Members - American Academy of Neurology

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AAn FoundATion TReAsuReR’s RePoRT 2006 was a year of significant positive change for the Foundation. The Foundation is now charged with the responsibility of raising all corporate support for the Academy’s Annual Meeting. At the end of December, $3.5 million in commitments had been received representing 89 percent of the 2007 goal. The Foundation now receives a service fee on all monies raised for the Academy, allowing us to operate independently of a commitment of operating support from the Academy. This added responsibility for the Foundation does not diminish the importance of our work to support other educational programs sponsored by the Academy, including the Dystonia/Spasticity Workshops and the Donald M. Palatucci Advocacy Leadership Forum, in addition to our own research training fellowships. The year ended with some dramatic changes to our balance sheet as a direct result of this new responsibility for the Foundation. Cash is $2.3 million greater than a year ago, and receivables are greater by $435,000. This is offset partially by the increase in accounts payable, representing the amounts collected for and due to the Academy. Our financial position was strengthened in 2006 with a $581,000 increase in unrestricted net assets. ASSETS 2006 2005 Change As of December 31 (in thousands) Cash $3,277 $ 973 $2,304 Investments 2,044 1,843 201 Contributions Receivable 1,244 809 435 Prepaid Expenses 3 29 (26) Total Assets $6,568 $3,654 $2,914 LIABILITIES AND NET ASSETS Accounts Payable $1,632 $ 109 $1,523 Grants Payable 1,067 1,105 (38) $2,699 $1,214 $1,485 unrestricted Net Assets 784 202 582 Restricted Net Assets 3,085 2,238 847 Total Liabilities and Net Assets $6,568 $3,654 $2,914
Revenues for 2006 were $4.97 million, an increase of $1.04 million over 2005. Service fee revenue of $296,000, as mentioned above, is a new source of support for the Foundation. A significant portion of the expenditures (71 percent) continues to support programs of the Academy and fellowships. 2006 2005 % Change As of December 31 (in thousands) Sources of Revenue Dues & Contributions $4,417 $3,824 16% Service Fees 296 – Investment Income 260 108 141% Total Revenue $4,973 $3,932 26% Expenses Program Expenses $2,517 $3,498 -28% General & Administrative 460 424 8% Fundraising 567 457 24% Total Expenses 3,544 4,379 -19% Net Income $1,429 $ (447) 420% While the year showed some encouraging results for the Foundation, we remain committed to exploring new means of generating income in support of the mission and goals of both the Academy and the Foundation with the help of our Corporate Roundtable sponsors. But we also continue to rely on individual support. your contributions and planned gifts make an immeasurable difference in the lives of those affected with a neurological disorder. We thank you for supporting and sharing in our mission! — Eric J. Liebler — American Academy of Neurology Foundation Treasurer
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Members - American Academy of Neurology

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