It is my pleasure to provide the AUA membership with a financial perspective and summary of the 2024 Annual Business Meeting, which was conducted concurrently with the May 2024 AUA Annual Meeting in San Antonio. I will reiterate, in part, the financial updates that were presented and review the current financial status and 2024 outlook for the AUA.

The hospitality that we experienced in San Antonio was incredible, and both international and domestic participation was enthusiastic and engaged. Thanks to the efforts of many, including AUA Secretary David Penson and Education Chair Jay Raman, the content was varied, timely, and comprehensive as well as apropos for clinicians, researchers, and trainees alike.

The AUA Treasurer, along with the Chief Executive Officer and Chief Financial Officer, is responsible for the safeguarding of the assets of the AUA and the Urology Care Foundation™ (UCF). The duties of the office of the Treasurer include the regular reporting of financial information and investment performance to the Board. The Investment Policy Statement is reviewed annually as a function of the Finance Committee and Board. Additionally, it is the duty of the Treasurer to ensure financial and regulatory compliance with nonprofit requirements.

The AUA is an organization that comprises 4 tax-exempt entities, which house the multiple individual programs of the AUA. The 4 entities include AUAER, AUA, Inc, AUAPAC, and UCF, Inc. Collectively, the 4 entities are referred to as the “AUA” (Figure 1).

The Treasurer’s report to the AUA and UCF boards and to the membership at the business meeting featured the audited results of the 2023 fiscal year. The audit report provided a favorable unmodified opinion with sufficient liquidity noted across the organization.

The AUA Statement of Financial Position or Balance Sheet showed an increase in total assets from $261.9 million in 2022 to $292.9 million in 2023. This was largely due to an increase of $27.9 million in the investment portfolio as a result of portfolio performance of 16.3% for the year.

Audited revenue from the Income Statement for 2023 was $45.3 million with expenses of $42.8 million for a positive operating margin of $2.5 million before net unrealized investment income and interest expense (Figure 2). Programs that provide a positive operating margin include the Annual Meeting, Membership, Publications, and the UCF. They, in turn, support and subsidize mission-directed programs in the areas of education, research, public policy and advocacy, as well as science and quality.

Budget requirements established by the board include performance targets as well as deficit and expense caps for AUA programs. All AUA programs and UCF managed their budgets to meet those requirements for 2023.

2023 was a robust financial year for the AUA, and its members can be assured that those charged with governance are committed to strong financial management and stewardship. Strategic decisions and fiscal discipline throughout challenging economic and investment environments over the past several years have ensured that the AUA was not only able to meet its obligations but, in fact, able to repay its tax-exempt bonds in full during 2023. As a result, the organization is completely debt free and is also undertaking some important software modernization initiatives to be completed in mid-2024.

As in years past, I am looking forward with enthusiasm to the upcoming annual budget process for 2025. This year is my fourth and final year in my term as AUA Treasurer. Jennifer Miles-Thomas has initiated her year as Treasurer-Elect, and we will work closely together alongside the financial team leading up to the transition of the office of Treasurer following the Spring 2025 Business Meeting. With her extensive past experience in multiple financial and leadership roles, including as a large practice managing partner as President and Chief Executive Officer of Urology of Virginia, she will be a true asset to our organization.

The AUA remains committed to the tripartite mission of education, advocacy, and research to advance urologic care and to bring value to our members and our patients. As Treasurer and part of the AUA financial team, I welcome your questions and input.