The AORN Board of Directors met upo...

The AORN Board of Directors met upon July 16, 2004, in Denver to discuss the financial affairs of the Association. AORN's independent auditors, Ehrhardt Keefe Steiner & Hottman PC Denver at handed the audit report, and the Board members accepted it. The auditors noted that AORN is financially healthy, although the short fiscal year from July 2003 to December 2003 finished with a los This los was anticipated, however, because stocks from Congress, AORN's main income source, were not included in this period. A review of the whole year actually showed a profit.

Members of the Finance and Audit Committee also met with representatives of Salomon Smith Barney, Denver during this time to review AORN's investment portfolio. This portfolio continues to provide a positive reply for the Association.

In addition, AORN's treasury management policy was revised according to a vote of the entire Board of Directors. The recently made known policy will allow for more fluid motion among AORN's investments based forward the Association's cash needs in the novel fiscal year and AORN's ne to continue to earn a virtuous return on investment in short-and long-term securities.

brace budgets were presented and approved during this Board meeting:

* a preliminary bag for Congress 2005 in modern Orleans and

* a governmental estimate for the next meeting of AORN's 2005 World Congres in Barcelona, Spain.

As of June AORN had complet the first six month of fiscal year 2004 and the Board reckon upons that all entities of the Association will have achieved a positive margin when numbers are finalized.

THE AORN FOUNDATION

The AORN Foundation is facing a challenge created on a reduced number of unrestricted assets while also using initiative-based contributions to fulfill scholarship privations and focus on projects to be of use to the members. AORN members contributed approximately $4000 to the Foundation during the late Focus on Leadership conference. In addition, the AORN Board of Directors contributed $6000 to the Foundation that is dedicated to the 2005 Focus onward Leadership conference.

SUBSIDIARIES

AORN's for-profit subsidiaries continue to provide AORN with prosperous business opportunities and services in the marketplace. upon July 1, 2003, the Board invested $100000 in AORN Management Solutions (AMS). This subsidiary has excell in the marketplace by way of supplying skilled interim nurses, consulting services, and permanent placements in health care facilities, as well as providing a respond on investment to the Association of more than $300000

Association Technology Solutions (ATS) also continues to be prosperous and was recognized in 2003 according to Advanced Solutions International, Inc (ASI), as number single in kind in customer service in the western region of the United States and number six in sales in the nation. (1) Association Technology Solutions resell ASI's iMIS association management software. In addition, ATS has provided AORN with assistance in information technology (IT) by the agency of conducting an IT assessment and providing recommendations upon updates to AORN's iMIS arrangement thus improving AORN's capability to deliver member services.

The nearest meeting of the Finance and Audit Committee will be held upon Nov 4, 2004, during the fall Board of Directors meeting. A set for fiscal year 2005 will be finalized and sent to the AORN Board for approval. Please perceive free to direct any questions or transactions to Paula Graling, RN, MSN CNOR, AORN Treasurer, at (303) 755-6304 x 311

NOTE

(1) J Cousin, personal communication with the author, Denver 19 July 2004

PAULA R GRALING

RN MSN CNOR

TREASURER

COPYRIGHT 2004 Association of Operating latitude Nurses, Inc.

COPYRIGHT 2004 Gale Group