At December 31, 2014, the Society had net assets totaling $847 million. More than 78% of these net assets are either Temporarily or Permanently Restricted.
- Unrestricted net assets: $190 million
- Temporarily restricted net assets: $509 million
- Permanently restricted net assets: $149 million
Unrestricted Net Assets: $190 million
As of December 31, 2014 the Society had $190 million in unrestricted net assets. These net assets are intended to protect the Society’s long-term viability, particularly in the event of a sustained economic downturn, uninsured losses and/or poor capital market performance.
The Member Insurance Program has accumulated $45 million in unrestricted net assets which is included in the $190 million listed above. The Board of Trustees of the Member Insurance Program has determined that these funds will be used for the benefit of participants in the ACS Member Insurance Plans, and to protect the program against adverse claims experience.
Temporarily Restricted Net Assets: $509 million
The Society has approximately $509 million in temporarily restricted net assets, which represents donations received in support of specific Society programs.
|ACS Petroleum Research Fund||$478 million|
|Grants and Awards||$26 million|
|Membership & Scientific Advancement||$3 million|
|Total Temporarily Restricted Net Assets||$509 million|
Permanently Restricted Net Assets: $149 million
Permanently restricted net assets are approximately $149 million. The ACS Petroleum Research Fund accounts for $73 million of the total. The $73 million is an endowed amount (permanently restricted net assets) that generates interest and dividends used to provide grants to support education and research in the petroleum field. The $73 million permanently restricted balance may not be expended at any time, for any purpose, in accordance with the establishment of the ACS Petroleum Research Fund by order of the Supreme Court of New York..
|ACS Petroleum Research Fund||$73 million|
|Grants and Awards||$74 million|
|Membership & Scientific Advancement||$2 million|
|Total Permanently Restricted Net Assets||$149 million|