Including the ACS Petroleum Research Fund, but excluding the impact of a new accounting standard discussed below, total net assets increased $40.7 million, or 4. 3 percent. This growth was primarily driven by favorable capital market conditions and strong operating results. Unrestricted net assets increased $24.5 million, or 7. 8 percent, attributable to a $10.7 million net contribution combined with a $13.8 million gain from investments.
The 2007 financial results were negatively impacted by the implementation of a new accounting standard, Financial Accounting Standard (FAS) 158, Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans. The standard required immediate recognition of the funded status of the Society’s post-retirement benefit plans, with a corresponding adjustment to unrestricted net assets. As a result of implementing FAS 158, unrestricted net assets were reduced by $89.5 million. When the
impact of FAS 158 is combined with the net contribution and investment gains noted earlier, the Society’s unrestricted net assets declined by $65.0 million from 2006 to $247.4 million.
Total revenues increased 5. 9 percent to $487 million from $460 million in 2006, while total expenses increased 6. 2 percent over 2006. In 2007 the ACS continued to invest in information services and technology infrastructure. The Society launched two new journals (ACS Nano and The Journal of Physical Chemistry C), made significant enhancements to its end-to-end electronic workflow for ACS journals, introduced a Web version of the SciFinder® research tool, and revamped its Web site. These strategic initiatives serve two purposes: they maintain the Society’s reputation as the world’s leading provider of chemistry-related information and they enhance the value and relevance of ACS to its many constituents, including members and other chemical professionals.
A copy of the Society’s audited financial statements for the year ended Dec. 31, 2007, together
with the independent auditor’s report thereon, and Management’s Statement of Responsibility,
can be located at http://www.acs.org/annualreport.
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.”
References:
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