At the end of each BPS fiscal year, which runs from July 1–June 30, the Society’s finances undergo an audit. The fiscal year ending 2010 (FYE10) audit was conducted in August 2010 and presented to the Executive Board at its October 2010 meeting. The full audit is available online at http://www.biophysics.org/LinkClick.aspx?fi leticket=cmN%2f%2bvsRNNM%3d&tabid=472.A
After deducting revenue from interest and dividends, which do not come from operations, the audit showed that the Society’s operations resulted in net revenue of $937,071. This reflects growth in membership and meeting attendance, as well as efficient control of overall costs. The Society’s net assets grew from $5,441,988 in FYE09 to $6,802,361 at the end of FYE10. That growth was due in part to the movement of FYE09 operating net revenues into reserves as well as to the overall gains in the stock market.
Society Nears 9,400 Members
The Society has continued to grow even in financially challenging times. Membership reached an all-time high of 9,396 in 2010. This is an increase of more than 8% over 2009. Over the last four years membership growth has been mainly fueled by student and early career members, who represent the future of biophysics, and we’ve also seen an increase in membership from outside the US, which now stands at nearly 35%.
As has been done in past years, the net revenues from FYE10 are being moved to the Society’s reserves to ensure that those funds continue to
build toward the prescribed level of 100% 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 2010 stood at $6,490,464, or 93% of the projected FYE12 operations expenses level. Th e Executive Board and Council have appointed a Committee that is reviewing current programs and considering future programs that could be funded when reserves exceed 100% of expenses.
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. We have been working with Cell Press to make Biophysical Journal read by more people throughout the world, and we offer members free online color and lower publication charges.
More travel and poster awards were given in 2010 to students, postdocs, and minorities than in any previous year. BPS supported several member-organized meetings outside the US and is sponsoring a thematic meeting in Asilomar in 2011. Th e Society’s public policy efforts helped expand the funding opportunities for those conducting research in biophysics. The Baltimore meeting saw a record number of abstracts and registrations for an east coast meeting, with 3,879 abstracts and 6,200 attendees. The Annual Meeting will continue to be the greatest networking opportunity for anyone doing research in biophysics.
The Finance Committee and Executive Board will continue to monitor closely the Society’s fiscal health to ensure that the programs and services so many members depend on will continue to grow.
—Lindy Kenney, Treasurer
May 2011 Table of Contents