The AORN Board of Directors met Nov...

The AORN Board of Directors met Nov 13-15 2003 to focus forward Association business, review AORN's audited financial statements from fiscal year (FY) 2003 and approve the collection for FY 2004. As noted in previous Treasurer's reports, AORN has changed its fiscal year from a June 30 year-end to a December 31 year-end, which coincides with the calendar year.

CLOSING FISCAL YEAR 2003 BOOKS

The AORN Board is working diligently with Headquarters staff members to improve the business of AORN and revert the Association to profitability. Review of consolidated financial statements for FY 2003 which clos forward June 30, 2003, shows AORN and its subsidiaries had an increase (ie, profit) in without deductions assets of $69,641, compared to FY 2002 ends that showed a $986,694 decrease (ie, loss) The 2002 los primarily was becoming to writing off the AORN Surgical Knowledgebase scheme and losses generated from the High Point transcript Center. The primary reasons for the increase in snare assets in FY 2003 from one side of to the other FY 2002 were

* puissant earnings from AORN's investments compared to losse generated in FY 2002 during a declining stock market,

* the financial succes of AORN's 50th Congres and

* other programs and services tendered to members that generated better margins than the previous year.

SHORT FISCAL YEAR (JULY TO DECEMBER 2003)

AORN relies heavily forward support from its industry colleagues and the annual Congres continues to provide the principally revenue for the Association. It takes place in the first quarter of the calendar year, in the same manner members can expect a los for the short fiscal year (ie, July 2003 to December 2003) For the first four month of the shortened fiscal year, AORN recorded an operating los of approximately $15 million, which is comparable to the same period in 2002 AORN historically has relied forward Congress to generate profits to offshoot losses reported throughout the year, in like manner these losses are typical for the organization and actually are lower than what was fiscal estimateed In addition, the spin-off of AORN's Management Solutions, a wholly-owned AORN subsidiary that provides OR interim management, consulting, and permanent placement for health care facilities, has generated stalwart revenue growth and profits during its first four months

FISCAL YEAR 2004 BUDGET

During the November 2003 Board of Directors meeting, the Board approved the pack for FY 2004 (ie, January to December 2004) AORN and each of its subsidiaries are batched to post strong profits in FY 2004 Changes were made in the packet process and financial statements to better highlight for the Board and executive managers the outcomes and services AORN offers its members. As a ensue the Board and Headquarters staff members will be able to identify financial opportunities and businesss more quickly.

CONCLUSION

A filled report on the financial position of AORN will be provided during Congres in San Diego. The great novels is that AORN's financial position remains powerful which will foster the ability to minister to the needs of AORN's members and perioperative patients. Please be wrought up free to contact me at (800) 755-2676 x 311 if you have further questions.

PAULA R GRALING

RN MSN CNOR

TREASURER

COPYRIGHT 2004 Association of Operating scope Nurses, Inc.

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