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  • 2013 Report of the Secretary-Treasurer

  • I am pleased to report that RSNA membership continues to reach new record levels. In 2013, the Society accepted 6,410 new members and total membership grew to a record 53,031, an increase of 3.7% from last year.

    We annually promote membership in our Society to new radiology residents and medical students. Through this year's promotional efforts 4,753 radiology residents and medical students joined the RSNA (1,465 new Members-in-training, 2,413 new Corresponding Members-in-training, 163 Fellows, and 712 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 electronic 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 
    2013 20,133 1,860 1,779 10,343 7,584 4,941 66 6,325 53,031
    2012 20,009 1,833 1,561 9,965 7,285 4,767 68 5,669 51,157
      Net Increase  1,874 

    I regret to report the passing of the colleagues named below as of October 31, 2013. 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 11/1/12 - 10/31/13 

    Donald T. Anderson, MD, Kingsford, MI (R67)
    Roger E. Anderson, MD, Saint Paul, MN (R65)
    Sucha O. Asbell, MD, Merion Station, PA (M70)
    Charles E. Metz, PhD, Chicago, IL (M86)
    William B. Mill Jr, MD, Ballwin, MO (R82)
    Charles J. Miller Jr, MD, Bonita Springs, FL (R48)
    Hugh F. Morrish, MD, Calgary, AB, Canada (R65)
    Sridhar R. Mothkur, MD, Chesterton, IN (R78)
    Helmut A. Mueller, MD, West Vancouver, BC, Canada (R60)
    Jerry N. Nelson, MD, Mountain Brk, AL (R71)
    Louis Noel, MD, St-Gedeon, QC, Canada (R81)
    John J. O'Brien, MD, North Kingstown, RI (R73)
    Philip E. Palmer, MD, Davis, CA (R79)
    Vincent Palumbo, MD, Henderson, NV (R70)
    David A. Piacente, MD, Leland, NC (R84)
    James L. Quale, MD, Scottsdale, AZ (R78)
    Walter Quigley, MD, Patchogue, NY (R64)
    Panol C. Ram, MD, Scottsdale, AZ (M78)
    Marvin J. Rassell, MD, Cincinnati, OH (R78)
    James A. Read, MD, East Windsor, NJ (R55)
    Maurice M. Reeder, MD, Clear Spring, MD (R64)
    Robert R. Renner, MD, Skaneateles, NY (R63)
    Frederick M. Rich, MD, McFarland, WI (R73)
    Paul A. Richardson, MD, Philadelphia, PA (M83)
    Michael E. Robbins, PhD, Winston-Salem, NC (M04)
    Marian G. Schuyler, La Crosse, WI (H89)
    Louis N. Scotti, MD, Saint Simons Island, GA (R74)
    Seymour R. Shalek, MD, Boston, MA (R71)
    Graeme S. Shirtley, MD, Homebush South, NSW, Australia (R88)
    Charles A. Spain, MD, Houston, TX (R66)
    Robert E. Steiner, MD, London, United Kingdom (H79)
    Alfred E. Stockum, MD, Columbus, OH (R78)
    Donald P. Stratton, MD, Muskegon, MI (R56)
    William M. Strunk, MD, Marlton, NJ (R63)
    Roger A. Styles, MD, Hollywood, FL (M82)
    Mutsumasa Takahashi, MD, Kumamoto, Japan (H80)
    Bernard S. Tatera, PhD, Vacaville, CA (R70)
    Maurice Tubiana, MD, Paris, France (H89)
    Cornelis Van Ommeren, MD, Essen, Germany (R84)
    Robert N. Wallace, MD, Guerneville, CA (R71)
    Sidney Wallace, MD, Houston, TX (R68)
    Justin J. Wolfson, MD, Edison, NJ (R62)
    William L. Yeh, MD, Abilene, TX (R70)

    Financial Statements 

    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.

    N. Reed Dunnick, MD
    Secretary-Treasurer

    Statement of Financial Position
    June 30, 2013 
    ASSETS
    Cash and Short-Term Investments
    $4,796,258
    Receivables and Other Current Assets
    4,544,057
    Long-Term Investments
    102,052,913
    Property, Furniture and Equipment
    22,561,232
    Total Assets  
    $133,954,460 

    Liabilities and Net Assets 
    Accounts Payable and Short-Term Debt
    $3,040,576
    Deferred Revenue
    14,087,180
    Long-Term Debt and Other Long-Term Liabilities
    3,472,614
    Net Assets:
     Unrestricted:
      Undesignated
    50,649,553
      Designated-Research and Education Foundation
    38,586,905
     Restricted:
      Temporarily restricted
    2,012,655
      Permanently restricted
    22,104,976
    Total net assets
    113,354,089
    Total Liabilities and Net Assets 
    $133,954,460 
     
    Statement of Activities Year ending
    June 30, 2013 
    REVENUE 
    Membership Services
    $4,748,384
    Publications and Educational Materials
    13,738,493
    Annual Scientific Assembly
    22,901,574
    Investment Earnings
    5,766,124
    Contributions
    2,558,513
    Total Revenue  
    $49,713,088 

    EXPENSES
     
    Membership Services
    $6,191,561
    Publications and Educational Materials
    17,205,681
    Annual Scientific Assembly
    14,898,579
    Research and Education Foundation
    4,683,811
    Depreciation
    1,045,288
    Total Expenses  
    $44,024,920 

    Excess of operating revenue over operating expenses

    $5,688,168
    Federal and state income tax expense
    (39,535)
    Non operating income
    ($1,387,357)
    Increase in net assets before unrealized gain (loss) on investments
    $4,261,276
    Unrealized gain (loss) on valuation of investments and interest rate swap
    $1,110,505

    Increase in Net Assets
     

    $5,371,781
     
    Net Assets at beginning of year  
    $107,982,307 
    Net Assets at end of year  
    $113,354,089 

    2013 Total Revenue pie chart2013 Total Expenses pie chart  

    N. Reed Dunnick, MD Secretary-Treasurer