Despite the relatively modest pace of the economic recovery, the American Chemical Society (ACS) ended 2010 with outstanding operating results. As noted in the accompanying financial summary, ACS generated a net contribution of $26.7 million, the highest net ever. The Society’s record net contribution was attributable to a combination of outstanding financial performance from the Information Services divisions (Chemical Abstracts Service and ACS Publications) as well as effective expense management across the Society program and administrative units.
The Society’s financial condition strengthened in 2010 with unrestricted net assets increasing to $169.9 million at December 31, 2010 from $159.3 million in 2009. The increase can be attributed to the net contribution combined with net investment gains of $19.1 million. These increases were partially offset by accounting charges ($35.2 million) related to the Society’s postretirement benefit plans (i.e., defined benefit pension plan and retiree medical plan).
The 2010 financial results represent the seventh consecutive year of positive net contribution from operations. This achievement allowed the Society to increase its significant investment in technology and new product development including the launch of several new journals as well as ACS Mobile, a mobile software application for users of Apple’s iPhone®, iPod Touch® and iPad® devices. By year end, ACS was publishing 39 peer-reviewed journals and the CAS Registry exceeded more than 56 million records for organic and inorganic substances.
The Society’s ongoing commitment to technology investment and new product development will ensure that the ACS continues to meet the diverse needs of its many constituents including members, customers, technical divisions and local sections. Looking ahead, the Society is well positioned to extend the reach of its high quality products and services to assist both members and chemical practitioners coping with a rapidly changing and globalizing chemistry-related workplace.
A copy of the Society's audited financial statements for the year ended December 31, 2010, together with the independent auditor's report thereon, and Management's Statement of Responsibility, can be located at http://portal.acs.org/portal/PublicWebSite/about/aboutacs/financial/CNBP_024242.
As part of the Society's move to greater transparency, ACS executive compensation information is publicly available on our Web site, www.acs.org. To access this information:
- From the ACS home page, click on About Us. Scroll down and click on the link to ACS Financial Information.
- On the ACS Financial Information page, scroll down to ACS IRS Form 990 and click on 2009 IRS Form.
- When ACS IRS Form 990 downloads, a box listing all of the pages will appear on the left hand side of the page. Scroll down to 990 Sch. J Compensation Info. ACS executive salaries and other compensation are outlined in the following four pages (Schedule J) of the document.
For a further explanation of executive compesation, visit http://www.acs.org/executivecomp.