ASM Finances
Operating Revenues
Operating Revenue 2022
ASM’s operating revenue, which excludes investment returns and revenues not generated from ASM’s core activities, is earned across numerous revenue-producing activities. ASM’s largest source of revenue in 2022 was journal article fees, followed by journal subscription sales, grants and contracts, meeting registration fees, meeting exhibitor fees and membership dues. The relative percentage of each revenue stream to total operating revenue for ASM’s most recent fiscal year is noted above.
Operating Expenses
ASM’s expenses are allocated among the various programmatic areas during the preparation of the annual budget, which is approved by the ASM Finance Committee and the ASM Board of Directors. ASM’s operating expenses for the most recent fiscal year are noted below. Operating expenses exclude investment and interest expense.Net Assets
As of December 31, 2022, ASM’s unrestricted net assets were approximately $117,900,000.
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 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.