AORN changes fiscal year; adds/deletes subsidiaries - Treasurer's Report

AORN Journal, Sept, 2003 by Paula Graling

AORN's Board of Directors held a special meeting in June 2003 to focus on association business and approve the July to December 2003 budget. As was reported in the AORN journal, AORN has decided to change its fiscal near to correspond to the calendar year ("Delegates try new keypad voting system, listen to task force reports, and vote on workplace safety statement," vol. 77, June 2003, 1106). This change takes effect in January 2004, so there is a short budget cycle from July to December 2003. The new budget cycle will allow AORN to manage its finances and forecasts based on actual Congress income and other revenue producing entities. An additional advantage is that AORN's Treasurer will be able to provide a report to the House of Delegates about financial statements that recently have been audited. Previous reports given at the House used financial data that was almost nine months old.

SUBSIDIARIES

One of AORN's subsidiaries has faced significant challenges. The Highpoint Print and Copy Center was the corporation held by AORN as a result of the sale of Education Design to HealthStream in July 2000. The Board approved a motion in March 2003 to merge Highpoint's operations into AORN, and the subsidiary was officially dissolved as of July 1, 2003. This allowed AORN to decrease the subsidiary's losses and still maintain business relations with HealthStream for copy and print revenue. The merger also provided AORN with additional tax benefits, as well as more rental space in the Headquarters building.

On a positive note, AORN has spun off a new subsidiary, effective July 1, 2003. AORN Management Solutions, which previously was known as Opportunity, provides interim health care management, permanent placements, and consultation services. AORN Management Solutions provides services for acute care hospitals and ambulatory surgery centers.

FOCUSING ON THE FUTURE

The AORN Board and Headquarters staff members are working hard to improve the business aspects of AORN and continue the Association's financial growth while maintaining a focus on members. AORN's financial position remains strong, which will foster serving the needs of the members while also allowing AORN to focus on protecting the safety of perioperative patients. If you have any questions, please feel free to contact me at (800) 755-2676 x 311.

PAULA GRALING

RN, MSN, CNOR

AORN TREASURER