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Just a few years after facing the threat of insolvency, the American Institute of Chemical Engineers is enjoying a reversal of fortune. "There were a lot of difficult steps AIChE took in the last few years, and we can now see the fruits of our hard labor," says John C. Chen, the society's president.
Executive Director John A. Sofranko adds: "We are not only in a position to celebrate our financial success, but we are improving the services we provide to our members. There is a renewed strength and purpose that everyone involved with AIChE seems to share."
The nonprofit professional society, which was founded in 1908, began operating at a deficit in 1999. In terms of net assets, its worst year was 2003, when its net assets hit a low of -$3.4 million. Over the next two years, AIChE turned the situation around, achieving positive net assets of $1.1 million by 2005. The society hopes to boost that number to $3.0 million by 2007 and more than $6.0 million long-term.
AIChE made some tough decisions to claw its way back into the black. The society cut its staff from 107 in 2001 to 40 in 2003, reduced its pension liabilities, relied more on volunteer work by its members, and leased out three-fourths of the office space at its New York City headquarters.
AIChE also formed a partnership with John Wiley & Sons to publish the society's journals and another partnership with the American Society of Mechanical Engineers to run its career training services for members. Both measures helped cut costs. The society is also benefiting from rising attendance at its meetings and seminars.
Although AIChE membership has dropped from 50,000 in 2003 to 40,000 currently, Sofranko believes the level will stabilize this year. In part, that's because the organization is increasing its international membership, reflecting the movement of demand for chemical engineers from the U.S. to regions such as China, India, and the Middle East.
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