Treasurer’s 2024 Year-End Financial Report

Issue 36 | Volume 1

 As a large – and growing – society, SOCCA has responsibilities to its constituents. Obviously providing education, opportunities for research and policy writing, and camaraderie are benefits of being a member of SOCCA that we all enjoy. However, as a large society, financial stability is an onus upon SOCCA that most members may not think about often.

As many know, in 2024, SOCCA underwent two major changes. Firstly, SOCCA increased collaboration with IARS for the SOCCA Annual Meeting, which led to favorable financial adjustments. Secondly, we changed management companies to Association Resource Center. These changes led to a welcomed and increased scrutiny on our financial position. It is my pleasure as Treasurer to report that the financial position of SOCCA is favorable and sustainable.

The largest source of income for SOCCA is membership dues, which produced a revenue of almost $129,000 in 2024 (Thank you!). SOCCA also has other sources of income including job fair sponsorship, fees from job postings on the website and monies earned from selling the Resident’s Guidebook. In 2025, we are hopeful that two new sources of income will come to fruition with webinar sponsorship and fees for the Board Review Course.

As far as expenses, operating costs are the main source of outgoing monies. In order keep SOCCA as a user- friendly society with optimal benefits for our membership, much goes on behind the scenes. These costs include maintaining the website, marketing, several software programs, offering continuing education for webinars, and of course, paying taxes. SOCCA also uses funds to present annual awards, such as the Lifetime Achievement, Innovator and Young Investigator awards. The annual meeting also brings about expenses in terms of food and beverage costs for social events, travel expenses and audiovisual expenses.

In total, SOCCA had a net revenue of $161,128.40 in 2024, which is an increase of 47.50% from 2023. SOCCA maintains the majority of these monies in investments and money market funds in hopes to preserve capital while earning a modest return, which has occurred throughout the years.

Financial responsibility and membership trust are paramount duties for SOCCA to maintain. It is my hope as Treasurer of SOCCA, that all members feel that their hard-earned dollars are being put to excellent use and they are receiving valuable products from their SOCCA membership.

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