Treasurer’s Report
I am pleased to present ACP’s audited financial reports for the year ending June 30, 2024. Despite ongoing economic challenges, ACP continues to demonstrate prudent financial management, and these reports affirm the College’s overall financial strength. Our continued success is a direct result of the collective efforts of our governance, members, and staff.
As of June 30, 2024, ACP’s Statement of Financial Position reflects total assets of $214.3 million, a 5.2% increase from 2023. At the same time, total liabilities decreased by 4.89%, primarily due to a reduction in long-term debt. The asset growth was largely driven by a 3.58% increase in investments, reaching $140.8 million. As a result, ACP’s net assets (total assets less liabilities) stood at $149.5 million, marking a $13.9 million increase over 2023.
While ACP reported a $3.14 million operating deficit in 2024, this included a $1.7 million strategic investment from reserves to support priority initiatives, as well as funding prelaunch activities for ACP MKSAP, which officially launched in February 2025. Despite the deficit, ACP had a strong financial year, bolstered by $16.8 million in investment gains, driven by continued financial market growth. Additionally, a $203,000 gain related to changes in pension and post-retirement benefit costs contributed to the overall $13.9 million increase in net assets.
Looking ahead to fiscal year 2024-25, ACP will continue to invest strategically while maintaining financial prudence. Our long-standing commitment to fiscal discipline and sustainability remains at the core of our financial planning. In addition, in alignment with ACP’s values, the College remains committed to an Environmental, Social, and Governance (ESG) investment strategy, ensuring that our investments reflect our mission and principles.
Finally, ACP received an unqualified (clean) audit opinion from BDO LLP, confirming the integrity of our financial reporting. BDO’s review highlighted that ACP’s key financial ratios remain at or above industry standards, underscoring our strong financial position and liquidity. As a 501(c)(3) tax-exempt organization, ACP remains dedicated to maximizing member-derived resources to advance internal medicine for the benefit of our members and future generations.
As my tenure as Treasurer comes to a close, I want to take a moment to express my sincere gratitude for the opportunity to serve ACP and its members. It has been a privilege to help steward the College’s financial resources, ensuring stability, growth, and a strong foundation for the future. I leave this role with confidence in ACP’s continued financial health and the capable leadership that will carry its mission forward.
Respectfully submitted,
Janet A. Jokela, MD, MPH, FIDSA, MACP
ACP 2025 Treasurer