GREATER LOUISVILLE MEDICAL SOCIETY
STATEMENT OF FINANCIAL POSITION
DECEMBER 31, 2019
GREATER LOUISVILLE MEDICAL SOCIETY
STATEMENT OF ACTIVITIES
JANUARY – DECEMBER 2019
Changes in Net Assets
Dues
Assets
$ 661,240
Louisville Medicine advertising 54,925
GLMS Update advertising 5,270
Roster sales & advertising 102,037
MedCentral 589,295
Sponsorship revenue 18,000
Admin. fee from Medical Society Professional Services
7,533
CURRENT ASSETS
Cash/cash equivalents
Accounts receivable
Prepaid expenses
$ 603,096
244,903
14,875
INVESTMENTS AND OTHER ASSETS
Investment at market value
2,830,372
Admin. fee from GLMS Foundation 54,000 Annuity contracts Videos 15,000 PROPERTY AND EQUIPMENT Email Blasts 11,750 Furniture & Office equipment 268,440
7,388 Less accumulated depreciation -200,810
Provider Enrollment
59,770
Other operating revenue 11,948 67,630
Total Operating Revenue 1,538,386 TOTAL ASSETS 3,820,646
Liabilities and Net Assets
Program Service Expenses
Committee & General Administration
$ 672,032
CURRENT LIABILITIES
Louisville Medicine 162,970 Accounts payable 102,798
GLMS Update 27,623 Unearned income 622,585
Roster 109,913 MedCentral 573,651 Sponsorship 14,385 Videos 26,692 Email Blast 9,817 Provider Enrollment 57,325
Total Operating Expenses
1,654,408
Operating Income (Loss) (116,023)
Investment Gain 395,436
Net Income 279,391
Annuity Contracts
59,770
NET ASSETS
Unrestricted 3,035,493
Total liabilities and net assets 3,820,646
2020 ANNUAL REPORT