Financial Overview

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. The net from operations was $12.6 million for the year. Accreditation revenue is the key driver of the increased surplus in 2017. Accreditation renewals are on a 3-year cycle and 2017 was the peak year in the cycle.

Per the ACR Strategic Plan, management remains committed to "assure short term and long term financial sustainability through an unwavering commitment to financial accountability."

The non-operating income consists primarily of gains on the investment portfolio, in line with the strong market performance. The College does not rely on the investment earnings to balance the operating budget; the gain had no direct impact on the operations of the College.

The ACR is committed to reinvesting surpluses in initiatives and activities that support the Strategic Plan. The College earmarked dollars from the 2016 surplus to further ACR registries, clinical decision support and proprietary software tools that support the accreditation process.

The College has approved a break-even budget for 2018 which includes a lower year in the accreditation cycle and strategic investments in the Data Science Institute approved by the Board of Chancellors in 2017.

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 portfolio earned 13.36% in FY17, slightly ahead of the 13.27% benchmark.

The College is well-positioned financially to respond and react to the needs of the profession and its members. Net assets have grown 43% in the last 5 years.

Annual Audit
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.