Report of the Treasurer to the Council for the Year Ended December 31, 1999 (2000) / Chapter Skim
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III. Financial Condition
III. Financial Condition
Pages 39-52
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From page 39... ...
IlI. Financial Condition 39
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From page 40... ...
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. The Auditing Committee has reviewed the report and recommends its acceptance in compliance with the governing bylaw and that the opinion of the independent accountants be published with the report of the Treasurer.
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From page 41... ...
We believe that our audit provides a reasonable basis for our · ~ oplmon. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the National Academy of Sciences as of December 31, 1999, and its changes in net assets and its cash flows for the year then ended in conformity with generally accepted accounting · ~ principles.
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From page 42... ...
Total Assets LIABILITIES AND NET ASSETS Current Liabilities Accounts payable and accrued expenses Deferred revenue (note 6) Other liabilities (note 7)
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$192,984 $ $ $192,984 Management end general 26,264 26,264 Fund raising 1,853 1,853 Total Expenses $221,101 $ $ $221,101 Changein net assets $ 7,601 $ 16,784 $ 1,270 $ 25,655 Net assets at beginning of the year 123,411 95,450 72,657 291,518 Net assets at end of the year $131,012 $112,234 $73,927 $317,173 See accompanying notes to the financial statements.
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government Increase in publications and supplies inventory Decrease in prepaid expenses and other current assets Increase in other assets Increase in accounts payable and accrued expenses Increase in other current liabilities Decrease in deferred revenue Increase in other liabilities Net cash used by operating activities CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property and equipment Sale or maturity of investments Purchase of investments Net cash used by investing activities CASH FLOWS USED BY FINANCING ACTIVITIES Proceeds from the issuance of debt Payments on financing agreement Net cash provided by prancing activities Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of the year Cash and cash equivalents at end of the year Supplemental data Interest paid on obligations See accompanying notes to the financial statements.
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To respond effectively to both the disciplinary concerns of the research community and the complex interdisciplinary problems facing American society, the NRC is organized into 10 major units that are responsible for most study activities: Commission on Behavioral and Social Sciences and Education Commission on Engineering and Technical Systems Commission on Geosciences, Environment, and Resources Commission on Life Sciences · Commission on Physical Sciences, Mathematics, and Applications · Office of International Affairs · Office of Scientific and Engineering Personnel · Board on Agriculture and Natural Resources · Transportation Research Board · Center for Science, Mathematics, and Engineering Education The financial activity and results of the NRC are included in the NAS's financial statements. Institute of Medicine The Institute of Medicine (IOM)
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Changes in the fair value are recognized in the statement of activities. Net gains or losses on investments are reported as changes in unrestricted net assets unless otherwise restricted by a donor.
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NOTES: INVESTMENTS Short-term investments and endowment and trust investments consisted of the following as of December 31, 1999: Short-term investments Investments reported at fair value: ($ in thousands) Vanguard Admiral Fund Vanguard Fixed-Income Securities NASA Federal Credit Union Endowment and trust investments Investments reported at fair value: Cash equivalents Bonds and notes Equity securities $16,895 17,006 102 $34,003 ($ in thousands)
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From page 48... ...
$70,615 3,312 $73,927 Program expenses for the year ended December 31, 1999, are summarized as follows: ($ in thousands) $41,862 41,626 20,880 10,422 Scientific and Engineering Personnel Transportation Research Board Institute of Medicine Engineering and Technical Systems Behavioral and Social Sciences and Education 14,757 Geosciences, Environment, and Resources Physical Sciences, Mathematics, and Applications International Affairs Commission on Life Sciences Science, Mathematics, and Engineering Education Policy Division National Sciences Resource Center National Academy of Engineering Board on Agriculture and Natural Resources Other 10,883 13,047 6,840 20,260 3,197 3,993 716 2,719 1,041 741 $192,984
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NOTE 11: BONDS PAYABLE AND BUILDING PROJECT Revenue Bonds In January 1999 the District of Columbia issued $130,960,000 of tax-exempt revenue bonds on behalf of the NAS. The NAS is obligated under these bonds as follows: Senes 1999A revenue bonds, senal, with interest rates ranging from 3.9% to 5%, maturing at venous dates from January 1, 2003 through 2012 Senes 1999A revenue bonds, term Interest rate 5%, Due January 1, 2019 Interest rate 5%, Due January 1, 2028 Senes l999B revenue bonds at a flexible Rate due January 1, 2039 Senes l999C revenue bonds, variable Rate due January 1, 2039 Total bonds at face value Less-unamortized bond discount Total bonds payable The serial and term bonds represent an unsecured general obligation of the NAS.
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The related obligation is reported within accrued employee benefits on the statement of financial position. Postretirement Benefits The NAS provides certain health care and life insurance benefits for retired employees.
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It is calculated on an actuarially determined basis over the years the employees become eligible and is reported in accrued employee benefits on the statement of financial position. The total postemployment benefit gain for the year ended December 31, 1999, was approximately $46,000.
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Klein William Rutter Paul A Samuelson Frederick Seitz IOM Representative: Gail Warden BUDGET AND INTERNAL AFFAIRS COMM ITEE Ronald Graham, Chair John Brauman Ralph E
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