The College had another year of strong performance for the fiscal year ending June 30, 2015. The net from operations was $5.3 million for the year, a 17% increase over the prior year.
The consolidated results represent the combined activities of the American College of Radiology and the American College of Radiology Association, collectively referred to as the “College”.
The College had another year of strong performance for the fiscal year ending June 30, 2015. Strengthening of programmatic revenue streams combined with strategic cost reductions contributed to the overall positive results. The remaining gain of $1.5 million resulted from returns on the long-term investment portfolio for a total increase in net assets of $6.8 million.
The portfolio remains invested in a mix of equity and fixed-income mutual funds with an allocation to stocks and bonds in line with long-term objectives of capital appreciation for the portfolio. The College has maintained a disciplined investment approach which has proven successful over the longer term.
The College continues to maintain its sound financial position. Net assets increased $45 million or 72% over the last five years with long-term investment portfolio earnings comprising 61% of the total growth.
The College formalized a new strategic plan in 2014, identifying one of the strategic goals as financial sustainability. The goal encompasses achieving balanced operational budgets, aligning resources to support strategic goals and priorities, growing revenue from new and existing sources, and eliminating waste and redundancy in operations. The College laid the groundwork for these new financial objectives and is developing them for inclusion in the fiscal year 2016 budget.
Annual Audit
The College’s independent auditors, PricewaterhouseCoopers LLP, complete and issue their audit report at the end of October. Their reports are formally reviewed and accepted by the ACR Audit Committee and on file at the College headquarters in Reston, VA.