As we enter October our cycle comes to a close, and EMRA marks another historic year. This month also signifies the end of my term as your treasurer. Looking back on what our members, staff, and board have accomplished over the last three years is incredible. Your tireless efforts have placed EMRA in a fiscally sound position, ensuring that we can still offer the best available resources and opportunities to our membership.
To guarantee our continued excellent financial health, the EMRA Board of Directors approved the creation of the EMRA Finance Committee. A concept of our membership coordinator, Dr. Kene Chukwuanu, and our legislative advisor, Dr. Sarah Hoper, the committee is charged with primarily providing financial oversight for the organization, including budgeting and financial planning, financial reporting, and the creation and monitoring of internal controls and accountability policies.
As chair of the inaugural EMRA Finance Committee, I have witnessed careful and prudent fiscal decisions with the goal of supporting our membership at the heart of every resolution. As a testament to the growing support our organization provides to medical students, residents, and alumni, our FY14-15 annual budget has expanded to over $2.2 million in expenditures. These funds are dedicated to supporting programs that serve you as our members, and they are higher than ever before.
While EMRA’s financial investments supporting member benefits have increased, they are also balanced by continued revenue growth. Though the climb in total membership of nearly 8% over the last year has contributed to some revenue, it is not the primary reason for the augmented income. Rather, our board and staff have worked hard to diversify sources of income, make prudent investment decisions, and keep membership fees low. In fact, only about 20% of our earnings are from member dues. Because of our organizational investments and diversification, we have been able to maintain incredibly low dues, despite the continued growth of our organization. It is a testament to our commitment to members that EMRA’s resident dues have only increased once in our 40-year history!
The financial stability of EMRA is further appreciated by our increasing net equity. Entering FY14-15, our net equity totals approximately $2.8 million — up from about $2.5 million in 2013, and close to $1.3M in 2010. This financial reserve speaks to the health of the association. Strong fiscal responsibility has further allowed the organization to make substantial donations to support our members, our specialty, and other worthy groups. This includes $50,000 donated to the Emergency Medicine Foundation, and $25,000 to the Emergency Medicine Action Fund.
As my three years at EMRA come to a close, I cannot thank my fellow volunteers, friends, and family enough for making this one of the most rewarding experiences of my life. It has truly been an honor to serve this astounding association.
As our young leaders now step into more senior roles, there is no doubt that EMRA is on track to another 40 years of unparalleled success.