Treasurer's Annual Report

I am pleased to present the Treasurer’s Annual Report for the American Society for Radiation Oncology (ASTRO) for the year ended on December 31, 2025. The year reflected strong investment performance with deliberate investments in strategic programs.

Operating Performance and Program Services

Total operating revenue and support reached $25.5 million, driven by ASTRO’s core activities. Educational programs remained the primary driver, generating $13.2 million, followed by membership dues of $4.5 million and journals income of $3.4 million.

Total operating expenses were $25.7 million. The organization allocated $19.1 million (74.1%) of total expenditures toward program services, reflecting a continued focus on mission-driven activities that support members and the broader radiation oncology community. Key programmatic investments included Educational Programs ($7.7 million), Membership and Communications ($4.7 million), and Quality Programs ($2.9 million). Supporting services were closely managed, with G&A expenses totaling $4.9 million.

Nonoperating Activities and Investment Portfolio

ASTRO’s long-term investment portfolio delivered strong returns during the year. Net investment income of $7.0 million, primarily driven by realized and unrealized gains, more than offset the operating deficit. As a result, total net assets increased by $6.8 million for the year.

The Finance/Audit Committee continues to monitor investment performance and asset allocation to ensure alignment with ASTRO’s long-term financial strategy and risk tolerance.

Balance Sheet Strength and Liquidity Position

As of December 31, 2025, ASTRO maintained a strong financial position with a solid liquidity profile and no outstanding debt. Total assets were $59.5 million, consisting primarily of long-term investments totaling $53.7 million. Total liabilities were $8.7 million, consisting primarily of deferred revenue of $4.8 million related to advance program and membership payments.

Summary

In summary, fiscal year 2025 reflects a balanced financial strategy, combining targeted programmatic investments with strong investment performance. ASTRO remains well-positioned to sustain its mission, respond to evolving member needs and pursue long-term strategic opportunities from a position of financial strength.

Michael Kuettel, MD, PhD, MBA, FASTRO
ASTRO Secretary/Treasurer