ASMBS Financial Report - March 2013
On behalf of the finance committee, I am pleased to report that 2012 was a successful year for ASMBS. Our success as a society is dependent upon our members enthusiasm and expertise. We look forward to 2013 to be a banner year for ASMBS as we embark upon Obesity Week 2013.
Thank you, John Morton, MD, FASMBS
ASMBS FINANCE COMMITTEE John Morton, MD, Chair Ninh Nguyen, MD, Jaime Ponce, MD, Georgeann Mallory, RD
OVERVIEW The ASMBS Finance Committee and Executive Council are dedicated to maintaining a strong financial base to strengthen and improve ASMBS programs that support our mission. Each year there is detailed attention given to developing a prudent and financially sound operational budget for the society as well as carefully monitoring the investment portfolio. The year 2012 ended with a positive change in net assets of $527,500, which includes income from operations of $162,500 and a gain on investments of $365,000. The gain on investments included unrealized gains of $145,000 and realized investment income of $220,000. The market value of our portfolio at the end of 2012 has peaked to a value of close to $4M.
EDUCATION The ASMBS hosts two face-to-face primary meetings each year, the Annual Meeting and the Fall Educational Event, as well as providing online education. Our 2012 Annual Meeting was a great success with revenues of just over $2.5M and “net” revenues of just over $1M. The 2012 annual Fall Educational Event continues to grow with registration dollars in 2012 that more than doubled that of 2011. We are looking forward to the future growth and success of these meetings as we change our schedule this year and the Fall Educational Event becomes an annual Spring Educational Event (May 30 – June 2) and the Annual Meeting becomes part of Obesity Week and moves from June to November 2013.
MEMBERSHIP Throughout the history of the ASMBS we have experienced yearly membership increases. 2012 was a stellar year for ASMBS membership growth with an increase of 9.7% in overall membership, 5.59% for Surgeon and Physician members and 15.67% for Integrated Health members. Our International membership increased by 34% and we now claim 321 international members representing 52 countries worldwide, welcoming our first members in China, Russia and Paraguay. We attribute this success to the hard work of our staff and our many committee members. Membership makes up approximately 20% of our total revenues.
CORPORATE COUNCIL The ASMBS Corporate Council is organized to develop and enhance the joint strategies and efforts of bariatric surgeons, healthcare professionals and industry professionals. The Corporate Council partnered in the advancement of metabolic and bariatric surgery by providing $72,000 in support in 2012 for surgeon and integrated health educational programs, advocacy initiatives, and exhibits to educate on metabolic and bariatric surgery and the ASMBS.
ASMBS FOUNDATION The ASMBS Foundation supports the ASMBS and its’ initiatives toward education, research, and advocacy. In 2012 the Foundation gave close to $240,000 in support to the ASMBS for these initiatives. Please continue to support your Foundation.