2009 Annual Report - Urological Society of Australia and New Zealand

Associate Member – Scientific/Research:
Colleen Nelson
Mr Malte Wellhausen
Provisional Member:
Gias Ahmed
Joseph Schoeman
Santoshi Nagaonkar
Christophe Chemasle
Resignations:
Greg Watters
Reynold Noronha
Ian Fletcher
Petr Macek
Kenneth Opeskin
Alastair Tulloch
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Treasurer’s report
Pat Bary
The consequences of the global financial crisis
were felt throughout 2009. Despite this, USANZ
produced a healthy operating result in 2009. For the
large part, this was a timing matter with most of the
financial support from the medical industry locked in
and paid before the global financial crisis took hold
in early 2009. In future years the support from the
medical industry may decline as medical companies
prune their marketing budgets to extract the best
possible value they can. In such circumstances,
the support by the USANZ members at USANZ
functions is critical to maintaining industry support.
Operations
USANZ generated an operating surplus of
$547,268.16. This is down compared to last years
operating performance of $750,714.07. The decline
in overall profitability is attributable to additional
expenditure related to the implementation of the
2009-2011 Strategic Plan, which included the
engagement of a media advisor and work on
brand development. Other contributing factors
were increased IT costs related to streamlining
back office processes along with PAYWAY Net
and shopping cart web development. Legal fees
were also increased following the rewriting of the
Constitution as well as a conservative provision
for doubtful debts. In addition, costs of conducting
USANZ activities have also increased but have
been moderated by efficiency gains obtained over
the year. It is anticipated that as USANZ continues
to grow increasing costs will erode hard won
efficiency gains.
Financial Position
During course of 2009 USANZ maintained
its conservative cash investment strategy. As
at 31 December 2009 our cash assets were
$5,920,681.19 compared to $5,327,286.00 at
the same time last year. There was an increase
of $803,404.15 in interest bearing funds and the
proportion of interest bearing funds earning 4%
or better increased from 37.5% to 46.1% of cash
assets. Total assets were up from $7,127,976.89 to
$7,800,282.52 and net assets from $5,548,825.47
to $5,894,582.11. Factored into the numbers above
is a unrealised gain from our Portfolio Investment of
8.40% from $616,809.92 to $668,626.47, recovering
some of last year’s loss (this investment has been
in place since 1999); and a restatement of the
treatment of ANZAUS net assets.
Cash Flow
Net cash from operations has decreased from
$1,530,875.16 in 2008 to $440,953.18 in 2009.
Interest earnings have declined from $213,638.78 to
$184,292.02 over the fiscal year. The surplus from
the Gold Coast 2009 ASM was $555,672.36.
Overall
For 2009 members can be well pleased with the
performance and accountability of the USANZ
management team. In future years USANZ will face
new challenges in the form of reduced financial
support from the industry and increasing demands
to produce and run high quality events with
increasing delegates. USANZ has budgeted for a
tough year in 2010 with expected falls in revenue
streams including sponsorship which may be
offset marginally by possible increases in interest
earnings. Cost growth of approximately 2% in
overall terms is expected. Member subscriptions will
increase by the CPI as approved by the Board.
I take this opportunity to acknowledge the work
of Alex Malley, Michael Nugara and Vaughan
Parkinson during 2009 and to welcome Nick Danes
to the USANZ team. ■
Urological Society of Australia and New Zealand | Annual Report 2009 www.usanz.org.au 11