The Association of American Medical Colleges lost $3.3 million on operations in the fiscal year ended June 30, according to the organization's annual report.
The Washington-based AAMC promotes the interests of graduate medical education through political action and member education. Its Council on Teaching Hospitals represents 400 hospitals and 125 U.S. medical schools.
The report, released last week, said the loss was offset by $11.9 million in other income, including investment and rental income. That gave the AAMC an increase in net assets of $8.5 million.
Total operating revenues in creased 13% to $44.5 million this year compared to $39.3 million last year.
The AAMC expects revenues to increase next year, thanks in part to an electronic residency application program it runs. The percentage of revenues coming from member dues increased this year to 21.8% from 18.7% last year.
Total operating expenses rose 12% to $47.8 million from $42.7 million.
Last year the AAMC lost $3.4 million on operations, which was offset by non-operating income totaling $11.8 million.
The value of the AAMC's investments rose 22.9% to $78.9 million from last year's record of $64.2 million. In the coming fiscal year, the organization expects to dip into those reserves for the first time to bolster its operations, spending about $3 million of its investment income, said Edwin Crocker, the AAMC's vice president for administrative services.