Summer 2003 - Chicago Medical Society

Treasurer's reportBy Steven M. Malkin, MDAs yourtreasurer,it is my duty toreport on theSociety's financialstatus. Iam sorry to saythat 2002 wasanother difficult year for the Society.The continued decline inmembership resulted in a lossfrom operations of roughly$54,000. This, however, was notunexpected. Our investments,while decreased in value, haveweathered the storm of a sluggisheconomy.Overall, our 2002 financespresented no surprises, but neverthelessare disappointing. Acopy of the Society's Dec. 31,2002, audit report is available forreview in the Society's offices.During the three years I havebeen treasurer, we have faceddeclining membership, whichhas resulted in financial losses.On the positive side, it has reallyforced us to look at how wedo business and come up withmore efficient and innovativeways of running the Society.We are in the process of makingbetter use of our building,one of our greatest assets. Ourmeetings are now being held ata restaurant with better foodand what has turned out to be abetter meeting environment.The Society's offices will bemoving in the building to allowus to rent valuable retail space.We are currently in negotiationsto finalize rental of these spaces.The staff is also working on aproposal to lease billboardspace above the parking lot.While these efforts do notmake up for a membership decline,they do allow us to take inmoney to carry on our business,which has largely been unaffectedby these budget shortfalls.As I have said each year, increasesin membership wouldcorrect our shortfalls. We mustkeep articulating and pressingforward with our message. Therally at Daley Plaza has given usthe most visibility we have hadin years and the visit from PresidentBush this June certainlyhelped our cause. The changein tax status, which created theChicago Medical Society Association,a 501(c)(6) organization,will also help us in our advocacyefforts.While the past three yearshave been trying at times, theyhave also sharpened our focusand forced us to look at how weoperate. Despite the deficits, Ilook at the glass as half full, withus pursuing more efficient waysto operate the Society's businessand use our building, as well astry new projects, such as the rally.It has been an honor to serve asyour treasurer for three terms andI look forward to serving you assecretary.•