Total NRC grants and contracts program expenditures for FY 2000 was $203.8 million compared to $193.0 million for 1999. Please see Note 10 of the Financial Statements for a presentation of expenses by NRC program unit.
Short-term investments of NRC funds amounted to $49.5 million on December 31, 2000. These funds are held in short-term investments for program and operational liquidity requirements. On December 31, 2000, the Academy's short-term instruments were earning interest at varying rates ranging from 5.15% to 7.09%. This portfolio generated $2.6 million of interest income during the year. (Details are provided in Note 4 to the Financial Statements).
There are many financial transactions exchanged between the member organizations of the National Academies. The NRC serves as the clearinghouse for these transactions. However, it is important to note that only the financial activity and results of the NAS, NRC, and IOM are included in these financial statements.
The financial activity and results of the National Academy of Engineering, the National Academy of Engineering Fund, and the National Academies Corporation (Beckman Center) are audited and reported separately. Financial information for the NAE and the NAEF is available on request from the NAE Finance Office; information for the Beckman Center is available from the NAS Accounting Office.
The financial statements and schedules that follow reflect the sound financial condition of the National Academy of Sciences as of December 31, 2000, and the results of operation for the year then ended.
I would like to thank the Council, the Committee on Budget and Internal Affairs, the Finance Committee, and the NRC Management Review Committee for their continued input and support. I believe that 2000 was a year of continued financial stability and improved reporting capability.
I would also like to take this opportunity to commend all members and staff who over the past years have contributed so much to the achievements of the Academy. We are enthusiastically looking forward to an even more exciting and productive future in the coming year.
Ronald Graham, Treasurer