ACEP is a membership organization, and the members have a right to know its financial status. Therefore, we provide this Annual Report, and though brief, the following is a fair and accurate representation of the status of the College for the 2015–2016 fiscal year (July 1, 2015 through June 30, 2016).
Membership continues to grow. As of June 30, 2016, the College had 35,658 members, of whom 23,294 were active (regular) and 11,214 were candidate members. This represents a 4.7 percent overall increase in growth in the last year.
This buildup in equity has allowed the College to reinvest in its members. The new headquarters opened in September, giving the College a new home for staff and our members as they attend meetings.
The majority of the College’s assets are in cash and investments. Current liabilities are mainly deferred revenue, or advance payments for products or services that are to be delivered in the future. Equity stands as $18,062,000, which has grown by $1,106,000 since last fiscal year. One unique and helpful way to look at equity is to base it on membership. Our active (regular) members are the most easily defined and stable group, so this was chosen as our base. Equity per active member is $901, an increase of $97 over last year.
This buildup in equity has allowed the College to reinvest in its members. The new headquarters opened in September, giving the College a new home for staff and our members as they attend meetings. It also continues to be developed as a location to showcase and store our history. Our finances will also allow us to further develop other benefits for our members such as our qualified clinical data registry, CEDR, as well as address current and future reimbursement and operational issues that are of great importance to our members.
Revenue for the fiscal year was more than $35 million, with the majority coming from three activities: dues, ACEP15, and Annals of Emergency Medicine. When looking at expenses by line of service, the majority is spent on education and member services. For the year, the net income was $2,215,000, of which 75 percent went to equity and 25 percent to staff bonuses.
In short, the College is strong financially, and membership and equity continue to grow. The construction of the new building and investments in quality initiatives have continued, and our equity is strong enough to fund the current and future needs of our members.