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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, 2002 - 2003
The APS Board of Directors adopted a 2002 base annual operating budget in September 2001 with revenue of $2,208,563 and expense of $2,165,617, resulting in an expected net income of $42,946. This was considered a conservative budget that included changes to The Journal of Pain publication frequency and page count and the costs necessary to maintain the increasingly sophisticated APS Web site.
The unaudited financial statement for the year ending December 31, 2002, reports record revenue for the sixth consecutive year. Total operating revenue for 2002 was $2,295,549. This total does not include an additional $375,804 in donations and grants to support the clinical practice guidelines program. The most significant growth in revenue was related to the annual meeting, with a net contribution to operations of more than $260,000. Due to the success of the meeting and a conscious effort to control expense, the actual net income at year-end was $212,291. Including the unrealized loss on securities (of $134,581), the total excess for 2002 was $77,710.
Unrestricted net assets therefore increased to $853,525. When combined with deferred membership dues, the result is total cash reserves of $1,197,501. These cash reserves are equal to 55.3% of the 2002 budgeted operating expenses, exceeding the goal of having reserves equal to 50% of annual operating expenses.
The budget approved for 2003 includes revenue of $2,245,210 and expense of $2,225,326, resulting in an expected operating excess of $19,884.
The financial position and ongoing operation 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 APS’s fiscal stability and growth.
