Despite the economic and financial challenges, ACS finished the year with strong revenues from its two publishing divisions, Chemical Abstracts Service and ACS Publications, a testament to the value that the global scientific community places on accurate, timely, and authoritative chemical information. These revenues, coupled with prudent expense management, enabled ACS to end the year with strong core operational results for the fifth consecutive year. However, in 2008 ACS was adversely affected by the historic collapse in the capital markets, which resulted in a sharp decline in the Society's reserves.
Going forward, ACS will be guided by a plan that is due, in part, to foresight by the ACS Board of Directors, which realized some time ago that the Society needed a strategy to deal with a number of emerging challenges and opportunities. These include the effects of globalization, stagnant funding for research and development, the lack of understanding of chemistry by the public, the impact of technology on our science, changes to membership demographics, and societal changes.
In response, the Board developed a plan that will help guide the Society through a rapidly changing environment and ensure its continued success. Launched in January 2008 and updated late in the year, The ACS Strategic Plan for 2009 and Beyond outlines six primary goals for the Society:
- To provide indispensable professional and information resources,
- To engage the global community,
- To find solutions to world challenges,
- To communicate the value of chemistry,
- To advocate for the profession, and
- To maintain the Society’s financial health.
In just its first 12 months, this strategic plan has helped the Society to extend its worldwide community, enlist chemists in addressing the world’s important challenges, reinvigorate its image, stay financially secure, and remain the leading professional resource for our members and our science.
In addition to initiating a vibrant strategic plan, 2008 was a year of ACS progress, accomplishments and milestones. CAS and ACS Publications, in particular, turned in outstanding performances.