Report of the Treasurer to the Council for the Year Ended December 31, 2000 (2001) / Chapter Skim
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III. Financial Condition
III. Financial Condition
Pages 39-54
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From page 39... ...
IlI. Financial Condition 39
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From page 40... ...
Alberts: In accordance with Bylaw V-6 of the National Academy of Sciences, the firm of KPMG LLP was retained to conduct an audit of the accounts of the Treasurer for the year ended December 3 i, 2000, and to report to the Auditing Committee. The independent accountants have completed their audit of the financial statements and have submitted their report, a copy of which is attached, concerning financial statements to which they refer.
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We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the NAS as of December 31, 2000 and 1999, and its changes in net assets and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
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Total liabilities and net assets $584,118 $515,131 See accompanying notes to financial statements.
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124,349 112,234 73,927 310,510 118,112 95,450 72,657 286,219 Net assets at end of the year $117,946 $133,894 $79,732 $331,572 $124,349 $112,234 $73,927 $310,510 See accompanying notes to financial statements.
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Net cash provided by financing activities Net decrease in cash and cash equivalents Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year Supplemental disclosure of cash flow information: Interest paid on obligations See accompanying notes to financial statements.
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is a separately incorporated not-for-profit organization established and controlled by the NAE to raise funds to support its goals. The financial activity and results of the NAEF are not included in the NAS financial statements.
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(g) Fair Value of Financial Instruments The fair value of bonds payable in the financial statements exceeded their carrying value by approximately $28,000 and $5.2 million on December 31, 2000 and 1999, respectively.
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These estimates and Escrow: Cash equivalents 25 assumptions may affect the reported amounts of assets and Bonds and notes 1,718 liabilities and disclosure of contingent assets and liabilities Equity securities 2,958 as of the date of the financial statements. Actual results $ 49,481 $ 34,003 could differ from those estimates Endowment and trust investments: Cash equivalents $ 1,791 $ 3,215 Bonds and notes 73,235 71,910 (3)
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From page 48... ...
Fair value of the buildings relating to the real estate mortgage investments approximated $36 million on December 31, 2000 and 1999. The NAS pledged its investment in the real estate mortgages as collateral on its commitment under the operating lease for the Green/ Harris facility during 2000 (see note 12~.
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From page 49... ...
: 2000 1999 $106,721 $ 83,935 24,530 25,392 2,643 2,907 $133,894 $112,234 Programs Prizes and awards Woods Hole facility Temporarily restricted net assets were released from restriction for the following purposes during the years ended December 31, 2000 and 1999 ($ in thousands) : 2000 $11,286 779 250 1999 $7,552 66 234 $12,315 $7,852 Programs Prizes and awards Woods Hole facility Permanently restricted net assets are invested in perpetuity.
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From page 50... ...
Therefore, the NAS entered into a derivative instrument that ties the fixed-rate debt to a variable index, thereby reducing the risk of variability in the recovery amount. During the first year of this agreement, the NAS received payments of $2,971,000 from Bank of America based on the 5.17 percent fixed rate, and paid $2,126,000 based on an average variable rate of 3.88 percent, resulting in a $845,000 gain which is reflected as other income in the statement of activities for the year ended December 31, 2000.
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From page 51... ...
The immediate cash payment of $2,435,000 and the market premium of $483,000 are not reflected within the December 31, 2000 financial statements. Beginning January 1, 2004, the variable rate swap transaction becomes effective again with 16 years remaining under the agreement.
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The health care cost trend rate assumption has a significant impact on the postretirement benefit costs and obligations. The effect of a 1 percent change in the assumed health care cost trend rate at December 31, 2000, would have resulted in an approximate $1,215,000 increase or $1,067,000 decrease in the postretirement benefit obligation and an 52 7 306 42 685 (374)
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From page 54... ...
Samuelson Joseph B Martin, M.D.: TOM Representative B UD GET AND INTERNAL AFFAIRS COMM I TEE Ronald Graham, Chair John Brauman Purnell Choppin Jack Halpern Jane Lubchenco William Rutter AUDITING COMMITTEE Jack Halpern, Chair Purnell Choppin Robert Wurtz FINANCIAL MANAGEMENT STAFF Archie L
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