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Rights & Permissions Free PDF Access Sign in to download PDF book and chapters Free Resources Display this book on your site! Related Titles Report of the Treasurer of the National Academy of Sciences for the Year Ended December 31, 2011 Report of the Treasurer of the National Academy of Sciences for the Year Ended December 31, 2010 Other Related Titles Report of the Treasurer to the Council For the Year Ended December 31, 2003 (2004) National Academy of Sciences (NAS) Citation Manager Export the bibliographic data for this book in your chosen format Web Search Builder Use this book's key terms to search within this book, across our collection, or across the Web. Skim This Chapter Skim this chapter and use this chapter's key terms to search within this book. Reference Finder Paste in your own text to find books that relate to your topic. Citation Manager . "Independent Auditor s Report." Report of the Treasurer to the Council For the Year Ended December 31, 2003. Washington, DC: The National Academies Press, 2004. Please select a format: Page 37   E-mail Share on facebook Facebook Share on delicious Delicious Share on stumbleupon Stumble Share on twitter Twitter More Sharing ServicesMore The following HTML text is provided to enhance online readability. Many aspects of typography translate only awkwardly to HTML. Please use the page image as the authoritative form to ensure accuracy. Independent Auditors’ Report The Auditing Committee National Academy of Sciences: We have audited the accompanying statements of financial position of the National Academy of Sciences (NAS) as of December 31, 2003 and 2002, and the related statements of activities and cash flows for the years then ended. These financial statements are the responsibility of NAS’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. 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 NAS as of December 31, 2003 and 2002, 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. April 16, 2004 KPMG, LLP Page 37 Front Matter (R1-R4) Treasurer's Statement (1-6) I. Investments (7-7) Endowment and Trust Investment Funds Description of Funds for the Year Ended December 31, 2003: Schedule 1 (8-16) Endowment and Trust Investment Funds Financial Detail of Funds for the Year Ended December 31, 2003: Schedule 1-A (17-20) Endowment and Trust Investment Pool Asset Allocation as of December 31, 2003: Schedule 2 (21-21) Endowment and Trust Investment Pool Change in Valuation and Market Value Summary: Schedule 2-A (22-22) II. Private Contributions (23-34) III. Financial Condition (35-35) Report of the Auditing Committee of the National Academy of Sciences (36-36) Independent Auditor s Report (37-37) Statements of Financial Position (38-38) Statements of Activities (39-39) Statements of Cash Flows (40-40) Notes to the Financial Statements (41-52)

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Report of the Treasurer to the Council of the National Academy of Sciences Independent Auditors’ Report The Auditing Committee National Academy of Sciences: We have audited the accompanying statements of financial position of the National Academy of Sciences (NAS) as of December 31, 2003 and 2002, and the related statements of activities and cash flows for the years then ended. These financial statements are the responsibility of NAS’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. 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 NAS as of December 31, 2003 and 2002, 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. April 16, 2004 KPMG, LLP

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accounting principles