On behalf of the INS Board of Directors, I am pleased to submit INS' financial statement for the year ending December 31, 2016.
INS enjoyed many successes in 2016, both clinically and financially. In January, we were pleased to release the latest revision of the Infusion Therapy Standards of Practice (the Standards). Long heralded as the go-to resource for infusion therapy, the Standards continues to provide evidence-based solutions for those in the infusion practice. It also had a positive financial impact for the organization in 2016. In addition, an increase in educational opportunities through the INS LEARNING CENTER-specifically, Virtual Infusion Education-and revisions of several resources helped INS enjoy a financially successful year.
Revenues were spread over 4 business segments and accounted for a total figure of $3,405,138. Total expenses came in at $3,266,337, leaving an operating income of $138,801.
The most important business segment is membership. Everything we do is based on meeting members' needs as well as expanding our membership. Without your support, we are unable to produce the resources and educational opportunities that are our hallmark. Our membership increased by 534 (8.36%) in 2016, ending the year at 6921. As we reported last year, we continue to see several trends in this business segment. One of the biggest trends is corporate membership. Employing an infusion clinician who is a member of INS and who has access to the educational resources we provide is of great importance to organizations. The expansion of infusion therapy outside the acute care setting continues and has helped us grow our corporate membership program as more and more companies find value in an INS membership for their staff.
The meetings segment continues to be a major driver of our revenue stream. Typically, it represents about 50% of total revenues; however, in 2016 that percentage dropped to 38%. This is due in large part to the continued growth of our infusion education services segment, which includes the INS LEARNING CENTER and Virtual Infusion Education (Figure 1). Diversifying our offerings and revenue streams is important to our continued success by helping us reach out to a much wider base. Meetings generated $1,292,476 in revenue, with registration fees, exhibit booth sales, and sponsorships as the leading sources. Expenses were $625,413, with audiovisual, food and beverage, and travel accounting for the majority portion. Overall profit for this segment was $667,063.
Publications revenue soared in 2016 thanks in large part to revisions to the Standards and Policies and Procedures for Infusion Therapy. E-platform sales of both resources through the INS Digital Library produced additional revenue for this segment. Also, Journal of Infusion Nursing ad sales, reprints, and licensing helped contribute to revenues of $1,115,221 in this business segment. Our overall profit was $856,991.
We continue to think and act strategically to best position INS for success. Innovation plays a key role in the work we do. This is best demonstrated in the development, promotion, and delivery of educational programming through our Virtual Infusion Education platform. Bringing INS education to our members virtually provides those who cannot travel to an INS meeting with an alternative option to participate in an INS program. It also provides INS with revenue that, in turn, is used to expand and improve the platform. Total profit from the infusion education services segment was $294,021.
From an expense standpoint, general and administrative costs account for the largest portion (64%) of our total expenses. The items that make up a majority of the expenses in this category are payroll, rent, health/retirement benefits, computer and IT, and credit card fees. Working to contain these expenses as much as possible while still operating our business in a manner that brings benefit to our members can be a challenge, but it is one that we embrace and take extremely seriously.
An integral component of INS' mission is to support infusion certification, and as such, we support it each year through a certification grant to INCC. Our contribution in 2016 was $144,000, as it was in 2015.
Finally, an independent accounting firm audited INS' financial statements for the year ending December 31, 2016, in accordance with auditing standards. In its opinion, the financial statements present fairly, in all material respects, the financial position of INS.