Abstract
IT SHOULD COME as no surprise that the American Chemical Society, like many organizations, faces a challenging economic climate. On the positive side, the financial results from the society’s core operations remain strong. Both Chemical Abstracts Service and the Publications Division turned in favorable financial performances in 2008 and project modest growth in 2009. However, the society’s financial position has been weakened by the historic downturn in the capital markets. Even though ACS investments are conservatively managed, the extraordinary market turmoil in 2008 led to substantial investment losses, large reductions in reserves, and a decline in the funded status of the society’s Defined Benefit Pension Plan. This is a challenging situation, but it is not unique to ACS. Even so, to protect the society from additional, foreseeable serious financial consequences, both in the short term and over the long haul, the board reluctantly took action in December to modify the Postretirement Benefit Plans fo...
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