The BODs have reviewed and approved the FY25 budget that is presented here to the membership.
The Finance and Investment Subcommittee (FISC) reviewed, prioritized, and approved the proposed budget, submitted by the staff. The Secretary-Treasurer presented this budget to the Executive Committees (ECs) of the AAO-HNS/F Boards of Directors (BODs) for the fiscal year, July 1, 2024 – June 30, 2025 (FY25) for their consideration. Following the presentation and ensuing discussion, the ECs endorsed it for final review and approval by the BODs. Subsequently, during a June 4, 2024, meeting, the full BODs reviewed and approved the FY25 budget that is presented here to the membership.
Budgeting for FY25 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 FY25 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 FY25 Budget
The FY25 balanced budget is proposed at $20.5M, with $19.2M funded from operating revenue and $1.3M funded from Board Designed Reserve Funds. Investment activity is not part of the operating budget and therefore is not considered in these figures. Higher costs across the board are the main driver of the need to use reserves to balance the FY25 budget. The BODs also approved the use of net assets to fund the Reg-entSM technology cost, as has been done in prior years.
Nearly 75% of FY25 revenue, $14.4M, is budgeted to come from two major areas: membership dues and Annual Meeting revenue. The remaining 25% of operating revenue comes from education product sales, royalties from publishers of the journals and the Bulletin, royalties from our Academy Advantage partners, revenue from the Corporate Champions program, and donor contributions to the Foundation’s Annual Fund, and other donor contributions.
Changes in FY25 operating revenue compared to FY24 include: an expected higher number of attendees at the 2024 Annual Meeting in Miami Beach, Florida; significant increase in education product sales, mainly from the Otolaryngology Core Curriculum (OCC), which is a new product that will be launched on July 1, 2024; revenue from the OTO FORUM, a new revenue stream in FY24; and an increase in revenues from the Corporate Champions program.
Overall operating expenses are budgeted slightly higher than the prior year mainly due to inflation.
Donor Restricted Net Assets are budgeted to support $199K of programming including CORE grants, Annual Meeting Guest Lectures, travel grants for residents, humanitarian efforts, and the International Visiting Scholars program.
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.
