Financial Overview

The Statement of Activities is also known as the Income Statement or Profit & Loss. This financial statement provides a summary of financial performance over a period of time.

The ACR is unique and fortunate that the organization has not experienced a downturn in financial performance due to COVID. ACR has used the pandemic as an opportunity to innovate and consider strategic opportunities to advance the organization.

Over the course of the 2021 Fiscal Year, ACR had strong revenue.

• Revenue growth in quality and safety programs and member dues demonstrates the value and importance of the ACR to our members, especially during uncertain times.
• The pandemic provided new opportunities for research funding to create and support COVID-specific registries and trials.
• The ACR also benefited from investment gains as a result of the significant market surge. While the ACR does not rely on investment income for operational support, the growth in the portfolio allows flexibility to make investments in ACR’s infrastructure and in support of future programs for our members and their patients in accordance with our strategic mission and goals.

The ACR was agile in our response to the pandemic, limiting spending and activities until there was more clarity to the impact of COVID on our members, staff, and communities-at-large:

• To protect the safety of registered participants and ACR volunteers and staff, in-person events were either cancelled or converted to virtual formats; and all ACR-sponsored travel was prohibited.
• At the onset of the pandemic, the ACR took a very conservative approach to spending, limiting new engagements to activities of strategic importance or deemed necessary and critical for the organization.

Because of the ACR’s strong financial position both before and through the pandemic, the organization has been able to make decisions in a strategic and thoughtful way, rather than from a reactive stance. As a result of dedicated and sound fiscal stewardship, the ACR is well positioned to make the needed investments to continue to bring value and impact to our membership.

The Statement of Financial Position provides a point-in-time snapshot of ACR’s overall financial health. This is also referred to as a Balance Sheet.

As of June 30, 2021:

• Of the total $291M assets, $233M (80%) is related to cash and investments compared to $179M (77%) at the end of the prior fiscal year.
• Liabilities increased 4% over the prior fiscal year, largely due to higher accounts payable and accrued expenses at year-end.
• Net assets of $203M includes:
  
  • Board designations of $91M (45%). Designations include funds set aside for the operating reserve, strategic reinvestment projects, and innovation awards.
  • Undesignated net assets of $83M (41%), an increase of $56M over the prior year. The year-over-year increase is driven by the net operating surplus for the year and investment returns.
  • Net investment in property and equipment of $29M (14%).

As a membership organization, ACR supports over 40,000 members, some of whom volunteer to support a wide array of commissions, committees, and task forces that provide guidance and direction to the many programs provided by the ACR. The ACR is committed to reinvesting surpluses in initiatives and activities that support our strategic plan. With the ACR’s strong financial performance, both before and through the pandemic, new investments will be identified to empower our members and the profession in a post-COVID world. The organization is currently reviewing and refreshing the strategic plan. The ACR remains committed to make strategic investments to secure the future of the ACR, the radiology community, our members, and the patients they serve.