Irish Medical Organisation

Irish Medical Organisation publishes Accounts for 2012.

IMO has reserves of over €3.2 million after making full provisions for controversial settlement with former CEO and significant write down on value of properties

Wednesday 13th March 2013. The Irish Medical Organisation (IMO) has today published its Accounts for 2012. The Accounts show that after making provisions for the full controversial settlement with its former CEO, George McNeice, the IMO continues to have reserves (members’ funds) of over €3.2 million (€3,287,742) to hand.

Speaking today the Treasurer of the IMO, Professor Sean Tierney, said; “these accounts highlight the continued financial strength of the Irish Medical Organisation. In addition to providing over €4 million for the controversial settlement with the former Chief Executive, we had to take a write down on the value of the IMO offices on Fitzwilliam Place in Dublin 2 of over €4 million after the property crash. Despite this, we continue to have reserves of over €3.2 million and we can confirm that no members’ subscriptions over the coming years will be required to fund the settlement with the former CEO. “

The Accounts, which report in full the income and expenditure of the IMO and its wholly owned subsidiary IMOFS for the first time, show that during 2012 the IMO generated income of just over €5 million (€5,070,662). This was down 11% on the €5,709,567 earned in 2011. However the organisation aggressively tackled costs reducing normal expenditure by 17% €3,998,132 (2011: €4,803,824).

The Accounts also confirm that the IMO continues to represent over 5,000 doctors across the country. At the 31st December 2012 membership totalled 5,053. This compares to 5,339 at the 31st December 2011. Professor Tierney said that membership continued to hold up strongly; “In the early months of each year, there is often considerable turnover as members retire, lapse or resign and other members join for the first time or rejoin. The numbers seen this year (2013) are very much in line with the traditional pattern. There is no evidence that disquiet over the settlement with the CEO has led to an increase in those numbers of any significance. Members continue to focus on the IMO as the best advocate for their needs in challenging.”

Professor Tierney said that the Accounts included a detailed note on the settlement terms agreed with the organisation’s former CEO; “we were determined that members would have full details about the settlement we were forced to make with the former CEO and I believe these Accounts do that. The Accounts reveal that in addition to a pension fund of some €4.5 million, the former CEO will receive a Termination Payment of €1,495,850 as provided for in his contract. In addition, he will receive annual payments of some €200,000 per annum from 2016 to 2021 and €250,000 per annum from 2021 to 2032. The present value of these payments is some €2,682,861.

Finally the Accounts confirm that there was an average of 34 people employed by the IMO during 2012 with the average salary being just over €52,000. All employees participate in a Defined Contribution scheme.

Further Information:
Ray Gordon
Gordon MRM
Ph: 01 6650452
Ph: 087 2417373
 

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