Vital Times 2020 - 18

The Treasurer's Report
T John Hsieh, MD | CSA Treasurer

A

lot has happened
since my last
report. At the end
of 2019, California Society
of Anesthesiologists
(CSA) geared up for a
bright 2020 with plans to
enrich our educational
program, to enhance
the membership benefit
program, and to carry
out a strong legislative advocacy plan. These
comprehensive programs were outlined and planned
during our January Strategic meeting that took place
in Sacramento. However, these programs were all
temporarily suspended as our nation and our state
responded to an unprecedented health crisis from the
deadly Coronavirus. All the enhancement programs
were temporarily placed on hold as the result of the
pandemic. As the pandemic continued throughout
2020, CSA leadership and management have
responded and adapted to the challenges.

2019 Financial Review
CSA performed well financially in 2019. On the
revenue side, the investment return amounted to
$190,738 which is 20% return on the asset invested
in the equity market. The educational meeting
revenue remained the same as the previous year, and
membership revenue decreased slightly by $20,000
(1.3%). On the expense side, the general operating
expense and legislative advocacy expense remained
the same when compared to 2018, but educational
meetings incurred a larger than expected expense
as the result of failure to fulfill the hotel room

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CSA Vital Times

block. Therefore, at the end of 2019, CSA had a
small surplus of $65,519. The large negative on the
educational product was offset by the higher than
expected investment returns.

2020 Financials
2020 has proven to be a challenging year for
every organization, and the CSA was no exception.
Membership decreased by 9% when compared to
2019, and that translated into a decrease in the
membership revenue of 10%. Furthermore, the
registration fees from the pre-pandemic Hawaii
Winter Meeting were not enough to cover the
expenses and significant fees associated with Annual
Meeting cancellations. This has all contributed to the
possibility of negative net revenue for 2020. However,
cancellations of all in-person governance meetings
and converting them all to online virtual meetings
has resulted in substantial savings on the operating
expenses. Furthermore, due to stronger than
expected investment returns, we may come close
to breaking even for the year.

2021 Budget
With the uncertainty of the pandemic, it has been
a challenge to create a budget that would allow
CSA to advocate in Sacramento and provide
educational opportunities for our members and other
anesthesiologists. Therefore, a budget of potential
losses of $89,947 was presented and approved by
the Virtual CSA House of Delegates on November 21,
2020. The reason for the negative budget is because
of projected membership losses, uncertainty with



Vital Times 2020

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https://www.nxtbook.com/allen/csvt/vital-times-2021
https://www.nxtbook.com/allen/csvt/2020
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https://www.nxtbook.com/allen/csvt/2017
https://www.nxtbook.com/allen/csvt/2016
https://www.nxtbook.com/allen/csvt/2015
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