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info@ampainsoc.org847.375.4715
American Pain Society
4700 W Lake Ave
Glenview, IL 60025
Dennis C. Turk, PhD, APS Treasurer
The annual audit of the APS 2000 financial results and systems completed by the accounting firm of Coleman, Joseph, Blitstein & Stuart, LLC, showed record revenues for the fourth consecutive year and the largest in APS’s 22-year history. Total operating revenues for 2000 were $2,149,882, a figure that is $45,000 greater than 1999 and 13% greater than the previous high figure, reached in 1998. This total does not include an additional $483,702 in donations and grants to support the clinical practice guidelines project. The most significant growth in revenue was related to the annual meeting. The net contribution to operations totaled more than $250,000. In December 1999, the APS Board of Directors approved a net deficit of $67,648 for the 2000 base budget. In April 2000, the board approved additional expenditures of $51,400 for public relations and Web enhancements, which increased the approved (budgeted) deficit to $119,048. Thanks to the success of the meeting and a conscious effort to control expense, the actual net deficit at year-end was only $12,670. Including the unrealized loss on securities of $69,337, the total deficit for 2000 is $82,008.
Unrestricted net assets therefore decreased to $809,920. When combined with deferred membership dues, the result is total cash reserves of $1,158,884. These cash reserves are equal to 59% of the 2000 budgeted operating expenses and thus exceed the goal of having reserves equal to 50% of annual operating expenses.
| Unrestricted fund balance | $ 809,920 |
| Deferred member dues | $ 348,964 |
| Total cash reserves | $1,158,884 |
| 2000 budgeted operating expenses | $1,976,062 |
| Reserves as a percentage of operating expenses | 59% |
The APS Board of Directors adopted a 2001 base annual operating budget in November 2000 as noted below.
| Revenue | $2,002,155 |
| Expenses | $2,004,582 |
| Surplus (Deficit) | ($2,427) |
This conservative budget takes into account the changes to the journal publication frequency, the annual scientific meeting’s move to spring, and the costs necessary to maintain the increasingly sophisticated APS Web site. It also includes the first increase to membership dues since 1997.
The financial position and ongoing operations of APS continue to be very strong. The finance and executive committees will continue to closely monitor the society’s financial activities to ensure effective financial management and maintain the fiscal stability and growth of APS.
