The following speech was delivered at the INS Annual Convention and Industrial Exhibition in Charlotte, North Carolina, on May 20, 2013.
Good morning. Welcome to Charlotte, North Carolina, and the 40th anniversary INS Annual Convention. It is a pleasure to be here in the Queen City with all of you, celebrating 40 years of INS and infusion excellence.
As I close out my term as INS Secretary-Treasurer, I would like to thank each of you for your support not only of INS but of the infusion community as well. Your commitment to excellence is critical to our success, and we are extremely grateful for all that you do.
Each year I have the distinct pleasure to deliver our financial report, and I am honored to have the opportunity to do so one last time.
Financially, 2012 was a challenging year for INS. A reduction in sponsorship support and in educational resources sales led to an operating loss of $162 041. However, when we factor in unrealized gains of $359 339 from our investment portfolio, we enjoyed an increase of $197 298 in overall net assets.
The following are key components that contributed to INS' 2012 performance.
MEMBERSHIP
We are pleased to report that INS experienced growth in our membership numbers for a ninth consecutive year. Our gain of 78 members, though modest, was yet another indication of the value of INS membership. We finished the year with a total membership number of 6998.
Throughout the year, INS enhanced the membership experience by adding educational resources and programs to our list of benefits. Many of these items are accessible to the INS membership at no additional charge. Our position as the global authority in infusion therapy and providing our membership with much-needed information continues.
MEETINGS
Meetings continue to be the leading source of knowledge and revenue for INS. Our overall profit from this business segment was $655 953. Despite this, meetings also proved to be one of our biggest challenges in 2012. INS, like many other not-for-profit associations, relies on sponsorships and commercial support to help with our financial bottom line. The changes in regulations that have limited the types of sponsorships allowed have had a negative impact on not-for-profit organizations. Specifically, sponsorships related to food and beverage have virtually disappeared. INS is now responsible for most of the costs associated with the food and beverage provided at our national meetings. Despite this challenge, we continue to provide not only a rich learning environment at our meetings but an enjoyable social experience as well. The support of our commercial partners for many other activities related to our meetings continues, and we are tremendously grateful for all that they do.
PUBLICATIONS
The revision to the Infusion Nursing Standards of Practice and Policies and Procedures for Infusion Nursing brought in record revenue in 2011. However, we were unable to sustain this record sales pace in 2012. As a result, while our overall profit in this category came in at $464 199, it trailed 2011 profit by a significant margin and was a contributing cause of our operating loss in 2012. On a positive note, we continue to benefit from increases in advertising for both our print and electronic versions of the Journal of Infusion Nursing, as well as revenue earned from our educational resources licensing programs. The rollout of the iPad app for the Journal has helped to bring additional awareness of INS and the Journal, which in turn has helped to increase advertising revenue and our bottom line.
INFUSION EDUCATION SERVICES
One of the components of which INS is most proud is the development, implementation, and operation of the INS Knowledge Center. This unique education platform, which combines webinars, online educational programming, a clinical Q&A section, and educational resources, provides INS members with information that they simply cannot get anywhere else. The Knowledge Center serves as the major component to our Infusion Education Services business segment and helped contribute to a profit of $85 110 in this category.
GENERAL AND ADMINISTRATIVE EXPENSES
Throughout the year, INS maintains a tight control over all expenses, especially those associated with general and administrative (G&A) activities. Each department is responsible for ensuring that expenses are carefully monitored within their business segment. This was especially true in 2012 and enabled us to reduce our G&A expenses by $63 297, or 3.4%.
INVESTMENTS
Since 2008, when the economic climate changed so drastically, INS has been able to consistently add to our reserves. The year 2012 was no different. Due to our excellent liquid position, we were able to contribute $175 000 to our investment portfolio. By adhering to our long-term investment strategy and diversifying our portfolio, we continue to be well positioned for future contributions and growth.
GARDNER FOUNDATION SCHOLARSHIP PROGRAM
Each year INS conducts a scholarship program through its Gardner Foundation subsidiary. Through the generosity of many corporate sponsors, we are able to offer a broad spectrum of scholarships. Included in this scholarship program are awards to attend national INS meetings. We would like to encourage each of you sitting here today to participate in the program by submitting an application for the chance to win one of these scholarships. Applications for 2014 will be available this fall, but take a few minutes to explore the Gardner Foundation section of the INS Web site now to learn about all the opportunities.
CERTIFICATION
As has been INS' custom over the past several years, the INS Board of Directors voted a support grant to the INCC program. In 2012 the amount of the grant approved by the INS Board of Directors was $140 000. 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, 2012, and issued a clean opinion.