In 2022, the AACR reported another year of positive operating returns, with operating revenues growing 16% over the prior year. This financial stability enables the AACR to comprehensively meet the challenges of the cancer problem. Operating revenues totaled $86 million, and total expenditures closely matched revenues. The net impact of revenues and expenses resulted in an operating surplus of $1.1 million. As outlined in this report, several major initiatives were launched in 2022, and the AACR was able to outperform the budget through successful programming, revenue growth, and prudent financial management.
Non-operating activities are primarily related to long-term investments. After several years of positive performance in the AACR’s investment portfolio, the portfolio experienced negative returns in the amount of $29.6 million in 2022 due the ongoing pandemic and economic uncertainty. These returns were offset in part by the net operating surplus, and the AACR was able to manage its operating budget without using investment income; as a result, the negative market returns did not have an adverse effect on AACR operations.
As a result of the financial performance for the year 2022, the AACR’s unrestricted net assets are now $127 million. These reserves ensure continued investment in the programs and initiatives that support the AACR’s mission to prevent and cure all cancers.
Unrestricted Revenues and Expenses (Unaudited)
As of December 31, 2022
|2021||Projected 2022||2022 Percent of Total|
|Scientific Meetings and Educational Workshops||$15,503,304||$25,687,809||30%|
|Subtotal Program Revenue||$45,631,494||$52,146,374||60%|
|Subtotal Support Revenue||$28,660,599||$34,083,496||40%|
|Research Grants and Scientific Awards||$22,899,768||$24,684,440||29%|
|Scientific Meetings and Educational Workshops||$9,058,784||$20,325,429||24%|
|Communications, Science Policy, and Patient Education||$7,217,574||$8,680,678||10%|
|Professional Education and Scientific Programs||$6,534,161||$7,104,533||8%|
|Subtotal Program Services||$59,195,904||$73,845,979||87%|
|Member Services and Support Services||$6,621,116||$6,744,985||8%|
|Fundraising and Development||$3,360,572||$4,470,115||5%|
|Subtotal Supporting Services||$9,981,688||$11,215,100||13%|
|Operating Surplus before Investments||$5,114,501||$1,168,791|
|Subtotal Other Changes||$29,660,980||($29,599,702)|
|Change in Unrestricted Net Assets||$34,775,481||($28,430,911)|
|NET ASSETS BEGINNING OF YEAR||$120,803,959||$155,579,440|
|NET ASSETS END OF YEAR||$155,579,440||$127,148,529|