Operating Revenue 2017

ASM’s operating revenue (excludes investment income) is earned across numerous revenue-producing activities.  Excluding federal grants, ASM’s largest source of revenue is journal subscription sales, followed by journal article fees, meeting registration fees, and meeting exhibitor fees.  Federal grant revenues vary from year to year and have averaged ~$9M/year since 2013.  The relative percentage of each revenue stream to total operating revenue for ASM’s most recent fiscal year is noted below.

Operating Expenses

ASM’s expenses are allocated among the various programmatic areas during the preparation of the annual budget, which is approved by the Finance Committee and the Board of Directors.  ASM’s operating expenses for the most recent fiscal year are noted below.
 

Net Assets

As of December 31, 2017, ASM’s unrestricted net assets were $110.2M.
 

Investment Portfolio

ASM’s operations are supported by a significant and stable investment portfolio, which it leverages through annual endowment-like transfers (i.e., the corpus is maintained in perpetuity and a portion of the earnings are allocated to the operating budget each year).  The portfolio is well-diversified and is monitored closely by the ASM Investment Subcommittee and professional investment advisors.  The historical trend of the investment portfolio balance and annual income is noted below.
 

Financial Reports

Audited Financial Statements

ASM’s financial statements are audited by an independent audit firm at the conclusion of each fiscal year.  These audits include procedures performed in accordance with Government Auditing Standards in years when ASM’s expenditures of federal awards exceed certain thresholds.  ASM’s audited financial statements include Statements of Financial Position, Activities and Cash Flows, and should be read in conjunction with the Notes to Financial statements that come immediately after the statements.  In addition, as applicable, the annual financial statement reporting package includes reports relating to the independent audit firm’s procedures performed in accordance with Government Auditing Standards.  ASM’s financial statements include the accounts of ASM Resources, Inc., ASM’s wholly-owned for-profit subsidiary.
 

IRS 990 Filings

The IRS Form 990 is the annual federal information return filed by all charitable corporations that are exempt from income tax.  As a 501(c)(3) organization, ASM is required to file a Form 990.  In addition to Form 990, ASM is required to file form 990T to report any unrelated business income.  Information in these returns is presented in accordance with IRS regulations, which in some cases are at variance with generally accepted accounting principles.