limits annual expenditures to 5% of the 3-year moving average of the market value of the Endowment and Trust Investment Funds.

  • All Endowment and Trust Investment Funds are pooled for investment purposes. A detailed analysis of the funds in the Endowment and Trust Investment Pool is presented in the Investment section of this report.

  • The next chart presents the investment structure adopted by the NAS Finance Committee in 1995 for its asset allocation strategy.

Overview of Current Investment Structure

   

Target

Percent of Portfolio

Dollar Amount (in thousands)

Fixed-Income:

U.S. Fixed

25%

25%

$ 68,295

 

Non-U.S. Fixed

0%

2%

4,940

 

Mortgages (at cost)

0%

4%

9,711

Equities:

U.S. Large Cap Funds

30%

32%

89,060

 

Small Cap Funds

15%

15%

40,656

 

Non-U.S. Developed Markets

15%

17%

45,970

 

Non-U.S. Emerging Markets

5%

2%

5,048

 

Private Commitments

5%

3%

8,030

Cash Equivalents

 

5%

1%

1,791

Total

     

$273,501

  • Market values of the Endowment and Trust Investment Pool, after withdrawals, for the years ended December 31, 2000 and 1999, are displayed in the following chart:

 

($ in thousands)

 

2000

1999

Cash and Fixed-Income Securities

$ 84,737

$ 85,966

Equity Securities

188,764

195,472

Total

$273,501

$28 1,438

  • See schedule 2A and schedule 2B for details of specific investments.

  • Included in the $273.5 million total market value of the Endowment and Trust Investment Pool as of December 31, 2000, are the amounts of $44.8 million, $20.9 million, and $6.8 million for the IOM, TNAC, and Woods Hole Endowment Funds, respectively. TNAC denotes The National Academies' Corporation (Beckman Center), which is equally owned by the National Academy of Sciences and the National Academy of Engineering Fund (see note 1 to the Financial Statements).

  • A total return of 0.65% before withdrawals was realized from the investment pool in FY2000, exceeding our benchmark composite of −4.7% by 5.3% for the same period. For the ten-year period ending December 31, 2000 the total return for the portfolio was 12.55% exceeding the composite benchmark of 11.83% for the same period. Details are provided in Schedule 2 of the Investment Section.

  • Withdrawals of $8.4 million were made to fund the President's Committee, NAS General Fund's activity, and prizes and awards for the current period. Additional withdrawals of $2.2 million were made to fund IOM, Woods Hole, and TNAC activity.

NAS General Funds

NAS General Funds account for the activities of the Council, the Officers, and the Members as follows ($ in thousands):

Revenue:

 

Contributions from Endowments

$5,201

Interest Income and reimbursements

902

Development Office

301

Total Revenue

$6,404

Expenses:

 

Development Office

$1,963

Member Services:

 

Annual Meeting

374

Other

149

Programs/Projects

 

Committee on Human Rights

196

Arts in the Academy

271

Public Understanding Of Science

357

Beyond Discovery

318

Frontiers of Science

600

Multiethnic Conflict Symposium

240

Issues in Science and Technology

150

Woods Hole

376

NAS Officer's Expenses

320

NRC Operations

415

Interest Expense

523

Other

67

Total

$6,319

Journal Publications
  • Financial results of the Proceedings of the National Academy of Sciences are shown below for the years ended December 31, 2000, and December 31, 1999:

 

($ in thousands)

 

2000

1999

Revenue:

   

Subscriptions

$4,994

$4,537

Author charges

2,198

2,392

Other

354

322

Total

$7,546

$7,251



The National Academies | 500 Fifth St. N.W. | Washington, D.C. 20001
Copyright © National Academy of Sciences. All rights reserved.
Terms of Use and Privacy Statement