I am pleased to report that the Society accepted 3,403 new members during 2004.We annually promote membership in our Society to new radiology residents and medical students. Through this year's promotional efforts 2,543 radiology residents and medical students joined the Society (1,314 new Members-in-Training, 774 new Corresponding Members-in-Training, 119 Fellows and 336 Medical Students). We are pleased to see these radiologists-in-training and medical students take advantage of the great opportunities offered to them by joining the Society. Members-in-training and medical students do not pay dues, have free access to RSNA online journals and InteractED, are allowed free admission to the RSNA Scientific Assembly and Annual Meeting, and may subscribe to the printed copy of Radiology and RadioGraphics at a highly subsidized rate.
In 2004, four Counselors retired from their positions and each nominated an individual to be considered as their successors in 2005. The new Counselors were approved at the September meeting of the RSNA Board of Directors.
I regret to report the passing of the colleagues named below as of October 31, 2004. The Society mourns their deaths, comforted by the knowledge of their many devoted services to the health and wellbeing of the communities in which they practiced medicine.
The financial statements for the fiscal year ended June 30, 2004, reflect positive earnings for the Society.
For the third straight year RSNA has experienced financial growth due to maintaining its revenue sources and controlling its expenses. In addition, the Society's investment portfolios experienced positive growth. This is especially important for the Society's Research & Education Foundation, as its ability to fund grants is directly impacted by the return on investments. The continue financial growth of the Society has help increase its reserves, which helps protect the RSNA from any significant economic downturns and provides available funds for future programs and initiatives.
KPMG LLP completed its annual audit of the Society's financial statements issuing an unqualified opinion, indicating that KPMG LLP found no material differences to the financial information presented in the Society's year-end financial statements. In addition, KPMG LLP indicated to the Treasurer that it did not find any material weaknesses in the Society's internal accounting procedures.
The following Balance Sheet and Statement of Activities have been condensed from the year-end audit report prepared by KPMG LLP, as of June 30, 2004. The detailed audited report is kept on file at the RSNA's headquarters: Radiological Society of North America, 820 Jorie Blvd, Oak Brook, IL 60523. It is available for review there by members of the RSNA.
David H. Hussey, M.D.Secretary-Treasurer