In 2023, SITC’s total unrestricted net assets are projected to grow by about 2% over 2022, to over $26M. This is partly due to an increase in SITC’s investments from 2022 to 2023. With over $26M in unrestricted net assets, SITC remains financially healthy, with well over one year of operating expenses in reserves, excluding investments.
Despite the overall growth in SITC’s unrestricted net assets, SITC’s reserves are projected to fall by about 6% from 2022 year end to 2023 year end. SITC’s operating income totaled $14.5M; however, total operating expenses are projected to be over $15.5M for the 2023 fiscal year. Several factors contributed to the net operating loss including grant revenue and registration revenue falling short of targets for some of SITC’s educational and scientific programs. SITC leadership has closely examined these programs and are strategically restructuring several programs in 2024 to align with member needs.
On a positive note, SITC’s membership income, through individual membership dues and SITC’s Corporate Membership program, grew in total by 16% from 2022 to 2023. SITC leadership is continuing to focus on member expansion, especially globally, to continue to broaden SITC’s diverse base of members that can contribute to furthering SITC’s mission of advancing the science, development and application of cancer immunology and immunotherapy.