Under the leadership of the Board of Directors, AAPS continues to advance the capacity of pharmaceutical scientists to develop products and therapies that improve global health.
by Dale Eric Wurster, Ph.D., FAAPS, President, and Mark J. Rose, Ph.D., Treasurer
We dedicate this month’s column to a quick review of our fiscal year 2018 (Oct. 2017 through Sept. 2018) accomplishments and an assessment of our financial health in support of the American Association of Pharmaceutical Scientists (AAPS) strategic plan. Adopted in 2015, our strategic plan charts a path to deliver value to AAPS members, thus keeping AAPS the premier organization of pharmaceutical scientists.
Fiscal year 2018 saw AAPS take major steps in revamping our scientific programming with the delivery of the 2017 AAPS Annual Meeting in San Diego in November 2017. The 6,300 participants experienced programming across five themes. The themes gave attendees the benefit of a focused boutique experience within a larger, broad-reaching scientific conference. Attendee satisfaction continued to increase with our net promoter score reaching +12 (to learn more about net promoter score). In addition, members and staff worked during the fiscal year to create a redesigned PharmSci 360 meeting for fiscal year 2019 (reported on separately).
Scientific education continued with 7 highly focused workshops and 28 webinars during the year. These events provided high-quality, cost-effective learning to more than 3,000 scientists.
AAPS is committed to ongoing research to stay abreast of our members’ needs and goals. Recent feedback emphasizes the need for AAPS to provide products and programs that support scientists in several distinct career phases, work environments, and stages of drug development. The organization is committed to doing just that in 2018 and beyond!
The AAPS Board of Directors remains committed to providing strong financial stewardship aimed at securing the organization’s long-term ability to serve our members, our constituents, and the public.
2018 FISCAL YEAR RECAP
For the fiscal year 2018, AAPS reported a deficit of $924,000, larger than the organization’s budgeted deficit of $484,000. Investment reserve returns continue to be an essential source of financial support for AAPS programs, totaling approximately $1 million for the year.
Our investment reserves stand at more than $17 million as of September 30, 2018, and continue to represent our most important resource in supporting our new strategic vision, and in offering protection against unforeseen or unexpected negative events.
The AAPS Annual Meeting and Exposition and workshops generated approximately 67 percent of noninvestment return revenue for fiscal year 2018. Registration fees provided $3.3 million collectively from our various events. Likewise, exhibitor fees contributed $2.7 million for the year.
Advertising income and royalties relating to our publications added $1.1 million in revenue. AAPS continues to improve the quality of its various print and electronic publications with impact factors rising on all journals. The AAPS Newsmagazine receives high marks with 94 percent of AAPS members rating it as providing key insight into pharmaceutical science trends.
As of September 30, 2018, total membership stood at 7,763. Membership dues revenue totaled $1 million for the year. We expect that recent investments in membership-related engagement and technologies will help to engage a new group of professionals and drive membership levels higher in fiscal year 2019 and beyond.
Finally, we want to thank the members of our financial staff, who continue to maintain high standards in reporting our financial results. Once again, our outside audit firm Tate & Tryon provided us the desirable unqualified audit opinion, evidence of accurate financial reporting, and a sound internal control environment.