Treasurer’s Report
I am pleased to present ACP’s audited financial statements for the year ending June 30, 2025. Despite a complex economic environment and a year of significant strategic investment, ACP continues to demonstrate prudent financial management and long-term financial strength. These results reflect the ongoing commitment and collaborative efforts of our governance, members, and staff.
As of June 30, 2025, ACP’s Statement of Financial Position reflects total assets of $210.0 million, a 2.0% decrease from 2024. This decrease was primarily driven by the recognition of previously deferred MKSAP development expenses following the February 2025 launch, partially offset by investment gains. Total liabilities slightly increased by 0.25% largely due to deferred ACP MKSAP revenue under the new subscription-based model. As a result, ACP’s net assets (total assets less liabilities) stood at $145.0 million, representing a decrease of $4.5 million from the prior year.
Looking ahead to fiscal year 2025–2026, ACP will continue to invest strategically in initiatives that support our mission while maintaining a disciplined and sustainable financial approach. Our long-standing commitment to fiscal responsibility remains central to our financial planning. In alignment with ACP’s values, the College also remains committed to an Environmental, Social, and Governance investment strategy, ensuring our investments reflect our mission and organizational principles.
Finally, ACP received an unqualified (clean) audit opinion from BDO LLP, confirming the integrity of our financial reporting. BDO noted that ACP’s key financial ratios remain at or above industry benchmarks, underscoring the College’s continued financial strength and liquidity. As a 501(c)(3) organization, ACP remains committed to responsibly stewarding member resources to advance internal medicine and support our members and future generations.
We will continue to manage ACP’s resources thoughtfully to ensure the College remains financially strong and well-positioned to lead internal medicine for years to come.
Respectfully submitted,
Michael Tan, MD, MACP, FIDSA
ACP 2026 Treasurer