2017 Secretary-Treasurer report

Dr. Valerie Jackson, MD
Valerie P. Jackson, MD
Secretary-Treasurer

I am pleased to report that RSNA membership continues to maintain a high level in line with previous years.  In FY 2017-2018, the Society accepted 5,681 new members.

We annually promote membership in our Society to new radiology residents and medical students. Through this year's promotional efforts 4,088 radiology residents and medical students joined the RSNA (1,337 new Members-in-training, 1,960 new Corresponding Members-in-training, 152 Fellows, and 639 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, 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
FY
17-18
18,859
1,829
2,197
10,672
8,264
5,961
68  6,387
54,237
FY
16-17
19,154
1,830
 1,997
10,729
8,588 
5,743
69
6,503
54,613

Deceased RSNA Members from 11/1/17 - 10/31/18  

David F. Adcock, MD, Batesburg, SC (R72)
Edgardo J. Angtuaco, MD, Little Rock, AR (M78)
John A. Anziulewicz, MD, Moneta, VA (R78)
Stewart R. Bakst, MD, Lake Mary, FL (M73)
Murray G. Baron, MD, Atlanta, GA (R73)
Michael C. Beachley, MD, Bakerstown, PA (R73)
Michael F. Berry, MD, Bentonville, AR (M06)
Thomas R. Blackburn, MD, Shelby, NC (R72)
John F. Boardman, MD, South Newfane, VT (M09)
William G. Bradley Jr, MD, PhD, San Diego, CA (M82)
Luther W. Brady Jr, MD, Philadelphia, PA (RP57)
Nestor R. Canoy, MD, Columbia, MO (R76)
Calvin R. Cassady, MD, Van Buren, AR (R72)
Robert W. Counts, MD, Rochester, MI (R60)
James D. Cox, MD, Houston, TX (M72)
Joseph J. Darlak II, MD, New Orleans, LA (R76)
Thomas J. DeWind, MD, Saint Joseph, MI (M91)
Andrew J. Dwyer, MD, Bethesda, MD (M08)
Merlyn E. Eckelberg, MD, Lakeland, FL (R82)
Daniel A. Finelli, MD, Akron, OH (M85)
Jack P. Fink, MD, Lincolnwood, IL (R56)
James H. Freeman, MD, Redding, CA (R64)
Rasiklal B. Ganatra, MD, Terre Haute, IN (R88)
D. J. Gosch-Barker, MD, Middletown, RI (R82)
Charles N. Griffin Jr, MD, Mount Pleasant, SC (R68)
David J. Harvey, FRCR, Swansea, United Kingdom (M02)
H. Peter Higer, MD, Giessen, Germany (R91)
James C. Hunt, MD, Washington, IL (R62)
Lawrence R. Irish, MD, Reno, NV (R60)
Robert H. Jaros, MD, Shelburne, MA (R82)
Virginia Kanick, MD, New York, NY (R66)
Troy W. Kerby, MD, Dallas, TX (M02)
Nettie G. King, MD, Louisville, KY (R81)
Lee A. Krystosek, MD, Clearwater, FL (R60)
Theodore S. Larson Jr, MD, Montoursville, PA (R82)
Claude Leger, MD, Quebec, Canada (M81)
Herbert M. Loyd, MD, Abilene, TX (R69)
Michael L. Manco-Johnson, MD, Greenwood Village, CO (R74)
Alexander R. Margulis, MD, New York, NY (R60)
William R. Massey, MD, Gallatin, TN (R67)
Gilbert S. Melnick, MD, Caldwell, NJ (R68)
John A. Michal III, MD, Montecito, CA (R75)
William C. Miller Jr, MD, Fayetteville, NC (R70)
Pui Meng Mok, MBBS, Auckland, New Zealand (R96)
Paul A. Mori, MD, Jacksonville, FL (R58)
Richard W. Naufal, MD, Dallas, TX (R84)
Carl L. Neufeld, DO, Columbus, OH (R77)
Heather F. Penney, MD, Alberta, Canada (R83)
Leslie Preger, MD, San Francisco, CA (R83)
Russell V. Radcliffe, MD, Auburn, ME (R73)
Alain Rahmouni, MD, Nogent Sur Marne, France (M00)
Robert Robbins, MD, Redding, CA (R53)
Bruce C. Salo, MD, Stratford, WI (R84)
Emanuel Salzman, MD, Denver, CO (R59)
Douglas E. Sanders, MD, Ontario, Canada (R68)
Jeffrey A. Scrugham, MD, Memphis, TN (M06)
Thomas L. Slovis, MD, Bloomfield Hills, MI (R74)
William P. Stallworth, MD, Knoxville, TN (R80)
Bernard A. Tansman, MD, Los Angeles, CA (M14)
Louis M. Teresi, MD, Irvine, CA (M93)
Thomas A. Thomas, MD, Stockton, CA (R83)
Fridon Todua, MD, Tbilisi, Georgia (M05)
Anthony Vasilas, MD, Manhasset, NY (R59)
Mark D. Wellens, MD, Acworth, NH (R98)
Juergen K. Willmann, MD, Stanford, CA (M08)
Affan S. Yenal, MD, Merritt Island, FL (R66) 

Financial Statements

The financial statements for the fiscal year ended June 30, 2018, 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.

BKD LLP completed its annual audit of the Society's financial statements issuing an unmodified opinion, indicating that BKD LLP found no material differences to the financial information presented in the Society's year-end financial statements. In addition BKD 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 BKD LLP, as of June 30, 2018. 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.

Valerie P. Jackson, MD
Secretary-Treasurer 
Statement of Financial Position
June 30, 2018
Assets
 
Cash and Short-Term Investments
$10,129,001
Receivables and Other Current Assets
8,073,615
Long-Term Investments  
133,196,762
Property, Furniture and Equipment
22,901,787
Total Assets
$174,301,165 


Liabilities and Net Assets
 
Accounts Payable and Short-Term Debt
$6,599,513  
Deferred Revenue
24,383,672
Long-Term Debt and Other Long-Term Liabilities
197,129
Net Assets:
 
Unrestricted:

Undesignated
63,292,345
Designated-Research and Education Foundation
53,721,902
Restricted  
Temporarily restricted
2,391,628
Permanently restricted
23,714,976
Total net assets
143,120,851
Total Liabilities and Net Assets
$174,301,165
Statement of Activities
Year ending June 30, 2018
Revenue
 
Membership Services
$6,318,251
Publications and Educational Materials
13,580,941
Annual Scientific Assembly
26,984,718
Investment Earnings
6,423,587
Contributions
2,257,610
Total Revenue
$55,565,107


Expenses
 
Membership Services
$9,038,423
Publications and Educational Materials
17,704,445
Annual Scientific Assembly
17,406,645
Research and Education Foundation
5,351,754
Depreciation
1,601,071
Total Expenses
$51,102,338


Excess of operating revenue over operating expenses
$4,462,769
Federal and state income tax expense
(186,837)
Non operating income
(616,955)
Increase in net assets before unrealized gain (loss) on investments
$3,658,977 
Unrealized gain (loss) on valuation of investments and interest rate swap
(144,217)


Increase in Net Assets
 $3,514,760
Net Assets at beginning of year
$139,606,091
Net Assets at end of year
$143,120,851
Total Revenue 2018
Total Expenses 2018