisville, Ky.
C98	Jose Luis Pessoa Lucena E Valle, M.D., Viseu, Portugal
R63	Ronald Royce Lund, M.D., Casper, Wyo.
R62	Willard Machle Jr., M.D., New Bern, N.C.
R67	Frank E. Maddison, M.D., Elm Grove, Wisc.
M79	Hywel Madoc-Jones, M.D., Foxboro, Mass.
R55	Haven Winslow Mankin, M.D., Oklahoma City, Okla.
R51	G. Prentiss McArdle , M.D., Omaha, Neb.
R66	Wallace M. McBride, M.D., Crowley, La.
M85	Thomas A. McCook , M.D., Shreveport, La.
M86	Steve J. Miller, M.D., Edina, Minn.
R70	Howard J. Mindell, M.D., Shelburne, Vt.
R76	W. Raymond Mize Jr., M.D., Washington, D.C.
M54	Richard Dixon Moore, M.D., Honolulu, Hawaii
C88	Edward Louis Mooyaart, M.D., Ph.D., H Landstichting, the Netherlands
C90	Ernst P. G. Neumann, M.D., Koeln, Germany
M00	John Chukudi Odita, M.B.B.S., Shreveport, La.
R53	William Clinton Owsley Jr., M.D., Bedford, Texas
R62	Victor A. Panaro, M.D., Amherst, N.Y.
C86	Yang-Hee Park, M.D., Seoul, Republic of Korea
R49	William H. Pfisterer, M.D., Brea, Calif.
R77	Jan Karol Pieczka, M.D., Edmond, Okla.
R70	Steven M. Pinsky, M.D., Highland Park, Ill.
R55	Melvin Jack Powell, M.D., Fort Wayne, Ind.
M76	David D. Reed, M.D., Wichita, Kan.
R73	Carlos J. Reynes, M.D., Palos Heights, Ill.
M51	Sava M. Roberts, M.D., Augusta, Ga.
R75	Floyd Walter Rosdahl, D.O., Skiatook, Okla.
M86	Michael R. Ross, M.D., Hillsborough, Calif.
R57	Joseph C. Rush, M.D., Saint Petersburg, Fla.
M79	Robert M. Ryan, M.D., Barrington, R.I.
R78	Victor Sayegh, M.D., Montreal, Quebec
R73	Gerhard T. Schmunk, M.D., Aurora, Colo.
M89	Kristina Schwensen, D.V.M., Fitchburg, Wisc.
R53	William B. Seaman, M.D., Jupiter, Fla.
R67	Michael A. Senikowich, M.D., Fullerton, Calif.
R72	Donald W. S. Stiff, M.D., Bellingham, Wash.
M61	James Joseph Stovin, M.D., New York, N.Y.
M70	James Stewart Strong, M.D., Greenville, S.C.
R60	John M. Tanner, M.D., Nashville, Tenn.
R55	Wayne K. Tice, M.D., Lees Summit, Mo.
M75	Margaret A. Tipton, M.D., Baltimore, Md.
R78	Frances B. Toomey, M.D., San Juan Capistrano, Calif.
R60	Gene J. Triano, M.D., New Cumberland, Pa.
R49	Francis O. Trotter Jr., M.D., Saint Louis, Mo.
M84	Peter E. Valk, M.D., Sacramento, Calif.
C89	Theodoros E. Vrakatselis, M.D., Athens, Greece
M82	Carl J. Vyborny, M.D., Ph.D., La Grange, Ill.
R63	Paul L. Webster , M.D., West Lafayette, Ind.
R51	Paul O. Wells, M.D., Lexington, Ky.
R65	Jack Lawrence Westcott, M.D., Brandford, Conn.
R63	Ernest A. Zinke, M.D., Lakeport, Calif.
R84	Donald L. Zinkon, D.O., Haines City, Fla.
R69	George Frederic Zwicky Jr., M.D., Peoria, Ill.

Financial Statements

The financial statements for the fiscal year ended June 30, 2004, reflect positive earnings for the Society.

For the third straight year RSNA has experienced financial growth due to maintaining its revenue sources and controlling its expenses. In addition, the Society's investment portfolios experienced positive growth. This is especially important for the Society's Research & Education Foundation, as its ability to fund grants is directly impacted by the return on investments. The continue financial growth of the Society has help increase its reserves, which helps protect the RSNA from any significant economic downturns and provides available funds for future programs and initiatives.

KPMG LLP completed its annual audit of the Society's financial statements issuing an unqualified opinion, indicating that KPMG LLP found no material differences to the financial information presented in the Society's year-end financial statements. In addition, KPMG LLP indicated to the Treasurer that it did not find any material weaknesses in the Society's internal accounting procedures.

The following Balance Sheet and Statement of Activities have been condensed from the year-end audit report prepared by KPMG LLP, as of June 30, 2004. The detailed audited report is kept on file at the RSNA's headquarters: Radiological Society of North America, 820 Jorie Blvd, Oak Brook, IL 60523. It is available for review there by members of the RSNA.

Statement of Financial Position
June 30, 2004
ASSETS
Cash and Short-Term Investments	$6,475,545
Receivables and Other Current Assets	3,044,206
Long-Term Investments	42,116,415
Property, Furniture and Equipment	21,556,446
Total Assets	$73,192,612

Liabilities and Fund Balance
Accounts Payable and Short-Term Debt	$1,816,911
Deferred Revenue	9,067,202
Long-Term Debt and Other Long-Term Liabilities	12,377,853
Net Assets:
Unrestricted:
Undesignated	18,875,814
Designated-Research and Education Foundation	17,070,756
Restricted:
Temporarily restricted	2,614,100
Permanently restricted	11,369,976
Total net assets	49,930,646
Total Liabilities and Net Assets	$73,192,612

Statement of Activities
Year ending June 30, 2004
REVENUES
Membership Services	$4,301,497
Publications and Educational Materials	9,974,406
Annual Scientific Assembly	19,078,466
Investment Earnings	1,586,717
Contributions	2,138,466
Total Operating Revenues	$37,079,552

EXPENSES
Membership Services	$2,382,054
Publications and Educational Materials	12,008,425
Annual Scientific Assembly	13,634,257
Research and Education Foundation	2,641,853
Depreciation	1,341,816
Total Operating Expenses	$32,008,405

Excess of operating revenue over operating expenses	$5,071,147
Non operating:
Special exhibit contributions	32,897
Special exhibit expenses	0
Increase in net assets before unrealized gain (loss) loss on investments	$5,104,044
Unrealized gain (loss) on valuation of investments and interest rate swap	4,435,577

Increase in Net Assets	$9,539,621
Net Assets at beginning of year	40,391,025
Net Assets at end of year	$49,930,646

David H. Hussey, M.D.
Secretary-Treasurer

David H. Hussey, M.D. 2004 Secretary-Treasurer