The College had another year of strong performance for the fiscal year ending June 30, 2016. The net from operations was $6 million for the year, a 10% 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 continues to meet the strategic goal of financial sustainability. Management remains focused on strengthening programmatic revenue streams and diligently managing costs to attain positive results. The non-operating loss in the current year consists primarily of losses on the investment portfolio, as the market experienced an overall decline in the fiscal year. The College does not rely on investment earnings to balance the operating budget; the loss had no direct impact on the operations of the College.
The investment 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. The College maintains a disciplined investment approach, which has proven successful over the longer term.
The College is well-positioned financially to respond and react to the needs of the profession and its members. The net assets have grown 23% in the last five years. The decline in the current year included the dissolution of Image Metrix, a wholly owned subsidiary, which was partially mitigated by the overall net surplus of $5.2 million.
The College’s independent auditors, RSM US LLP, will complete and issue their annual 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.