Treasurers Report: Financially Fit
Finance Committee Fiscal Stewardship
The Congress of Neurological Surgeons (CNS) continues to grow financially in a consistent, sound, and responsible manner. The current CNS assets are approximately $24 million with stable net assets. Growth of CNS assets has been primarily the result of continued membership expansion, the sustained strong financial success of the CNS Annual Meeting, live courses including the SANS MOC Board Review and the Oral Board Exam Early Review courses, outstanding CNS publications (Neurosurgery, Operative Neurosurgery, Clinical Neurosurgery, and Congress Quarterly), and other educational products including SANS. The CNS Finance Committee provides stewardship to the financial activities of the CNS and provides organizational financial reporting and recommendations to the CNS Executive Committee.
CNS long-term assets are principally contained within a single endowment fund designed to preserve wealth, spur growth in interest income and dividends, and hedge against potential future financial adversity. CNS investments protect the CNS from potential hardships and finance critical initiatives related to the CNS educational mission, including new educational efforts such as the NINDS/GETCH Scholar K12 award and other mission specific innovative opportunities. This fund represents the largest defined asset to drive the critical goals of the organization. The remaining CNS assets are defined in the fiscal operating budget that underwrites the day-today business of the CNS.
Operating Budget The annual CNS operating budget (revenue and expenses) exceeds $12 million dollars. Primary revenue generators (accounting for nearly 90% of total CNS revenues) include membership, the CNS Annual Meeting, and CNS publications. Principal expenses include the CNS Annual Meeting, headquarters operations, journal operations, and extensive investment in joint initiative support such as the Washington Committee, Joint Section expenses, and others.
Future Budgetary Opportunities
Based on responsible fiscal management and innovation in its primary revenue sources, the CNS is well-positioned for future financial growth. Specifically, the principal revenue sources (CNS Annual Meeting, publications, educational offerings, and membership) are continually being improved and streamlined to provide more cost-effective first-rate member offerings.
Investment Funds and Development
Improving returns in the current economic environment on investment funds continue to strengthen the CNS bottom line. The CNS will continue to develop strategic opportunities to position the organization for the future and ensure its financial success in a variety of areas, including product development, collaborative relationships, and other mechanisms.
Based on its volunteerism, innovative spirit, and cost-conscious efforts, the CNS remains one of the most cost-effective specialty medical organizations in North America. These inherent organizational qualities continue to underlie the mission and financial success of the CNS. The CNS is proud that its Annual Meeting registration fees, membership dues, and other associated fees remain the lowest in the field and across other medical specialties. The CNS remains committed to maintaining and providing world-class, cost-effective educational opportunities for its members, while also supporting the broader goals of its membership.
Additional Author: Jeffrey Boykin