At the end of each fiscal year, which runs from July 1 to June 30, the Society’s finances undergo an audit. The fiscal year ending 2012 (FYE12) audit was conducted in August 2012 and presented to the Executive Board at its October 2012 meeting. The full audit is available online at http://www.biophysics.org/AboutUs/Committees/Finance/tabi/472/Default.aspx.
After deducting revenue from interest and dividends received from the reserves, which do not come from operations, the audit showed that the Society’s operations resulted in net revenue of $649,563. This reflects the continued growth of the Society as well as the efficient control of overall costs. The Society’s net assets grew from $8,700,029 in FYE11 to $9,651,927 at the end of FYE12. That growth was due to the positive FYE12 operating net revenues transferred into reserves, as well as the overall gains in the stock market.
Society Now Over 9,000 Members Strong
The Society has continued to flourish even in financially challenging times. Membership continues to be strong with nearly 9,100 members in 2012. Over the last four years, membership growth has been mainly fueled by student and early career members, who represent the future of biophysics, and there has been an increase in membership from outside the US, which now stands at nearly 36 percent.
As has been done in past years, the net revenues from FY12 are being moved to the Society’s reserves to ensure that those funds continue to build toward the prescribed level of 100 percent of one year’s operating expenses. Such a level is needed to ensure that the Society can withstand a catastrophic event, such as a precipitous decline in meeting attendance due to a blizzard. The reserves level at the end of 2012 stood at $8,810,208. The average balance of the reserves over the last three years is slightly over the projected FY13 operations expenses level.
During difficult economic times, members turn to their professional societies for greater support services. The Biophysical Society is continually updating its website (www.biophysics.org) to help members better learn about the Society’s programs and more easily take advantage of the opportunities it offers. The Society has been working with Cell Press to make Biophysical Journal read by more people throughout the world, and offers members free online color figures and lower publication charges. In total, 149 travel, poster, Society, and science fair awards were given to support students, postdocs, and minorities. BPS sponsored two very successful thematic meetings in China and India in 2012, and awarded six grants for local networking events to Society members throughout the world. The public policy efforts of the Society have helped educate those in the government and agencies to the importance of funding research in biophysics. The Philadelphia meeting attracted a record number of abstracts for an east coast meeting with 3,875 abstracts and close to 6,000 attendees. The Annual Meeting continues to be the greatest international networking opportunity for biophysics researchers.
The Finance Committee and Council will continue to closely monitor the Society’s fiscal health to ensure that the programs and services so many members depend on continue to grow.
Treasurer & Finance Committee chair
April 2013 Table of Contents