We reveal a year of strong performance, with total revenue increasing by 17% over the prior year, driven by growth in membership, learning and development, and conferences. This financial growth contributed to a fourfold increase in retained earnings.
A major focus of the report is on our key collaborations and strategic initiatives. We partnered with the National Contract Management Association (NCMA) to establish the Commerce & Contract Management Institute (CCM Institute), a jointly owned research entity dedicated to setting higher standards in commerce and contracting. This collaboration also led to the finalization of the latest version of the Contract Management Standard, a framework that aims to enhance organizational efficiency and compliance globally.
In professional development, the report details a refreshed CCM Certification Program launched in July 2024, designed to better prepare professionals for an evolving sector. It also introduces a new AI-powered tool called Ask Tim, which provides our members with access to 25 years of our curated knowledge. This initiative reflects our strategic goal of embracing AI to redefine professional roles and amplify their impact.
The report also acknowledges the prestigious awards we received in 2024, including the Gold Award for International Association of the Year and the Silver Award for Best New Event for AI Contracting Week.