Report of the Treasurer to the Council for the Year Ended December 31, 2001 (2002) / Chapter Skim
Currently Skimming:
III. Financial Condition
III. Financial Condition
Pages 39-54
The Chapter Skim interface presents what we've algorithmically identified as the most significant single chunk of text within every page in the chapter.
Select key terms on the right to highlight them within pages of the chapter.
From page 39... ...
III. Financial Condition 39
|
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 31, 2001, 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.
|
From page 41... ...
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, 2001 and 2000, 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.
|
From page 42... ...
82,878 79,732 Total net assets 309,902 328,444 Commitments and contingencies (notes 8, 11, 12, 14 and 15) Total liabilities and net assets $575,845 582,050 See accompanying notes to financial statements.
|
From page 43... ...
114,818 133,894 79,732 328,444 121,486 112,234 73,927 307,647 Net assets at end of the year $ 99,506 127,518 82,878 309,902 114,818 133,894 79,732 328,444 See accompanying notes to financial statements.
|
From page 44... ...
in cash and cash equivalents 13,605 (38) Cash and cash equivalents, beginning of year 59 97 Cash and cash equivalents, end of year 13,664 59 Supplemental disclosure of cash flow information: Interest paid $ 6,985 6,733 See accompanying notes to financial statements.
|
From page 45... ...
The • Division on Engineering and Physical Sciences; financial position and results of TNAC are not consoli • Policy and Global Affairs Division; and dated in the NAS's financial statements. • Transportation Research Board.
|
From page 46... ...
Contri- market pricing models are used to estimate fair values of butions subject to donor-imposed stipulations that are met interest rate swap agreements. The fair market value of all in the same year as received are reported as unrestricted other financial instruments in the financial statements revenue.
|
From page 47... ...
: The preparation of these financial statements in confor 2001 2000 mity with accounting principles generally accepted in the Short-term investments: United States of America requires management to make Cash equivalents $ 113 108 certain estimates and assumptions. These estimates and Bonds and notes 40,686 -- assumptions may affect the reported amounts of assets and Treasury securities -- 16,860 liabilities and disclosure of contingent assets and liabilities Equity securities 11,226 27,812 Escrow -- 4,701 as of the date of the financial statements.
|
From page 48... ...
2005 1,111 2006 700 Fair value of the buildings relating to the real estate Thereafter 25,699 mortgage investments approximated $36 million on De- 38,410 Less – discount to estimated net present value (7,018) cember 31, 2001 and 2000.
|
From page 49... ...
At the end The income generated by permanently restricted net assets of each year, NAS compares actual expenses incurred in is to be used to support donor-specified programs or each of its cost pools to the amounts recovered based on its general activities of the NAS. As of December 31, 2001 billing rates.
|
From page 50... ...
By using derivative 1, 2028 are subject to mandatory redemption by operation financial instruments to hedge exposures to changes in of sinking fund installments. The installment payments for interest rates, the NAS exposes itself to credit risk and the term bonds maturing January 1, 2019, begin on January market risk.
|
From page 51... ...
of the Internal Revenue Code. In 1999, under a separate trust agreement, the Trustee, an unrelated third party, held record legal title to the Green/ In addition, the NAS has a voluntary employee contribuHarris facility that was under lease by the NAS for a portion tion retirement plan that is funded solely by employee of its operations.
|
From page 52... ...
components ($ in thousands) : 2001 2000 Life Life insurance Health insurance Health benefits benefits Total benefits benefits Total Change in benefits obligations Benefit obligation, January 1 $ 603 10,067 10,670 590 9,443 10,033 Service cost 8 409 417 7 306 313 Interest cost 50 744 794 42 685 727 Actuarial (gain)
|
From page 53... ...
Years Ending December 31 Minimum rentals The health care cost trend rate assumption has a significant 2002 $6,536 impact on the postretirement benefit costs and obligations. 2003 2,962 The effect of a 1% change in the assumed health care cost 2004 2,796 trend rate at December 31, 2001, would have resulted in an 2005 2,779 approximate $1,554,000 increase or $1,307,000 decrease 2006 2,740 in the postretirement benefit obligation and an approxi- Thereafter 2,947 $20,760 mate $173,000 increase or $147,000 decrease in the 2001 benefit expense.
|
From page 54... ...
Martin, M.D.: IOM Representative BUDGET AND INTERNAL AFFAIRS COMMITTEE Ronald Graham, Chair John Brauman Purnell Choppin Robert C Dynes James Langer Jane Lubchenco AUDITING COMMITTEE Jack Halpern, Chair Purnell Choppin M
|
Key Terms
This material may be derived from roughly machine-read images, and so is provided only to facilitate research.
More
information on Chapter Skim is available.