Membership and Financial Reports 1 Total membership for the year is down 1,334 net members or 22% due to losing the Ochsner group 2 membership, shutdowns and losses to physician practices resulting from the COVID-19 pandemic, and 3 additional closures related to five (5) named hurricanes making landfall in Louisiana during 2020. As 4 for the financial impact associated with this dramatic loss in membership, a loss of approximately 5 $260,000 is estimated for the year. However, from a cash flow perspective, 60% of the loss was able to 6 be replaced from an Economic Disaster Injury Loan from the federal government totaling $150,000, 7 which also included an additional $10,000 grant that does not need to be repaid. Dr. Nunez who serves 8 as the Chair of the LSMS Budget and Finance Committee informed the board that the committee 9 reviewed all financial information in detail during its December 8, 2020 meeting. 12 The Physicians Foundation Report and the Health Professionals Foundation Report were both noted and 13 filed accordingly. 16 Dr. Williams moved the board into executive session to discuss and review summary results of board 17 evaluations of the executive vice president’s performance and the board’s self-assessment of its 18 performance during 2020. The board remained in executive session for approximately one hour before 19 resuming its regularly scheduled public meeting. Upon re-entering public session, Dr. Williams stated 20 that it was the will of the board to secure an outside consultant to provide a one or two-day training 21 session to the members of the board and executive staff on topics to be determined by an ad hoc 22 committee. Dr. Williams then appointed herself, Will Freeman, MD and Andy Blalock, MD as the 23 members of the ad hoc committee. The ad hoc committee will work with the executive vice president to 24 identify a consultant and the appropriate topics for presentation during 2021. 10 11 Other Reports 14 15 Executive Session 25 26 2021 Recommendations of the LSMS Budget and Finance Committee 27 Dr. Nunez, Chair of the LSMS Budget and Finance Committee, informed the board that the 2021 budget 28 was conservative in nature and contained deep cuts to projected revenues and expenses as the COVID- 29 19 pandemic was still prevalent as the society prepares to enter 2021. This budget was prepared to stave 30 off any financial loss like what occurred in 2020. The following recommendations were then presented 31 to the board. 34 The LSMS FY2021 proposed budget be approved with estimated revenues of $1,500,000 and projected 35 expenses of $1,499,370. 32 33 Recommendation 1
36 37 38 39 40 41 42 43 44 45 46 47 48
Recommendation 2
Annual dues for FY2021 remain unchanged at:
Active Member Service Member Academic Member Part-time Member Affiliate Member Resident Member
$400 $200 $400 $200 $100 $ 35 $ 0 $ 80 $ 0
Medical Student Member Dues Exempt – Licensed
Emeritus
49 The non-deductible portion of 2021 dues for lobbying activities will be 50%. 50
Made with FlippingBook Digital Publishing Software