AIChE’s net assets increased in 2017 by $3.6 million, including negative operating results of $152K which were more than offset by investment returns and other non-operating items. Major items in Operations were the Meetings business segment, which exceeded its budget by delivering $2.5 million and the Industry Technology Groups, which delivered another $1.7 million, mostly due to the RAPID manufacturing initiative that launched last year.
In addition, the Publications business added $0.6 million. General and Administrative expenses remained flat with 2016 levels of $4.3 million. Below the operating line, investment activity contributed $3.4 million. There was also a favorable adjustment to the legacy Pension Plan of $0.2 million, resulting primarily from an increase in the market value of the Pension Plan assets, bringing our Plan to an 80.4% funded level at year-end. The Postretirement Medical and Life Plan was restructured in 2017, resulting in a credit of $0.2 million. The 2017 net asset level reached $27.2 million at year-end.
Financial Statements and Independent Auditors Reports
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