The following speech was delivered at the INS Annual Convention and Industrial Exhibition in Louisville, Kentucky, on May 23, 2011.
In a year filled with economic uncertainty and shrinking budgets, INS saw revenues increase across several business segments. We also increased our net assets and investment portfolio and witnessed unprecedented growth in our membership rolls.
On behalf of the INS Board of Directors, it gives me great pleasure to report on the financial success of INS in 2010.
Total revenues for 2010 came in just shy of $3.2 million, while expenses were just under $3.1 million. As a result, our change in net assets was $118300. Coupled with our unrealized gain on investments, INS' increase in net assets was $158379.
The following are some key components that contributed to INS' 2010 performance.
MEMBERSHIP
The growth in membership that INS enjoyed in 2010 was unprecedented. We increased our membership by 9.6%, which represents an increase of 596 memberships. We ended the year with 6813 members. While there were many components to which we can attribute this growth, there was 1 main reason: our ability to provide information and resources that people could not get anywhere else.
As we continued to increase the value of an INS membership, we held the line on its cost. Membership dues remain the same as they were in 1996-$90. This represents our commitment to bringing you the resources and information you need at an extremely affordable price.
MEETINGS
Not surprisingly, our educational meetings, consisting of our Annual Convention and National Academies, continue to be our leading source of revenue. Overall, meetings-related profit for 2010 was a shade over $1 million. As a component of our overall financial statement, meetings accounted for 52% of revenues in 2010.
Our meetings consist of many components that all contribute to the surplus revenue that we enjoyed. Topping that list is the revenue received through exhibit booth and sponsorship sales. Our exhibit halls continue to grow, as do the types and amount of commercial sponsors. This helps to increase exposure for our exhibitors and sponsors and creates revenue-generating opportunities for INS.
PUBLICATIONS
Revenue in this category was down in 2010. There were 2 major reasons for this. First, the tremendously successful debut of INS' textbook, Infusion Nursing: An Evidence-Based Approach, helped to increase publications revenue significantly in 2009; this was difficult to match in 2010. Second, with the revision of the Infusion Nursing Standards of Practice and Policies and Procedures for Infusion Nursing and their release in early 2011, sales of the previous editions in the second half of 2010 decreased significantly. Despite this, the publications business segment earned a profit of almost $400000.
INVESTMENTS
Interest and dividend income provided an additional $81536 in revenue for INS in 2010. Also, a reallocation of our investments helped along by the economic recovery provided a realized gain of $99538 on sales of securities, giving us a net investment income of $181074. Lastly, required year-end market valuation of investments yielded an unrealized gain of $40079.
CERTIFICATION
As has been INS' custom over the past several years, a support grant in the amount of $120000 was approved by the INS Board of Directors. We remain committed to the certification program and are happy to support it through this grant.
In conclusion, an independent accounting firm audited the INS financial statements for the year ending December 31, 2010, and issued a clean opinion.