Budget & Finance

The Society Committee on Budget & Finance (B&F) met on March 26 to review the American Chemical Society’s 2010 financial performance. ACS ended 2010 with a net contribution from operations of $23.8 million, on revenues of $463.7 million and expenses of $439.9 million. This net contribution was $11.9 million favorable to the approved budget. After including the results of the Member Insurance Program and new ventures, the society’s overall net contribution for 2010 was $24.5 million, which was $13.6 million favorable to the approved budget. In addition, the society ended the year in compliance with four of the five ACS Board-established financial guidelines.

In other actions, the committee elected Robert L. Lichter as vice chair of the committee and voted to recommend to council that dues for 2012 be set at the fully escalated rate of $148. In addition, the committee received a report from its Subcommittee on Financial Impacts of Constitution & Bylaw Amendments on one petition slated for consideration, the Petition on Position Statements. Reports were also received from the Subcommittee on Communications on the activities of the subcommittee; the Subcommittee on Program Funding Requests, on the schedule and process to be followed for 2012 New Program Funding, Expansion & Program Reauthorization Requests; the Subcommittee on Committee Budgets, on its draft charge and work plan for 2011; and the Program Review Advisory Group (PRAG) on its planned activities in 2011.