Treasurer’s Report
Annual Report 2023
Michael Kuettel, MD, PhD, MBA, FASTRO
ASTRO Secretary/Treasurer
I am pleased to report that 2023 was a successful fiscal year for ASTRO with ASTRO’s long-term investment portfolio generating a strong absolute return of 15% and comparing favorably to the benchmarks, allowing ASTRO to continue to invest in programs and educational opportunities for our members.
ASTRO once again engaged Marcum LLP Accountants, an independent firm, to conduct an audit of ASTRO’s 2023 financial statements (including ASTRO, ROI and ASTRO PAC). The auditors expressed an unmodified, “clean opinion,” the highest opinion and best outcome possible. The ASTRO Finance/Audit Committee, which meets regularly to discuss investment strategies, budgetary policies and other financial matters, reviewed the report in detail with the auditors. The report was then submitted and approved by ASTRO’s Board of Directors in June.
Profit and loss statement
ASTRO generated $21.7 million from operating income in 2023. Meeting registration revenue (including the Annual Meeting at $10.5 million) comprised 52% or $11.2 million; membership dues represented 19% or $4.2 million; and journal subscription revenue an additional 14% or $3.1 million of the total 2023 operating revenue. With operating expenses of $24.2 million, ASTRO posted a $2.45 million loss from operating activities. After accounting for the strong investment returns of $5.75 million and other non-operating activities, government stimulus and board designated activities, ASTRO posted a $2.9 million or 10.5% profit for 2023.
Balance sheet
As of December 2023, ASTRO’s net worth of $40.7 million (includes $19 million or 47% in Board Designated Funds) is comprised of $52.5 million in assets and $11.8 million in liabilities. As of December 31, the long-term portfolio was valued at $42.3 million, representing 81% of ASTRO’s assets. At $4.8 million, deferred revenue represents a large component of liabilities, as ASTRO members and exhibitors continue to take advantage of the organization’s prepaid membership dues and exhibit booth payment options, respectively.
Through continued dedicated leadership, ASTRO maintains a strong commitment to its members, cancer patients, and to advance the specialty of radiation oncology by fostering research and innovation, leading policy development and advocacy, and focusing on financial planning that promotes the goals of the strategic plan and ensures future stability.
