Leadership
& Financials

Discussion and Analysis

The COVID-19 pandemic changed many aspects of the organization, including its financial results. Without ONS Congress™ and uncertainty around a virtual conference and regular revenue streams, steps were taken to reduce expenses in travel, rent and utilities, and conference costs. ONS Bridge™ generated less net profit than ONS Congress did in 2019, yet other regular revenue sources kept pace with 2019. Operating revenue equaled $25,196,000 in 2020 compared to $27,844,000 in 2019. Reductions in expenses significantly lowered 2020 operating expenses when compared to 2019, so ONS generated a net operating profit of $4,003,000 in 2020.

ONS continued its investment in new and innovative programs designed to meet members’ needs now and in the future. The cost of this investment is capitalized and not included in the operating results. ONS increased its efforts to find funding sources aligned with its priorities to develop new offerings for members that would improve patient care. These revenue sources provide ONS with the ability to supplement member dues and help to keep ONS products and services reasonably priced. As a result, ONS has not raised member dues since 2015.

ONS’s operating costs equaled $21,193,000 in 2020, and 77% of operating expenses went toward member programs. Administrative and fundraising expenses make up 22% of ONS’s operating expenses.

Discussion and Analysis

ONCC generated $4,581,000 in operating revenue and incurred $3,318,000 in operating expenses to achieve a $1,263,000 net operating profit in 2020. Overall, 2020 operating revenue was $201,000 less than 2019. New testing registration revenue decreased while renewal revenue increased from 2019 levels. The sale of practice tests increased in 2020.

Operating expenses decreased by $581,000 from 2019 and were related to reductions in meeting costs, rent and utilities, and miscellaneous expenses. Program expenses equaled 85% of total operating expenses, while administration expenses equaled 15%.

Discussion and Analysis

In 2020, the Oncology Nursing Foundation raised $1,428,000 in operating revenue, an increase over 2019, which can be attributed to several substantial legacy gifts as well as strong support from corporate donors. The Foundation’s operating expenses of $1,472,000 decreased by $45,000 compared to 2019. Endowment spending contributes to the operating loss because, under Pennsylvania law, the Foundation must spend 2% to 7% of its average endowment balance (both real and unrealized) from the past three years. This spending range is required regardless of actual funds raised or investment gain or loss during the current year. Investment activity is considered non-operating whereas operating expenses include the endowment spending. This creates an annual mismatch of revenue and expenses.

The Foundation spent 73% of its operating expenses on programs and 27% on administration (13%) and fundraising (14%). The program expense percentage increased from 68% in 2019. The Foundation will continue to work to improve its efficiency in fundraising and lowering its administrative costs, which means a higher percentage of operating expenses will go to assisting oncology nurses.