INS experienced a tremendously successful year in 2003, both educationally and financially. Increased attendance at all INS educational meetings, the development of two new educational resources, and a recovering stock market were all key components of INS's success.
We are very pleased to report the following: In 2003, INS collected revenues of $2,274,632 while disbursing $2,011,121 in expenses, leaving an increase in net assets from operations of $263,511. Some of the highlights of the year include the following:
* Total meeting attendance increased in 2003. Attendance at the 2003 Annual Meeting, the 2003 National Academy, and the 2003 Fall One-Day Program exceeded the attendance of these meetings from 2002. In fact, the overall meeting attendance was at its highest level since 1999. The revenue generated from all 2003 meetings increased by 10%
* Two new educational products helped expand the INS product line. The Clinical Competency Validation Program and Infusion Therapy and You were both introduced at the 2003 Annual Meeting in Nashville andhave received rave reviews. These new products helped expand INS's product line, and sales have exceeded budgeted expectations.
* INS introduced the INS Store (at http://www.ins1.org). The development of the INS store on the INS Web site has enabled us to market our educational products to a wider audience in a quicker, more cost-effective manner. Over 40% of sales of educational products came through the INS Web site. This helped contribute to a 30% increase in Educational Resources revenue.
* Investment income soared in 2003. At last year's Business Meeting, we reported that many financial analysts were predicting an economic recovery in 2003. At that time, we felt that INS was in a very favorable position with a combination of highly rated investments that would produce a positive return. Our beliefs were well founded as our income from investments yielded a gain of $193,000.
* INS continues its support of infusion certification. INS believes strongly in the importance of infusion certification. As such, we continued our support of INCC's mission of patient protection by offering financial assistance through a $75,000 grant.
In conclusion, an independent accounting firm audited the INS financial statements for the year ending December 31, 2003, and issued a clean opinion.