With yesterday’s release of their annual report, the Institute for Supply Management (ISM) reported that its gross revenue in its latest fiscal year declined by 15% from the previous fiscal year. ISM’s gross expenses exceeded its gross revenue by a significant margin, resulting in a “negative net” (i.e., loss) of $2.3 million.

Don’t miss updates on Procurement & Supply Chain, Subscribe here!

ISM’s gross revenue was its lowest since its 2003-2004 fiscal year. The $2.3 million negative net was the largest reported by ISM among any of the annual reports on its Web site, which date back to its 1997-1998 fiscal year.

Next Level Purchasing, whose revenue in 2008 grew 67% from 2007, has no comment on ISM’s results.