Despite a sharp downturn in the global economy, the Society ended 2008 with solid operating results. As noted in the accompanying financial summary, total revenues increased 2.3 percent to $498 million from $487 million in 2007, while total expenses increased 2.7 percent over 2007. The $8.9 million net contribution resulted primarily from strong growth in electronic services from the Chemical Abstracts Service (CAS) and ACS Publications divisions, combined with prudent expense management across all operating units.
ACS continued to serve its members and the scientific enterprise worldwide during 2008. Accomplishments include record additions to the CAS databases, introduction of SciFinder on the Web and the electronic edition of Chemical & Engineering News, and the launch of a new journal, ACS Applied Materials & Interfaces.
Though the Society's operating results were positive, ACS experienced a significant decline in net assets due to investment losses and non-operating charges related to the Society's defined benefit pension plan. Overall, the Society’s total net assets fell from $900 million at December 31, 2007, to $519 million by year-end 2008. The decline in net assets was directly related to an historic collapse in the global capital markets. In fact, the extraordinary turmoil in the capital markets led to the worst investment returns since the Great Depression. While the 2008 investment results were disappointing, through effective planning and strong operating performance over several years, ACS ended the year financially sound with significant cash balances and minimal debt.
A copy of the Society's audited financial statements for the year ended December 31, 2008, together with the independent auditor's report thereon, and Management's Statement of Responsibility, can be located at http://www.acs.org/2008financialstatements.
Information on ACS executive compensation is available on www.acs.org. Log on as a member, click on the ACS member tab and look for the link, "Compensation of ACS Officers and Key Employees," under "Member Information and Benefits."