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  • 2012 Report of the Secretary-Treasurer

  • I am pleased to report that RSNA membership continues to reach new record levels. In 2012, the Society accepted 6,381 new members.

    We annually promote membership in our Society to new radiology residents and medical students. Through this year's promotional efforts 4,981 radiology residents and medical students joined the RSNA (1,410 new Members-in-training, 2,801 new Corresponding Members-in-training, 122 Fellows, and 648 Medical Students).

    We 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 like Online Education and myRSNA, are allowed free admission to the RSNA Scientific Assembly and Annual Meeting, and receive access to the journals Radiology and RadioGraphics or subscribe to the printed versions of the journals at a highly subsidized rate.

    RSNA RECORD OF MEMBERSHIP 


     
    Active Assoc Med Stu MIT Cor.-MIT Retired Honorary Corresp Totals
    2012  20,009  1,833  1,561  9,965  7,285  4,767  68  5,669  51,157 
    2011 19,858 1,862 1,219 9,844 5,655 4,616 69 5,444 48,567

     
    Net Increase 2,590

    I regret to report the passing of the colleagues named below as of October 31, 2012. RSNA mourns their deaths while honoring their service to the health and well-being of the communities in which they practiced medicine.

    DECEASED RSNA MEMBERS FROM 11/1/11 - 10/31/12 

    Meyer Alpert, MD, Yonkers, NY (R95)
    Robert N. Ashby, MD, Albuquerque, NM (R78)
    Milton R. Barrett II, MD, White Sulphur Springs, WV (M81)
    Claude W. Barrick, MD, Boise, ID (R53)
    Federico Baylaender, MD, Wilmette, IL (R73)
    John C. Bennett, MD, San Rafael, CA (R55)
    Ben C. Berg Jr, MD, Peoria, IL (R70)
    Simon Berger, MD, Wyndmoor, PA (R63)
    Robert A. Bernhard, MD, Lancaster, PA (R64)
    Leonard J. Bisaccia, MD, Downingtown, PA (R53)
    Harold A. Bjork, MD, Pleasant Prairie, WI (R54)
    Jose B. Bonmati, MD, Madrid, Spain (R69)
    Ernest E. Breyfogle, MD, Houston, TX (R52)
    Harry H. Browne, MD, Vergennes, VT (R61)
    David W. Burgan, MD, Missoula, MT (R70)
    Dan P. Butcher, MD, Barrington, IL (R65)
    Frank C. Campbell, MD, Ada, MI (R76)
    R. Edward Coleman, MD, Durham, NC (M76)
    David L. Daniels, MD, Milwaukee, WI (M77)
    Keith D. Epperson, MD, Milwaukee, WI (R79)
    Richard L. Field, MD, Tucson, AZ (R70)
    Willard M. Fitch, MD, Midlothian, VA (R61)
    Alfredo G. Fleurquin, MD, Birmingham, MI (R68)
    Neal S. Flowers, MD, Pensacola, FL (R60)
    Helmut F. Gatzek, MD, Dunedin, FL (R75)
    Andrew W. Goodwin II, MD, Charleston, WV (R66)
    Norman A. Gremel, MD, Kalamazoo, MI (R57)
    George H. Harris, MD, Silverdale, WA (R67)
    Irvin F. Hawkins Jr, MD, Gainesville, FL (M72)
    J. R. Herrera, Jr, MD, Pearland, TX (R65)
    John R. Hodgson, MD, Frontenac, MN (RP46)
    Richard B. Hoffman, MD, Rolling Hills, CA (M76)
    Craig R. Irish, MD, Rocky River, OH (M82)
    Nicholas M. Jackson, MD, Kerrville, TX (M82)
    Laura M. Justice, MD, Gulfport, MS (M81)
    Arthur C. Kittleson, MD, Redwood City, CA (R60)
    Dogan Kizilay, MD, New York, NY (R78)
    Edwin F. Koch Jr, MD, Muncie, IN (R65)
    Ted F. Leigh, MD, Atlanta, GA (R49)
    Jack M. Levene, MD, Lake Worth, FL (R57)
    Patrick T. Liu, MD, Scottsdale, AZ (M90)
    Charles Locher, MD, Milwaukee, WI (R68)
    Gwilym S. Lodwick II, MD, Fort Lauderdale, FL (R52)
    Henry E. Maki, MD, Tacoma, WA (R66)
    Abraham Marck, MD, Canton, MA (R52)
    Javad Mashkuri, MD, Englewood, FL (R82)
    Amy C. Maszkiewicz, MD, Green Lane, PA (M10)
    James E. McConchie, MD, Blue Springs, MO (R48)
    William E. McGraw, MD, Indianapolis, IN (M08)
    John T. McLelland, MD, Saint Joseph, MI (R78)
    Dean M. Miller, MD, Parsons, KS (R55)
    James H. Milsap Jr, MD, Atlanta, GA (R79)
    Leonidas Mostowycz, MD, Ponte Vedra, FL (R75)
    Rolf-Peter Mueller, MD, PhD, Cologne, Germany (H92)
    James W. Murphree, MD, Tulsa, OK (R54)
    Robert L. Murray, MD, Roanoke, VA (R66)
    Gordon S. Musick, MD, Beverly Hills, MI (R67)
    M. Herbert Nathan, MD, Phoenix, AZ (R62)
    Misha D. Newman, MD, Las Vegas, NV (R67)
    Dragutin Novak, MD, Bonn, Germany (R73)
    Robert C. Olson, MD, Davenport, IA (R70)
    Francis E. O'Neill, MD, San Antonio, TX (R62)
    Janet A. Parker, MD, Philadelphia, PA (R73)
    Robert W. Petersen, MA, MD, Oklahoma City, OK (R79)
    Herbert S. Pirson, MD, Orchard Park, NY (R68)
    Henry P. Plenk, MD, Salt Lake Cty, UT (R48)
    James J. Pollard, MD, Marblehead, MA, , (R65)
    Carl B. Puylaert, MD, Bosch en Duin, Netherlands (H79)
    Norman H. Rahn III, MD, Gadsden, AL (M84)
    Janice R. Reinke, MD, Granite Bay, CA (M12)
    Stewart R. Reuter, MD, Santa Fe, NM (R82)
    Darrel J. Rosen, MD, East Grand Rapids, MI (R74)
    Carl M. Sandler, MD, Houston, TX (R73)
    Wayne H. Schultz, MD, El Dorado, AR (R60)
    Adam B. Smith, MD, Omaha, NE (Z08)
    Richard A. Sollitto, MD, San Francisco, CA (M04)
    Millard C. Spencer, MD, Lawrence, KS (R71)
    James B. Squire, MD, Winnipeg, MB, Canada (R55)
    Charles M. Steed, MD, Niagara Falls, ON, Canada (R84)
    Bernard M. Stone, MD, Zephyr Cove, NV (R51)
    Robert Sukman, MD, Nichols Hills, OK (R54)
    Alfred J. Swyer, MD, West New York, NJ (M92)
    Richard H. Sykes, MD, Vanscoy, SK, Canada (R71)
    Edward E. Tennant, MD, Sioux Falls, SD (R55)
    James V. Testor, MD, Winona, MN (R66)
    John S. Thomson, MD, North Chili, NY (M05)
    Henry N. Wagner Jr, MD, Baltimore, MD (H02)
    H. Leonard Warres, MD, Pikesville, MD (R50)
    Theodore F. Weiland Jr, MD, Raleigh, NC (R70)
    Fred S. Winter, MD, Pottstown, PA (R56)
    Robert E. Wise, MD, Palm Beach, FL (RP51)
    Edwin M. Wright, MD, Old Mission, MI (R60)

    Financial Statements

    The financial statements for the fiscal year ended June 30, 2012, reflect positive earnings for the Society.

    The Society continues to experience financial growth. This is a result of maintaining its revenue sources and at the same time controlling its expenses. The return on investments is especially important for the Society’s Research and Education Foundation, as its ability to fund grants is directly impacted by investment earnings.

    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 differences to 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, 2012. 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 members of the RSNA.

    Sarah S. Donaldson, MD
    Secretary-Treasurer

    Statement of Financial Position 
    June 30, 2012 
    ASSETS 
    Cash and Short-Term Investments $6,671,009
    Receivables and Other Current Assets 4,414,275
    Long-Term Investments 95,067,272
    Property, Furniture and Equipment 22,003,726
    Total Assets   $128,156,282  

     
    Liabilities and Net Assets 
    Accounts Payable and Short-Term Debt $3,139,010
    Deferred Revenue 12,470,134
    Long-Term Debt and Other Long-Term Liabilities 4,564,830
    Net Assets:
      Unrestricted:
          Undesignated 49,411,420
          Designated-Research and Education Foundation 35,565,621
      Restricted:
          Temporarily restricted 1,740,291
          Permanently restricted 21,264,976
    Total net assets 107,982,307
    Total Liabilities and Net Assets   $128,156,282 

    Statement of Activities  
    Year ending June 30, 2012  
    REVENUE  
    Membership Services $4,419,683
    Publications and Educational Materials 13,314,766
    Annual Scientific Assembly 23,533,118
    Investment Earnings 4,734,136
    Contributions 2,143,406
    Total Revenue  $48,145,109 

     
    EXPENSES  
    Membership Services 4,744,364
    Publications and Educational Materials 17,034,659
    Annual Scientific Assembly 14,519,693
    Research and Education Foundation 4,129,555
    Depreciation 1,016,576
    Total Expenses   $41,444,847  

     
    Excess of operating revenue over operating expenses $6,700,262
    Non operating income ($673,379)
    Increase in net assets before unrealized gain (loss) on investments $6,026,883
    Unrealized gain (loss) on valuation of investments and interest rate swap ($3,704,467)

     
    Increase in Net Assets   $2,322,416 
    Net Assets at beginning of year    $105,659,891  
    Net Assets at end of year   $107,982,307  

    2012 Total Revenue pie chart 

    2012 Total Expense pie chart 

    Sarah S. Donaldson, MD Secretary-Treasurer