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  • 2009 Report of the Secretary-Treasurer

  • I am pleased to report that RSNA membership has again reached a new record level. In 2009, the Society welcomed 4,652 new members.

    As always, new radiology residents and medical students make up key segments of our membership. As a result of various promotional efforts over the past year, 3,388 radiology residents and medical students joined RSNA (1,777 new Members-in-training, 1,133 new Corresponding Members-in-training, 130 Fellows, and 348 Medical Students).

    The members of our Board of Directors are pleased to see our specialty’s future leaders taking advantage of the great opportunities offered to them through RSNA membership. Members-in-Training and medical students do not pay dues, have free access to RSNA benefits such as online journals, InteractED® and myRSNA®, are allowed free admission to the RSNA Scientific Assembly and Annual Meeting, and may subscribe to the print versions of Radiology and RadioGraphics, at a highly subsidized rate.

    RSNA Record of Membership 


     
    Active Assoc Med Stu MIT Cor.-MIT Retired Honorary Corresp Totals
    2008 19,604 948 823 8,260 3,609 4,451 66 4,621 42,382
    2009  19,498  1,371  918  8,922  3,824  4,553  65  4,967  44,118 
    Net Difference -106 423 95 662 215 102 -1 346 1,736

    I regret to report the passing of the colleagues named below, whose deaths were reported to RSNA between November 1, 2008 to October 31, 2009. We mourn their loss and honor their service to the health and well-being of the communities in which they practiced.

    Deceased RSNA Members from 11/1/08 - 10/31/09

    Norman Ackerman, DVM, Huntsville, AL (M79)
    John W. Alden, MD, Greenville, DE (R50)
    Aubrey M. Alexander, Jr, MD, Alexandria, LA (R75)
    B. Bruce Alicandri, MD, Venice, FL (R51)
    David H. Allen, MD, Wichita Falls, TX (R56)
    Jon A. Anderson, MD, Billings, MT (R67)
    John T. Baggerly, Jr, MD, Danville, VA (R66)
    Hillier L. Baker, Jr, MD, Rochester, MN (RP57)
    Werner A. Bautz, MD, Erlangen, Germany (M85)
    Carr E. Bentel, MD, San Francisco, CA (R42)
    Henry S. Berkan, MD, Floral Park, NY (R56)
    Phillip M. Berman, MD, Coronado, CA (R82)
    Rocco P. Bevilacqua, MD, New York, NY (R65)
    Henry C. Blount, Jr, MD, Yellow Springs, OH (R55)
    William V. Bradshaw, MD, Fort Worth, TX (R72)
    Robert C. Brown, MD, Iowa City, IA (R72)
    Thomas J. Burnett, MD, Charlotte, NC (R57)
    Robert I. Burns, MD, Fort Dodge, IA (R63)
    Edwin D. Cacayorin, MD, Spring, TX (M97)
    George W. Calvosa, MD, Darien, CT (R74)
    Christopher W. Canino, MD, Aldan, PA (R58)
    Vlastimil Capek, MD, The Dalles, OR (R71)
    Jack E. Carlisle, MD, Shreveport, LA (R65)
    William D. Cheney, MD, Lansing, MI (R51)
    Antonio Chiesa, MD, Vicenza, VI, Italy (H86)
    William A. Covell, MD, Pensacola, FL (R80)
    H. Joseph Cronin, MD, Indianapolis, IN (R65)
    Valmore F. Cross, MD, Sheffield, MA (R76)
    James H. Cuykendall, MD, Albuquerque, NM (R55)
    Paul M. Dassel, MD, Inverness, FL (R55)
    Sheila D. Davis, MD, Scarsdale, NY (M85)
    Edward De Feo, MD, Schenectady, NY (R53)
    John N. Diaconis, MD, Timonium, MD (M74)
    George Du Boulay, CBE, Cambridgeshire, United Kingdom (H88)
    John D. Duncan, MD, Fayetteville, NC (M03)
    Hugo F. Elmendorf, Jr, MD, San Antonio, TX (R82)
    Karl H. Falkenbach, MD, Encino, CA (M62)
    Arnold Feldman, PhD, Peoria, IL (R61)
    Donald W. Fink, MD, Englewood, CO (R71)
    Joseph L. Fisher, MD, Saint Joseph, MO (R57)
    William M. Flowers, Jr, MD, Jackson, MS (M67)
    Gary R. Forsberg, DO, Sierra Vista, AZ (M80)
    Lynn E. Frink, MD, Brownsville, CA (R79)
    Peggy J. Fritzsche, MD, Loma Linda, CA (RP78)
    Vincent J. Galante, MD, Westchester, IL (R50)
    Gordon Gamsu, MD, New York, NY (R79)
    Mohammod A. Ghuman, MD, Loudonville, NY (R85)
    Richard B. Gordon, MD, Scarsdale, NY (R79)
    Krishnakumar Gowda, MBBS, Dartford, Kent, United Kingdom (T07)
    Michael T. Grauer, MD, Phoenix, AZ (M98)
    R. Vincent Grieco, MD, Manhasset, NY (R53)
    Harold F. Hagan, MD, Anaconda, MT (R57)
    Irving J. Haiman, DO, Rancho Mirage, CA (R76)
    Marvin E. Haskin, MD, Bryn Mawr, PA (R71)
    Surjit E. Hermon, MD, Sterling, IL (M77)
    Ronald E. Herson, MD, Van Nuys, CA (R65)
    Colin B. Holman, MD, Mercer Island, WA (R49)
    Edwin L. Hoot, MD, Greeley, CO (R70)
    Brahm B. Hyams, MD, Montreal, QC, Canada (M71)
    Arno L. Jensen, MD, Charles City, IA (R75)
    William C. Jensen, MD, Leawood, KS (R82)
    Joseph R. John, MD, Pensacola, FL (R66)
    John H. Juhl, MD, Austin, TX (R53)
    Reuben D. Knopf, MD, Roanoke, VA (R64)
    Alexander Kovac, MD, Pecos, TX (M80)
    Henry M. Le Bost, MD, Palm Desert, CA (R65)
    Edwin J. Liebner, MD, River Forest, IL (R58)
    Walter M. Little, MD, Port Carling, ON, Canada (R68)
    Henry J. Llewellyn, MD, Boston, MA (R77)
    Leon Love, MD, Glencoe, IL (R57)
    Henry R. Martenstyn, MD, Truro, NS, Canada (R69)
    John H. Maus, MD, Windsor, ON, Canada (R50)
    Henry L. McClintock, Jr, MD, West Bath, ME (M78)
    John R. McGreevey, MD, Huntingdon Valley, PA (R84)
    Harry Z. Mellins, MD, New York, NY (R59)
    Gerald J. Miller, MD, La Crosse, WI (R75)
    Maurice J. Murphy, MD, Denver, IA (R66)
    Virgiliu G Necula, MD, Fresh Meadows, NY (R85)
    James M. Neill, MD, Sarasota, FL (R62)
    Martin Nissel, MD, Eugene, OR (R62)
    Frederick R. Oyer, MD, Ontario, OR (M78)
    Robert J. Paul, MD, Jacksonville, FL (R78)
    Seymour Piwoz, MD, Elkins Park, PA (R74)
    George T. Proctor, MD, Nashville, TN (R60)
    Mary Ann Radkowski, MD, Tabernash, CO (R80)
    Sanford Reitman, MD, Arlington, TX (R64)
    Robert R. Roper, MD, Birmingham, AL (R66)
    E.K. Rose, MD, Napa, CA (R50)
    J.M. Sanchez-Perez, MD, Mexico City, DF, Mexico (H72)
    James S. Sargent, MD, Arlington, TX (M76)
    Chester A. Shadle, MD, Bethlehem, PA (M00)
    Jerome H. Shapiro, MD, Boston, MA (Ru56)
    Leo Sheiner, DO, Bloomfield Hills, MI (R76)
    O.D. Silverstein, MD, Bloomfield Hills, MI (M81)
    Robert A. Songe, MD, Milford, MI (R71)
    Edward V. Staab, MD, Winston-Salem, NC (R70)
    Harry H. Steinmeyer, Jr, MD, Berwyn, PA (R58)
    Hal B. Stewart, MD, Bakersfield, CA (R53)
    Michael W. Tanksley, MD, Fort Wayne, IN (M96)
    Richard N. Todd, MD, Vallejo, CA (R62)
    Humberto B. Valdes, MD, PhD, Oakland, FL (R88)
    William D. Wehunt, MD, Rockville, MD (M81)
    Albert Weinshelbaum, MD, Martinez, CA (R62)
    Steven Weitz, DO, Northville, MI (M06)
    Arthur J. Wendth, Jr, MD, Delmar, NY (R66)
    Frank E. Wheatley, Ormond Beach, FL (R53)
    Thomas B. Williams, MD, Lubbock, TX (R67)
    Peter F. Winter, MD, Sun City, AZ (R76)
    Roland G. Wintzinger, MD, Cincinnati, OH (R56)
    David C. Wright, MD, Longview, WA (M87)
    En-Hui Wu, MD, Tianjin, China (H88)
    Donald C. Young, MD, Polk City, IA (R71)

    Financial Statements  

    Although financial statements for the fiscal year ending June 30, 2009, reflect an overall loss due to the downturn in the economy, the Society remains financially sound. The RSNA Board of Directors adheres to its investment policy guidelines and continually monitors the portfolio’s performance.

    Despite losses in RSNA’s long-term investment portfolios, the Research & Education Foundation was able to fund grants in excess of $1.8 million. Excluding investment losses, overall earnings were positive.

    Wolf & Company LLP completed its annual audit of the Society's financial statements issuing an unqualified opinion, indicating that Wolf & Company LLP found no material difference in the financial information presented in the Society's year-end financial statements. In addition, Wolf & Company LLP indicated to the Audit Committee 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 Wolf & Company LLP, as of June 30, 2009. The detailed audited report is kept on file at the RSNA's Headquarters: Radiological Society of North America, 820 Jorie Boulevard, Oak Brook, IL 60523. It is available for review there by RSNA members.

    Hedvig Hricak, M.D., Ph.D., Dr. h.c.
    Secretary-Treasurer

    ASSETS  
    Cash and Short-Term Investments $7,287,762
    Receivables and Other Current Assets 3,680,592
    Long-Term Investments 62,718,262
    Property, Furniture and Equipment 22,109,303
    Total Assets
     
    $95,795,919 

     
    Liabilities and Net Assets  
    Accounts Payable and Short-Term Debt $2,380,737
    Deferred Revenue 11,846,516
    Long-Term Debt and Other Long-Term Liabilities 7,730,108
    Net Assets:
      Unrestricted:
          Undesignated 32,915,483
          Designated-Research and Education Foundation 23,560,387
      Restricted:
          Temporarily restricted 25,712
          Permanently restricted 17,336,976
    Total net assets 73,838,557
    Total Liabilities and Net Assets
     
    $95,795,919 

     

     
    Statement of Activities  
    Year ending June 30, 2009 
    REVENUE  
    Membership Services $4,825,244
    Publications and Educational Materials 11,465,342
    Annual Scientific Assembly 24,599,781
    Investment Earnings -3,574,245
    Contributions 2,565,684
    Total Revenue
     
    $39,881,806 

     
    EXPENSES  
    Membership Services $5,078,901
    Publications and Educational Materials 16,914,065
    Annual Scientific Assembly 15,600,778
    Research and Education Foundation 3,223,721
    Depreciation 964,741
    Total Expenses
     
    $41,782,206 

     
    Decrease in net assets before unrealized gain (loss) on investments ($1,900,400)
    Unrealized gain (loss) on valuation of investments and interest rate swap -7,649,411

     
    Decrease in Net Assets
     
    ($9,549,811)
     
    Net Assets at beginning of year 
     
    83,388,369 
    Net Assets at end of year
     
    $73,838,558 

     Total_Revenue_pie_chart_2009_1.jpg 

     Total_Expenses_pie_chart_2009_1.jpg 

    Hedvig Hricak, M.D., Ph.D., Dr. h.c. Secretary-Treasurer