ACP Financial Report

ACP’s Statement of Financial Position shows total assets of $203.8 million as of June 30, 2023. This reflects a 6.30% increase from 2022, while total liabilities decreased 1.84% over the same period. The increase in assets was primarily attributed to investments which increased 9.18% to $136.0 million while the liabilities decreased primarily due to a reduction in net long-term debt. Overall, ACP’s net assets ended the year at $135.6M (total assets less liabilities), an increase of $13.4M over 2022.

While ACP reported a $179K deficit from operations in 2023, this deficit included a $1.83M investment in reserve funded strategic priorities, so overall ACP had a solid year. ACP saw extraordinary gains in the financial market from 2022 to 2023, positively impacting college investments by $13.4M. An additional $167K gain related to 2023’s change in pension and postretirement benefit costs resulted in an overall $13.4M increase in net assets.

We will continue our investment in ACP’s priorities during Fiscal Year 2023-24 with prudence and continue to incorporate the College’s long-standing fiscal discipline and commitment to financial sustainability into our planning. Just as important, and reflective of ACPs values, the College continues to engage in an ESG (Environmental/Social/Governance) investment strategy that assures that our investments reflect our values.

Finally, ACP received an unqualified, or clean, opinion from our auditors, BDO LLP, in the Independent Auditors Report. Financial highlights presented by BDO LLP noted that ACP’s key ratios were all at or above the industry standard, reflecting both financial strength and liquidity. ACP is tax exempt under Section 501(c)(3) of the Internal Revenue Code. I submit these reports with the certainty that ACP continues to be a financially sound and strong organization.

We will continue to strive to utilize our member-derived financial resources to ensure that the College can lead Internal Medicine for the benefit of our members and generations to come. Respectfully submitted,