APS Financial Transparency

Financial Information

The American Physiological Society is committed to transparently sharing our financial reports and information. As a self-publishing society, APS reinvests income back into the research community we serve and the science we support. Here’s a look at the Society’s finances and how revenue is allocated. 

Operating Revenue 

The Society’s operating revenue, which excludes investment returns and other income not generated from core activities, is earned through numerous Society activities. The relative percentage of each revenue source to total operating revenue for 2023 is noted in the chart. The largest being APS journal subscription revenue, followed by other publication fees such as article and open access fees. Other notable sources of core revenue include contributions and grants, meeting income, including registration and exhibitor fees and membership dues.  

Operating Expenses 

The Society’s expenses are allocated among the various programmatic and support areas during the preparation of the annual budget, which is approved by the APS Finance & Audit Committee and the APS Board of Directors.  

Long-term Reserves 

APS continues to strategically redeploy net earnings from publications and returns from our long-term reserves to ensure financial sustainability and support our members and mission-driven initiatives. The Society maintains long-term reserves for three primary purposes: 

• APS holds sufficient diversified and liquid funds available for significant and unanticipated expenditures to ensure we can continue operations even in times of  economic uncertainty. 
• The APS Board of Directors has designated a portion of the reserves to support important strategic initiatives and endowed programs. 
• The Board has established a spending policy that enables some portion of the reserves  to be used to support the general operating budget of the Society. 

The Society’s long-term reserves are reported on the balance sheet and the returns are reported in the statements of activities and consists of interest and dividend income, plus realized and unrealized capital gains and losses, less external and direct internal investment expense. The reserves portfolio is well-diversified and monitored by the Finance & Audit Committee. Historical balances, contributions, and withdrawals are detailed below:  

APS Financial Reports 

APS statements of net assets and related statements of income, expenditures and fund capital are audited annually by an independent certified public accountant (CPA) auditing firm. Financial reports are audited by an independent audit firm in accordance with auditing standards generally accepted in the United States of America. The 2023 audit included the financial statements of APS, which comprise the statements of financial position as of Dec. 31, 2023, and 2022; the related statements of activities, functional expenses, and cash flows for the years then ended; and the related notes to the financial statements.  

IRS 990 Filings  

APS is a tax-exempt organization and must file an annual information return or notice with the IRS. As a 501(c)(3) organization, APS is required to file a Form 990 annually. To receive a copy of the latest Form 990 filing for APS, contact us at 1-844-526-1700 with your name and mailing address.