1. Nichols, Inez DNP, FNP-BC, CRNI(R), VA-BC
  2. INS Secretary/Treasurer 2020-2021

Article Content

The 2019 INS Financial Report spoke of the transformational changes that were affecting both the health care and association landscapes. The standard association model that was driven by membership and in-person meetings continued to shift to one of engagement and on-demand programming. Revenue generation methods also shifted, posing a challenge to INS to create the necessary revenue streams to meet the educational needs of our members and constituents. Those challenges were minor compared with those created by the COVID-19 pandemic that started in March 2020.

Inez Nichols, DNP, F... - Click to enlarge in new window INS Secretary/Treasurer 2020-2021

There were no models to study or trends to follow to guide us through a health crisis that none of us had ever experienced. INS had to pivot our operations within a 24-hour timeframe and make critical decisions, often with little or no definitive information. Fortunately, our previous work to understand and adjust to the changes that were taking place in the association arena before the pandemic better prepared us for the challenges brought on by COVID-19.



Our first area of focus was to provide for the safety and well-being of our staff. We did so by transitioning our in-person staff to a remote function. We then scheduled alternating in-office attendance to keep our operations moving with little-to-no delays in processing orders, invoices, and payments. With the help of online tools such as Zoom, Teams, and WebEx, the INS team was able to perform their individual and collective functions seamlessly. We consistently checked in with one another to provide both moral and work-related support and to ensure that everyone was safe and productive. The team responded with resiliency and a willingness to help each other to get the job done.



The Paycheck Protection Program (PPP) was established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act and implemented by the Small Business Administration (SBA) through support from the Treasury Department. The program was designed to provide a direct incentive for small businesses to keep their workers on the payroll by providing a loan that could be forgiven if certain criteria were met. Funds from this loan could also be used to pay interest on mortgages, rent, and utilities. INS met the eligibility requirements, and after working with our accounting firm and banker, submitted a loan application in the amount of $246,000. The loan was approved in late April 2020 and provided INS with an immediate influx of cash to assist with payroll, rent, and utilities. Our next step, which will take place in the third quarter of 2021, will be to apply for forgiveness of the loan. Based on the parameters of the program, we anticipate full forgiveness to be given.



For the first time in recent history, publications and educational resources led all revenue categories. The downward trend in in-person meetings, coupled with the pandemic, nudged educational seminars and meetings out of their typical front-running positions. The remaining categories were in line with previous years; however, 2020 revenue overall trailed 2019 by $268,000.



With the reduction in revenue in 2020, it was important to reduce expenses as much as possible. We were able to accomplish this across all expense categories, including general and administrative. The total reduction in expenses from 2019 to 2020 was $672,000.



Despite the challenges posed by the pandemic, INS was able to end 2020 in a stable financial position. Operationally we experienced a loss of $159,000; however, our strong investment portfolio yielded an overall increase in fixed assets of $267,000 (Figure 1).

Figure 1 - Click to enlarge in new windowFigure 1. 2020 Infusion Nurses Society revenue and expense report.

An independent accounting firm audited INS' financial statements for the year ending December 31, 2020, in accordance with auditing standards. In its opinion, the financial statements present fairly, in all material respects, the financial position of INS.