Proposed Fiscal Year 2024 (FY24) Combined Budget
The BODs have reviewed and conditionally approved the FY24 budget that is presented here to the membership.
The FISC presented the proposed budget to the Executive Committees (ECs) of the AAO-HNS/F Boards of Directors (BODs) for the fiscal year, July 1, 2023 – June 30, 2024 (FY24) for their consideration. Following a robust discussion, the ECs endorsed it for final approval by the BODs. Subsequently during their April meeting, the BODs reviewed and approved the FY24 budget that is presented here to the membership.
Budgeting for FY24 represents the collaborative work of both the staff leadership and the members of the FISC to match stable funding to the mission we aspire to accomplish. The proposed FY24 budget is structured to meet the goals of the AAO-HNS/F Strategic Plan and continue to provide member services in the most effective and efficient way that provides the necessary support to members in their practice and patient care as well as the investment into the advancement and sustainability of the specialty.
Highlights of the FY24 Budget
The FY24 balanced budget is proposed at $20.1M. Operating revenues are budgeted to fund $16.6M of expenses and the BODs-approved the use of Board Designated Net Assets to fund the remaining $3.5M. Higher costs across the board and lower than average revenues related to the FY24 Annual Meeting are the main drivers of the need to use net assets to balance the FY24 budget. The BODs also approved the use of net assets to fund the Reg-entSM technology cost, as has been done in the past.
In order to provide the services desired and needed by the membership in a changing practice environment, at their April meeting, the BODs also voted to approve an increase in dues for all domestic membership categories except for military/government employed physicians for the 2024 calendar year dues cycle. The last dues increase took place six years ago for the 2018 calendar year dues cycle. Education and Other Product Sales, largely revenue from FLEX subscriptions, are budgeted equal to actual sales in FY23. Publication Revenues are based on contractual agreements with publishers of the journals, Otolaryngology–Head and Neck Surgery and OTO Open, and the Bulletin. The guarantees under the renewal contracts are expected to be at slightly lower levels in both cases. Other Revenues include royalties from Academy Advantage partners, corporate support not related to the Annual Meeting, and donor contributions to the Foundation’s Annual Fund.
Donor Restricted Net Assets are budgeted to support $236K of programming including CORE grants, Annual Meeting lectures, and travel grants for residents, humanitarian efforts, and International Visiting Scholars.
The complete budget is available to any Academy member who requests it in writing. Email requests to Lisa Holman, Senior Director, Finance and Administration, at bulletin@entnet.org.
