ACR Fiscal Year (FY) 2023 Financial Report

These consolidated results represent the combined activities of the American College of Radiology and the American College of Radiology Association, collectively referred to as “ACR.” 

Statement of Activities

The Statement of Activities is also known as the Income Statement or Profit & Loss.  This financial statement provides a summary of financial performance over a period of time.

For the fiscal year ending June 30, 2023, the ACR had revenue of $130 million and expenses of $137.5 million.

ACR continued to be financially strong in FY 2023 with results reflecting a planned budgeted loss as the organization implemented a new strategic plan. 

Statement of Financial Position

The Statement of Financial Position provides a point-in-time snapshot of ACR’s overall financial health.  This is also referred to as a Balance Sheet.

The ACR had net assets of $188.7 million in 2023.

ACR net assets over five years: $139.1 million in 2019, $145.9 million in 2020, $203.1 million in 2021, $180.3 million in 2022, and $188.7 million in 2023.

As of June 30, 2023:

  • Of the total $274.1M assets, $204.7M (75%) is related to cash and investments compared to $199.6M (76%) at the end of the prior fiscal year.  
  • More than half (52%) of the total net assets were designated by the Board of Chancellors for the operating reserve, strategic investment projects and innovation awards. The Board of Chancellors designated the operating reserve fund to mitigate the impact of unexpected or undesirable events and provide financial flexibility to pursue opportunities of strategic importance.  The strategic investment designation is a primary source of non-operating funding for strategic and technology investments that are time-bound and one-time in nature.
  • Total net assets saw an increase of 4.7% year-over-year, driven by investment performance as a result of market fluctuations.  It is important to note that the ACR long-term investment strategy includes a diversified mix of holdings meant to optimize returns, mitigate market volatility and hedge against inflation.  ACR does not rely on investments to fund operating activities.