2019 SIR and SIR Foundation Financial Report
The graph below represents the trends in revenue, expenses, and net assets demonstrating financial and operational growth over the last 5 years. Revenue (represented by the green bar) has increased from a little under $9M to roughly $11.3M through membership growth, new CME and education opportunities and significantly stronger corporate partnerships. This has allowed SIR to spend more (the orange line) on the things members value most: educational programming, PR and communications, congressional and regulatory advocacy, quality and standards and member engagement. This has also allowed our total assets (represented by the blue background) to grow from ~$9M to $12M+ over the last 5 years.
Combined, the strength of our investment returns plus strong fiscal performance in 4 out of 5 years has provided SIR Leadership with the opportunity to invest in growing the products and services we can bring to SIR members and key stakeholders. Specifically for 2019, we budgeted to use reserves to fund large projects and stimulate organizational growth: namely,
SIR earned over $11.3M in revenue in 2019, which is an increase of $1.4M from 2018. The bar chart shows how revenue shifted across key revenue centers. Though revenue through membership dues increased by just over $117k in 2019, the percentage of total SIR revenue attributed to dues decreased by 3%. This reflects SIR’s continued work to diversify non-dues revenue sources.
Total revenue coming from education beyond the annual meeting increased by $614k. This is a combination of additional revenue generated by LEARN and the Stroke Course and a redirection of about 2% of corporate support from unrestricted to restricted.
To reinforce that last point further, and something that is not illustrated on this program allocation graphic, SIR again saw a tremendous growth in corporate funding, which grew by 22% in 2019 and combined made up 40% of SIR’s total revenue.
The Gala continues to be the main funding source for the SIR Foundation. Raising $538,502 for research the GALA accounts for 46% of the Foundation’s revenue source. Annual fund donations increased 11% compared to 2018 and accounted for 36% of revenue earned for 2019.. Not shown in the chart above the Foundation supported grant and clinical research programs using $250k of its healthy reserves of $7.6M. These reserves include a $2M contribution the Foundation received in 2019 that will support programming over the next four years (2020-2023).