September 2016

Treasurer’s Report

J. Abbott Byrd, III, MD

SRS remains in sound financial condition. The data in this report is as of May 31, 2016, and will change by the end of the SRS fiscal year on December 31, 2016, but the information provided yields a glimpse at our financial status almost halfway through the fiscal year.

The total assets of SRS are $12.3 million which is a 3% increase compared to 2015.  Our research endowment is in two main funds.  The first is the $4.4 million REO fund which is managed by the Rockefeller group.  The second is the $3.7 million fund which SRS took in-house from OREF (OREF Legacy Endowment) and is managed by the Vanguard group.  In addition, SRS was scheduled to receive $419,000 from OREF designated giving in June.  The SRS has $3.3 million in cash designated for the operating and research budgets as well as $500,000 in other assets.

The SRS has multiple sources of General Operating income including member dues ($423,000 to date and budgeted for $470,000) and other sources.  The General Operating income to date is $531,000.  The IMAST and Annual Meeting (too early to report numbers), other courses and miscellaneous sources are also usually sources of income.  Total income to date is $1.64 million.  Another large source of income for SRS is corporate donations which are approximately $2 million per year, much of which is to be realized by December of this year.

SRS has multiple line items of expenses too numerous to list but, to date, our total net income is $371,000 and is budgeted to be $100,000 at the end of December which we should meet. 

The research endowment returns are acceptable and as of May 31 were 2.2% for the year.  The market has significantly increased since then and it is expected that the next gains reported will be higher.

As you can see from this brief snapshot, SRS is doing quite well thanks to our strong membership as well as the excellent leadership from our Presidential Line and board members.  I wish to especially thank Daniel A. Nemec, MBA, CAE, from our management team whose job it is to prepare and monitor the SRS financial statements, which has made my job as Treasurer immeasurably easier.