In other action, the board postponed a decision on a proposed $7.5 to $8 million fund raising campaign for the Orthopaedic Learning Center (OLC). The fund raising campaign was proposed to create a permanent endowment fund and to offset OLC operating expenses. Campbell & Company, which conducted a philanthropic market study for the Academy, recommended that the Academy and Arthroscopy Association of North America (AANA) not move forward on the fund raising campaign. Interviews with 31 key individuals at the Academy, AANA, OLC, Orthopaedic Research and Education Foundation (OREF) and industry disclosed a number of concerns, ranging from questions about the future of continuing medical education to modest industry support for fund raising. The OLC Expansion Task Force recommended postponing a final decision on when to begin a fund raising program. Another factor in the plans for the OLC is a proposed 210-room, eight-story hotel that would be built on property adjoining the Academy's building and the OLC and could provide meeting rooms which would eliminate the need for further expansion of the OLC. If negotiations between the Hyatt Corporation and the Village of Rosemont are successful, construction of the hotel could start in April 1998 and be completed in June 1999.
The board also approved the Academy's fiscal 1998 budget and changed the Academy's fiscal year. Starting in 1998, the fiscal year will be Jan. 1 to Dec. 31, instead of May 1 to April 30. A plan to redesign and publish the Bulletin magazine bimonthly instead of quarterly in 1998 was approved.