As the Board of Governors is currently reorganizing its committee structure to align with the major pillars of the College, members of the Committee to Study the Fiscal Affairs of the College and the Executive Committee of the Board of Governors determined that this committee was essential to provide transparency to the Board of Governors and should continue to exist.
The American College of Surgeons (ACS) Board of Governors established the Committee to Study the Fiscal Affairs of the College to review the College dues structure, analyze and monitor the College’s financial matters in order to ensure the overall financial integrity of the College, and communicate concerns or questions regarding College programs, dues structure, allocation of resources, and other financial matters to the Board of Regents. As Secretary of the Board of Governors, I continue to chair this committee and to serve as a member of the Finance Committee and Compensation Committee for the Board of Regents.
As the Board of Governors is currently reorganizing its committee structure to align with the major pillars of the College, members of Committee to Study the Fiscal Affairs of the College and the Executive Committee of the Board of Governors determined that this committee was essential to provide transparency to the Board of Governors and should continue to exist.
Over the past year, the committee has met by conference call and in person to fulfill its responsibilities and to provide a transparent review of the College’s financial matters.
The committee reviewed the consolidated financial statements of the College for fiscal year 2012 and is pleased to report that the College remains fiscally sound. In addition, the committee has reviewed the 2012 resource allocation data as well as the discrete cost methodology adopted by the College. Review of these data indicates that resource allocation is consistent with the strategic goals and objectives of the College and is well aligned with the organization’s mission.
The committee has also reviewed the allocation of dues to dues-supported programs. Once again, dues-supported program costs exceed dues revenue by a considerable amount. This disparity highlights the value of ACS membership given our current dues structure. ACS staff provided the 2013 budget projections as well as the 2014 preliminary budgets and forecast that the committee reviewed. Review of these data indicates the College’s Finance and Accounting staff are using strong budgeting practices.
The Investment Subcommittee of the Finance Committee of the Board of Governors met during the 2012 Clinical Congress and, at press time, was scheduled to meet again in March 2013. The investment performance report provided by Cambridge Associates indicates that the College is using a sound investment strategy that is consistent with the organization’s goals.
The Board of Governors’ Committee to Study the Fiscal Affairs of the College serves an important role in assuring the members of the College and the Board of Regents that the ACS is in sound fiscal condition and has the appropriate resources to meet the strategic goals of the organization.
Members of the Governors’ Committee to study the Fiscal Affairs of the College
William G. Cioffi, Jr., MD, FACS, Chair
J. Craig Collins, MD, FACS, Vice-Chair
Anthony Atala, MD, FACS
Adam J. Cohen, MD, FACS
John Edward Garry, MD, FACS
Jon M. Greif, DO, FACS
James C. Hebert, MD, FACS
Don K. Nakayama, MD, FACS
Timothy D. Sielaff, MD, FACS
Robert Peter Sticca, MD, FACS
Mathew Thomas, MB, BS, FACS, Resident and Associate Society Liaison
Andrew L. Warshaw, MD, FACS
Jamie Kazay, ACS Division of Member Services