Society for Science operates within three broad areas of program work: (1) science journalism, (2) world-class science competitions for high school and middle school students and (3) outreach and equity programming. In 2022, eighty-seven cents of every dollar spent by the Society supported program work. General and administrative costs accounted for six cents of every expense dollar, and fundraising costs equaled sevens of every expense dollar.
The science competitions returned to in-person events in 2022 and continue to be a critical segment of our work and account for 53 percent of program spending. Our growing outreach and equity programming, which seeks to expand access to STEM opportunities, together with our work aimed at building our alumni community, accounted for 15 percent of program spending. Science News Media Group’s work accounted for 31 percent of program spending.
The Society’s balance sheet continues to be very healthy, with total net assets of $73.5 million, composed of unrestricted net assets of $21.4 million and restricted net assets of $52.1 million. The Society carries no long-term financing and owns its primary office real estate. As a result, unrestricted current assets exceed current liabilities by $35.8 million, resulting in a 4.75 ratio of current assets to current liabilities. The Society’s unrestricted investment balance is entirely liquid and accounts for 55 percent of current assets composed of cash, investments, prepaid expenses, and the amount of grants receivable to be received in the next year. The investment portfolio holdings are well diversified and professionally managed in order to take advantage of market growth while minimizing risk of loss.
Restricted assets make up the largest asset class and are mostly grants receivable for future funding commitments from Regeneron and other funders for science competitions and other program work, with all of the receivables to be provided within the next five years.
Society Growth in 2022