2001 marked a truly exciting year for INS. First and foremost, our name change to the Infusion Nurses Society helped to better define the increased roles for our specialty and the new approaches to the infusion practice in an evolving healthcare system. In addition to the name change, we changed our logo to convey a visual representation of who we are, and of our position within the healthcare and infusion community. And, finally, we moved our National Office to take advantage of a changing real estate market.
In 2001, INS collected revenues of $1,872,097 and disbursed $1,969,588 in expenses leaving a decrease in net assets from operations of $97,491. Total revenues decreased by 7.1% over 2000, due primarily to losses from investments and a decrease in meeting revenue. Some of the highlights of the year include:
* A slight increase in membership revenue over 2000. In some very challenging financial times in which many organizations experienced significant drops in their membership, INS was able to slightly increase its membership and exceed our budget estimates. 2001 also marked the fifth consecutive year in which INS did not increase its membership dues.
* Publication revenue remained consistent with 2000. The continued success of the Policies and Procedures for Infusion Nursing, with almost 1500 copies sold in 2001 and Standards of Practice, with more than 2200 copies sold, were instrumental in producing such favorable revenue numbers. The pricing structure of all of INS' publications and programs, which offers significant discounts to INS members, helped generate significant revenue from nonmember sources.
* Strong financial controls resulted in a 2% decrease in overall expenses. Significant among these expenses was a savings of $75,000 in rent expense as a result of the office move to Norwood, Massachusetts. The move to a smaller office outside the Boston/Cambridge area helped us to dramatically reduce our monthly overhead.
* A support grant in the amount of $120,000 to INCC in support of its certification efforts. INS believes in the importance of infusion certification and supports INCC's mission of patient protection, by offering financial assistance through this grant.
* While investment income decreased significantly from 2000, our overall portfolio did outperform most stock market indices. The portfolio yielded a negative 1.7% return, however, the management of the investments remains in compliance with our investment policy and we are well positioned for the future.
The Society continued its fundraising efforts on behalf of the Gardner Foundation; $11,000 in the form of donations was added to the fund in 2001. The Foundation also paid out $16,000 in expenses and scholarships and experienced a loss of $15,000 in investments for a total decrease in fund assets of $20,000. Fund assets totaled $76,000 as of December 31, 2001.
In conclusion, an independent accounting firm audited the INS financial statements for the year ending December 31, 2001, and issued a clean opinion.
FIGUREFIGUREFIGURETABLE