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OCR for page 7
Report of the Treasurer to the Council of the National Academy of Sciences
I.
Investments
OCR for page 8
Report of the Treasurer to the Council of the National Academy of Sciences
Endowment and Trust Investment Funds – Description of Funds for the Year Ended December 31, 2006
Capital Contribution (Column 1 of Schedule 1–A)
I.
ENDOWMENT
A.
Unrestricted
1.
NAS Unrestricted Endowment
Agassiz Fund – Bequest of Alexander Agassiz, a member of the Academy.
$
50,000
Carnegie Fund – Balance of the original gift of $5,000,000 from the Carnegie Corporation of New York, for the purposes of the National Academy of Sciences/National Research Council, $1,725,000 of which has been used to cover the cost of the Academy building and the acquisition of other property.
3,275,000
Commonwealth Fund – A grant of the Commonwealth Fund for capital endowment of the Academy.
500,000
Carl Eckart Fund – Bequest of Carl Eckart received for the general purposes of the Academy.
1,246,366
Ford Foundation Fund – A grant of the Ford Foundation for capital endowment of the Academy.
5,000,000
Henrietta and Alexander Hollaender Fund – A bequest to the Academy from Dr. Alexander and Mrs. Henrietta Hollaender.
500,000
Grayce B. Kerr Fund – A grant from Grayce B. Kerr for the general purposes of the Academy.
250,000
Nealley Fund – Bequest of George True Nealley for the general purposes of the Academy.
19,556
Simon Ramo Fund – A gift from Simon Ramo for the general purposes of the Academy.
14,000
Rockefeller Foundation Fund – A grant of the Rockefeller Foundation to the National Academy of Sciences for the general purposes of the Academy.
1,000,000
Dorothea and Herbert Simon Fund – A gift from Dorothea and Herbert Simon for the general purposes of the Academy.
644,616
Sloan Foundation Fund – A grant of the Alfred P. Sloan Foundation for the general purposes of the Academy.
1,000,000
Amy Prudden Turner Fund – Bequest of Amy Prudden Turner for the general purposes of the Academy to serve as a memorial to her husband Scott and herself.
29,662
Anonymous Endowment Fund – A gift for the general purposes of the Academy from a donor who wishes to remain anonymous.
7,146,660
General Endowment Fund – Bequest of David Lloyd Fillman and others for the general purposes of the Academy. By action of the Council, the International Critical Tables were transferred into this fund during fiscal year 1976, and proceeds from the sale of the Audubon Folios were transferred in fiscal year 1981.
3,542,095
Members Endowment Fund – Contributions from various members to be used for the general purposes of the Academy.
2,642,363
Subtotal: NAS Unrestricted Endowment
$
26,860,318
2.
IOM Unrestricted Endowment
General Endowment Fund – Contributions from various sources, including members of the Institute of Medicine, for capital endowment of the Institute of Medicine.
$
1,110,589
Robert Wood Johnson Foundation Fund – An endowment grant, the income from which is to be used for core support of the Institute of Medicine.
5,000,000
Institute of Medicine Kellogg Fund – A grant from the Kellogg Foundation to be used for the general purposes of the Institute of Medicine.
282,500
Institute of Medicine Members’ Dues
197,500
OCR for page 9
Report of the Treasurer to the Council of the National Academy of Sciences
Henry J. Kaiser Family Foundation Fund – Contribution to an endowment fund to support core activities of the Institute of Medicine. The grant indicates the Foundation’s view that the Institute of Medicine is of great importance to the development of sound social policy related to health. In 1989 this grant was amended by the Kaiser Family Foundation to provide for the transfer of $250,000 as a matching contribution to the endowment contribution to the Institute of Medicine’s Food and Nutrition Board.
488,485
John D. and Catherine T. MacArthur Foundation Fund – A grant to be used exclusively as an endowment to the Institute of Medicine, the income from which is restricted to the general purposes of the Institute.
5,000,000
Pharmaceutical Discretionary Fund – A grant from W. K. Kellogg to further the Institute of Medicine’s long–range program development.
480,000
Pharmaceutical Endowment Fund – Contributions of $250,000 over a period of five years from Glaxo, Inc., and $10,000 from Eli Lilly Company, the income from which is to be used for the general purposes of the Institute of Medicine.
259,448
Miscellaneous Private Sector Fund – Contributions from Kaiser Permanente to be used for core support requirements of the Institute of Medicine.
26,346
Subtotal: IOM Unrestricted Endowment
$
12,844,868
B.
Restricted for Specific Purpose
1.
Program
a.
NAS Restricted Program
Arts in the Academy Fund – Contributions from various sources for sponsoring free cultural programs of merit for local residents and for providing a platform for musicians and artists.
$
3,934
Basic Science Fund – Earth Sciences – Contribution from an anonymous donor to match a gift from the Palisades Geophysical Institution of New York. Together these contributions will be used to establish the Maurice Ewing and Planetary Sciences Fund of the National Academy of Sciences.
503,231
Biology and Biotechnology Fund – Contributions from various individuals to be used for studies and other activities that address emerging research and policy issues affecting biology and biotechnology, especially cross–disciplinary aspects and those involving the interface of science, technology, and commerce and used for dissemination and outreach efforts that seek to inform policymakers about the findings of the results.
420,232
Blakeslee Fund – Bequest of Albert Francis Blakeslee, the income from which is to be used in support of genetics research.
886,902
Thomas Lincoln Casey Fund – Bequest of Thomas L. Casey as a memorial to his father, Thomas Lincoln Casey, to be used in the advancement of engineering in all its applications.
258,081
The Coca–Cola Foundation Fund – A grant to be used for initiatives in precollege science and mathematics education.
50,000
Henry and Bryna David Endowment – A bequest of Henry and Bryna David to support the communication of insights and discoveries from the social and behavioral sciences to policy makers and other decision makers to promote informed public policy and staff development through various Academy activities.
850,000
Arthur L. Day Fund – A bequest of Arthur L. Day, a member of the Academy, for the purpose of advancing studies of the physics of the earth.
5,047,846
Cecil and Ida Green Fund – A gift from Cecil and Ida Green to be used to support activities dedicated to improving the quality of life of our people.
467,256
Global Commons Project Fund
39,058
OCR for page 10
Report of the Treasurer to the Council of the National Academy of Sciences
W. K. Kellogg Foundation Fund – A grant of the W. K. Kellogg Foundation for an endowment in the areas of education, health, and agriculture. The income will be used to fund studies and other activities within these program areas such as enhancing the quality of U.S. education, assuring access to quality health care, assessing the role of biotechnology in the future of agriculture, and similar issues as they arise.
20,000,000
Kobelt Fund – Bequest of Nina I. Kobelt to be used for research scholarships for worthy students.
296,593
Andrew W. Mellon Foundation Fund – A grant from the Andrew W. Mellon Foundation to endow a program of Academy–initiated studies.
1,000,000
George and Cynthia Mitchell Endowment for Sustainability Sciences – Contribution from the George and Cynthia Mitchell Foundation to be held and used by the Academy in perpetuity to guide academic, government and other institutions in the development of sustainability science and to encourage the world’s business community to apply knowledge from this new field in business practices.
10,000,000
George and Cynthia Mitchell Matching Endowment – Contributions from public and private sources to be used to support the same purposes as the original George and Cynthia Mitchell Endowment for sustainability Sciences. Also, to raise funds to be eligible for a matching gift from George and Cynthia Mitchell.
35,150
New Canaan Library Fund – Contribution from the Board of the New Canaan Library to permanently maintain a current National Academies book collection in honor of Dr. H.R. Shepherd at their library.
4,000
Kumar and Shela Patel Endowment for US–India Dialogs – To support US–India scientific and technical communication and dialogue through various Academy activities.
600,000
Frank Press Fund for Dissemination and Outreach – Established with contributions from members of the Presidents’ Circle of the NAS, NAE, and the IOM, the income from the fund is to support a variety of dissemination and outreach activities that seek to share the Academy’s complex knowledge and resources with the policy making community and the general public.
1,167,255
Arthur M. Sackler Colloquia of the National Academy of Sciences Fund – A gift from Mrs. Arthur M. Sackler to endow a series of scientific symposia that promote interaction among world–class researchers in rapidly advancing scientific fields.
3,750,000
Scientists and Engineers for the Future Fund – Contribution from an individual who wishes to remain anonymous. The income from this fund is used to support educational projects focused on maintaining the health of American science and technology by ensuring an adequate supply of well–prepared American scientists and engineers for the future.
1,000,000
NAS Members Endowment(s) – Additional member contributions that have been designated for special purposes, such as the Board on Chemical Sciences Fund and the Section 14 Chemistry Discretionary Fund.
60,966
Subtotal: NAS Restricted Program
$
46,440,504
b.
IOM Restricted Program
Distinguished Scholar Fund – Contributions from various IOM members to permit the selection of one or more persons of senior caliber to spend a period of time at the IOM in scholarly pursuits related to key program initiatives.
$
16,550
Consequences of Uninsurance
6,795
Dissemination Activities
84,695
OCR for page 11
Report of the Treasurer to the Council of the National Academy of Sciences
Food and Nutrition Board (FNB) Fund – Grant of $250,000 to the Institute of Medicine as a contribution to the endowment fund to support core activities of the Food and Nutrition Board. This award was contingent on the Institute of Medicine transferring a matching amount from the 1986 unrestricted contribution from the Kaiser family for general core support of the Institute. Further contributions to the FNB endowment would be matched by one dollar from the earlier grant for every two dollars of new contributions.
525,100
Food and Nutrition Board Corporations Fund – Contributions from Monsanto Company and Nestle, USA, Inc., to provide support for FNB activities.
125,000
Food and Nutrition Board Members Fund – Contributions from various members to be used for general purposes of the Food and Nutrition Board.
4,800
David and Betty Hamburg Endowment Fund – Contributions from various individuals in support of communication/dissemination programs, collaborations among key public health stakeholders, and forward–looking studies. This fund honors former IOM president David Hamburg and his wife, colleague, and longtime NRC participant Beatrix Hamburg.
863,375
Howard Hughes Medical Institute Fund – Contribution for the exclusive use of the Institute of Medicine to initiate and maintain a program of studies whose purpose is to foster the translation of science into advances in health.
5,000,000
Improving Health Policy Communication
16,775
Kellogg Health of the Public Fund – Contribution for the establishment of the Kellogg Health of the Public Fund, an endowment which shall be held and used by the National Academy of Sciences to advance the Institute of Medicine’s capacity to contribute to the improvement of the health of America’s communities.
3,234,002
Kellogg Health of the Public Fund Matching Contributions – In response to the Kellogg challenge grant to match dollar for dollar up to $2.5 million to support communication and outreach activities now and for future projects.
1,726,706
Richard and Hinda Rosenthal Lecture Series – Through the generosity of the Richard and Hinda Rosenthal Foundation, a lecture series was established in 1988. In 2000, the Richard and Hinda Rosenthal Lecture Series was endowed at the Institute of Medicine of the National Academy of Sciences to bring greater attention to some of the critical health policy issues facing the country.
1,000,000
Women’s Health Issues Fund – Contribution from Syntex (U.S.A.), Inc., to be used for purposes related to women’s health issues.
20,000
Subtotal: IOM Restricted Program
$
12,623,798
2.
Prizes and Awards
a.
NAS Prizes and Awards
American Psychological Association (APA) Science Directorate Fund – A gift from the APA to conduct activities that will help inform the public of the knowledge base, value, and importance of behavioral science research.
$
30,000
Henryk Arctowski Fund – Bequest of Jane Arctowski in memory of her husband Henryk Arctowski, for the promotion and study of solar activity changes of short or long duration and their effects upon the ionosphere and terrestrial atmosphere.
95,736
Bache Fund – Bequest of Alexander Dallas Bache, a member of the Academy, to aid research in the physical and natural sciences.
60,000
Blaauw Fund – Bequest of Marianne Blaauw to establish the Edmond and Marianne Blaauw Fund to support research in the field of ophthalmology.
71,299
OCR for page 12
Report of the Treasurer to the Council of the National Academy of Sciences
John J. Carty Fund – Gift of the American Telephone and Telegraph Company in recognition of the distinguished achievements of John J. Carty and as a lasting testimonial of the love and esteem in which he was held by his many thousands of Bell System associates, for a gold medal and award for noteworthy and distinguished accomplishments in any field of science.
25,000
Comstock Fund – Gift of General Cyrus B. Comstock, a member of the Academy, to promote research in electricity, magnetism, or radiant energy through the Comstock Prize to be awarded for notable investigations.
10,400
Draper Fund – Gift of Mrs. Henry Draper in memory of her husband, a former member of the Academy, to found the Henry Draper Medal to be awarded for notable investigations in astronomical physics; the balance of income is applied to aid research in this science.
6,000
Elliot Fund – Gift of Margaret Henderson Elliot to found the Daniel Giraud Elliot Gold Medal and Honorarium for the most meritorious work on zoology and paleontology published each year.
8,000
Estes Award in Social and Behavioral Sciences – A gift from William K. and Katherine W. Estes to be used initially for an award relating to contributions to the prevention of nuclear war. After several awards are given for this purpose, the remaining money will be set aside for use by the Division of Behavioral and Social Sciences and Education.
79,849
Gibbs Brothers Fund – Gift of William Francis Gibbs and Frederic H. Gibbs to found the Gibbs Brothers Medal for outstanding contributions in the field of naval architecture and marine engineering.
24,000
Gibbs Fund – Established by gift of Wolcott Gibbs, a member of the Academy, and increased by a bequest of the late Morris Loeb in 1914 for the promotion of research in chemistry.
5,173
Ralph E. Gomory Award for the Application of Science – A grant from the International Business Machines Corporation for an award to be given in honor of Ralph Gomory.
179,046
Gould Fund – Gift of Mrs. Alice Bache Gould in memory of her father, former member of the Academy, for the promotion of research in astronomy, bequest of $20,000 from the estate of Alice Bache Gould received in 1954, and bequest of $10,000 from the estate of Elizabeth Chandler Hockley received in 1979.
50,000
Joseph Henry Fund – Contributions by Fairman Rogers, Joseph Patterson, George W. Childs, and others as an expression of their respect and esteem for Joseph Henry, for the establishment of a fund to assist meritorious investigators, especially in the direction of original research.
39,740
Alexander Hollaender Award in Biophysics – A bequest of Alexander Hollaender, the income from which is to be used to provide a prize to an outstanding biophysicist. The prize is to be given at the Annual Meeting of the Academy, with selection of the recipient at the Academy’s discretion.
100,000
Hunsaker Fund – Gift of Mr. and Mrs. J. C. Hunsaker to found an Academy award in the field of aeronautical engineering.
24,750
Franklin Livingston Hunt Fund – Bequest of Franklin Livingston Hunt to aid research in physics, chemistry, and preventive medicine. A portion of the income may also be used from time to time to provide a medal to be known as the Franklin Livingston Hunt Medal for distinguished accomplishment in scientific research.
10,465
Kovalenko Fund – Gift of Michael S. Kovalenko, in memory of his wife, to found the Jessie Stevenson Kovalenko Gold Medal for meritorious research in medical sciences.
61,821
Marsh Fund – Bequest of Othniel Charles Marsh, a member of the Academy, to promote original research in the natural sciences.
10,000
George P. Merrill Fund – Gift of Mrs. George P. Merrill, the income from which is to be used for studies of meteors, meteorites, and space.
10,000
Monsanto Award in Molecular Biology – A grant from the Monsanto Company for an award to be given in recognition of contributions in the field of molecular biology.
421,374
OCR for page 13
Report of the Treasurer to the Council of the National Academy of Sciences
Murray Fund – Gift of the late Sir John Murray to found the Alexander Agassiz Gold Medal in honor of a former member and president of the Academy, to be awarded for original contributions to the science of oceanography.
6,000
National Academy of Sciences Award for Chemistry in Service to Society – Established by the E. I. DuPont de Nemours & Company to recognize contributions to chemistry, whether in fundamental science or its applications, that clearly satisfy a societal need. Given in alternate years to chemists working in industry, academia, government, and nonprofit organizations.
181,838
National Academy of Sciences Award in Mathematics – Established by the American Mathematical Society for a prize to be awarded every four years in mathematics.
53,597
National Academy of Sciences Award in Chemical Sciences – An annual award currently sponsored and endowed by The Merck Company Foundation to recognize distinction in research and broad fundamental impact in pure chemistry. This award was originally established by the Occidental Petroleum Corporation in honor of Armand Hammer.
478,277
National Academy of Sciences Award in Neuroscience – Established by the Fidia Research Foundation for an award in neuroscience, to be given every three years.
140,206
National Academy of Sciences Fund for Sciences and Technology in International Affairs – Contributions from Cecil and Ida Green, J. Erik Jonsson, Jerome B. Wiesner, and Academy sources to establish the National Academy of Sciences Fund for Sciences and Technology in International Affairs in honor of Walter A. Rosenblith.
49,119
Pradel Fund – A bequest of Jules Pradel to be applied to work on the human central nervous system and allied subjects.
16,392
H. P. Robertson Lectureship Fund – Contributions by friends of H. P. Robertson, former foreign secretary of the Academy, to establish a lectureship under which distinguished scientists would be invited from anywhere in the world to present lectures to be known as the Robertson Memorial Lecture of the National Academy of Sciences.
20,325
Helen P. Smith Fund – A bequest of Helen P. Smith in memory of her husband, Gilbert Morgan Smith, to establish a triannual medal and honorarium to be conferred in recognition of published research in marine and freshwater algae.
67,107
Mrs. J. Lawrence Smith Fund – Gift of Mrs. J. Lawrence Smith in memory of her husband, a former member of the Academy, to found the J. Lawrence Smith Gold Medal to be awarded for important investigations of meteoric bodies and to assist, by grants of money, research concerning such objects.
8,000
Thompson Fund – Gift of Mrs. Mary Clark Thompson for a gold medal of appropriate design, to be known as the Mary Clark Thompson Gold Medal, to be awarded for important services to geology and paleontology.
10,000
Troland Fund – Bequest of Leonard T. Troland to be known as the Troland Foundation for Research in Psychophysics. The income is to be expended with a view to the actual advancement of scientific knowledge in the field of psychophysics.
505,359
Walcott Fund – Gift of Mrs. Mary Vaux Walcott in honor of her husband, a former member and president of the Academy, for the award of medals and honoraria to persons, the results of whose published research, explorations, and discoveries of pre–Cambrian or Cambrian life and history shall be judged most meritorious; the award is to be known as the Charles Doolittle Walcott Medal.
5,000
G. K. Warren Fund – Gift of Miss Emily B. Warren in memory of her father, a member of the Academy, the income from which is to be used for an award to be known as the G. K. Warren Prize in any field of science.
15,000
Watson Fund – Bequest of James Craig Watson, a former member of the Academy, for the promotion of astronomical sciences through the award of the Watson Gold Medal and grants of money in aid of research.
25,000
Subtotal: NAS Prizes and Awards
$
2,903,873
OCR for page 14
Report of the Treasurer to the Council of the National Academy of Sciences
b.
IOM Prizes and Awards
Gustav O. Lienhard Award – Initially established by an annual grant award in 1986, the Robert Wood Johnson Foundation in 1991 approved a grant for endowment of the Gustav O. Lienhard Award to be given annually in recognition of an outstanding contribution to the advancement of health care.
$
1,200,000
Rhoda and Bernard G. Sarnat International Prize in Mental Health – A grant from Rhoda and Bernard G. Sarnat for the purpose of honoring an individual, group, or organization for distinguished accomplishments in the field of mental health.
1,009,179
Subtotal: IOM Prizes and Awards
$
2,209,179
3.
Woods Hole Restricted Endowment
Peter C. Cornell Trust Fund – To memorialize Detlev W. Bronk, former member and president of the Academy, for his contributions to science and the nation and to recognize the leadership and notable accomplishments of John S. Coleman as a member of the Academy’s staff. The gift may be fully expended for its intended purpose.
$
100,000
J. Erik Jonsson Woods Hole Fund – A gift for the Woods Hole Study Center of the NAS in honor of J. Erik Jonsson, one of the founders of Texas Instruments and a former mayor of Dallas. The donor wishes to remain anonymous.
2,002,500
Penzance Foundation Fund – A grant for the J. Erik Jonsson Woods Hole Study Center especially for support of the property’s Clark Carriage House.
502,500
Woods Hole Endowment – Contributions from the Brown Foundation and various individuals for maintenance of the Woods Hole Study Center.
971,400
Woods Hole Fund – Contributions from various individuals for maintenance of the Woods Hole Study Center.
12,874
Richard King Mellon Foundation Fund – Grant from the Richard King Mellon Foundation for maintenance of the building and grounds at the Woods Hole Study Center.
50,000
Subtotal: Woods Hole Restricted Endowment
$
3,639,274
4.
PNAS Restricted Endowment
Billings Fund – Bequest of Mrs. Mary Ann Palmer Draper (Mrs. Henry Draper) to support publication of the Proceedings of the National Academy of Sciences or for other purposes to be determined by the Academy.
$
50,102
II.
FUNDS FUNCTIONING AS ENDOWMENT
A.
Unrestricted Funds
National Academy of Sciences Reserve Fund – Accumulated surplus from prior years' NAS General Fund operating budget. The reserve provides additional funding for ongoing operations during periods of market decline.
$
3,176,075
IOM Reserve Fund – Unexpended balance earned on endowment based on IOM Council spending plan. The IOM reserve permits the effective management of unanticipated financial emergencies.
500,000
TRB Reserve Fund – Holds income in excess of expenditures for TRB core support activities in a fiscal year. This fund is used to cover temporary shortfalls and extraordinary one–time expenditures.
1,500,000
Subtotal: Funds Functioning as Endowment, Unrestricted
$
5,176,075
OCR for page 15
Report of the Treasurer to the Council of the National Academy of Sciences
B.
Restricted for a Specific Purpose
Henry G. Booker Fellowship Fund – Contributions from various individuals to provide a travel grant to one young American radio scientist to attend each International Union of Radio Science Assembly as a Henry G. Booker Fellow.
$
20,826
Marian Koshland Science Museum Fund – Contributions from Dr. Daniel E. Koshland, Jr. and the Koshland Foundation to fund the operation and activities of the museum for the purpose of extending the resources of the National Academies and increasing public understanding of the nature and value of science. Dr. Koshland’s original commitment of $30 million was completed in 2004. The gift was used to fund the museum’s opening in April 2004 and ongoing operations until November 2004, when the remainder was invested in the Endowment Pool.
22,786,243
Bruce Alberts Fund of the Marian Koshland Science Museum – Contributions from Dr. Daniel E. Koshland, Jr. and the Koshland Foundation to support the traveling costs of the museum's exhibits, to fund new exhibits to replace traveling exhibits, and to extend the museum's outreach to school districts.
5,194,909
National Science Resources Center Fund – Funded by royalty revenues from elementary and middle school science kits developed by the National Science Resources Center. Funds will be used to provide core support of NSRC programs to enhance and improve the learning and teaching of science in domestic and international schools.
4,479,344
Proceedings of the National Academy of Sciences Fund
1,000,000
U.S. National Committee for the International Astronomical Union (USNC/IAU) Fund – Contributions from USNC/IAU to provide funds in support of participation by U.S. astronomers in the activities of the International Astronomical Union Triennial General Assemblies.
100,000
Subtotal: Funds Functioning as Endowment, Restricted for a Specific Purpose
$
33,581,322
III.
FUNDS HELD ON BEHALF OF OTHERS
A.
The National Academies’ Corporation (TNAC)
Operations Endowment – An endowment from the Arnold and Mabel Beckman Foundation to TNAC to support operations of the Beckman Center in Irvine, California. The endowment is held on behalf of TNAC and invested by the NAS.
$
8,000,000
Program Endowment – An endowment from the Arnold and Mabel Beckman Foundation to TNAC to support NRC program activities conducted in whole or in part at the Beckman Center. The endowment is held on behalf of TNAC and invested by the NAS.
1,939,644
TNAC Reserve for Program Expenditures – Unexpended income from the TNAC operations endowment as well as earnings from the TNAC program endowment are deposited into the Reserve for future spending. The Reserve supports NRC program activity held whole or in part at the Beckman Center. The Reserve is held on behalf of TNAC and invested by the NAS.
3,767,675
Subtotal: TNAC Endowment
$
13,707,319
TOTAL
$160,036,632
OCR for page 16
Report of the Treasurer to the Council of the National Academy of Sciences
Endowment and Trust Investment Funds - Financial Detail of Funds for the Year Ended December 31, 2006
(Dollars in thousands)
ENDOWMENT AND TRUST INVESTMENT POOL
Capital Contributions as of Dec. 31, 2006
Market Value at Dec. 31, 2005
2006 Contributions
2006 Investment Income
2006 Expenditures & Transfers
Market Value at Dec. 31, 2006
I. Endowment
A. Unrestricted
1. NAS
Agassiz Fund
$
50
$
530
$
-
$
97
$
(25)
$
602
Carnegie Fund
3,275
36,616
-
6,712
(1,661)
41,667
Commonwealth Fund
500
2,365
-
434
(99)
2,700
Carl Eckart Fund
1,246
2,423
-
444
(113)
2,754
Ford Foundation Fund
5,000
23,271
-
4,273
(992)
26,552
Henrietta and Alexander Hollaender Fund
500
1,038
-
191
(43)
1,186
Grayce B. Kerr Fund
250
515
-
95
(21)
589
Nealley Fund
20
210
-
39
(10)
239
Simon Ramo Fund
14
35
-
6
(1)
40
Rockefeller Foundation Fund
1,000
4,722
-
867
(204)
5,385
Dorothea and Herbert Simon Fund
645
1,080
-
198
(45)
1,233
Sloan Foundation Fund
1,000
4,707
-
864
(203)
5,368
Amy Prudden Turner Fund
30
120
-
22
(6)
136
Anonymous Endowment Fund
7,146
15,110
-
2,776
(639)
17,247
General Endowment Fund
3,542
8,572
390
1,612
(371)
10,203
Members Endowment Fund
2,642
5,033
6
925
(210)
5,754
$
26,860
$
106,347
$
396
$
19,555
$
(4,643)
$
121,655
2. IOM
General Endowment Fund
$
1,111
$
1,860
$
3
$
338
$
(127)
2,074
Robert Wood Johnson Foundation Fund
5,000
11,058
-
2,091
(881)
12,268
IOM Kellogg Fund
283
431
-
82
-
513
IOM Members Dues
198
301
-
57
-
358
Henry J. Kaiser Family Foundation Fund
488
870
-
157
(70)
957
John D. and Catherine T. MacArthur Foundation Fund
5,000
11,076
-
1,996
(874)
12,198
Pharmaceutical Discretionary Fund
480
734
-
182
-
916
Pharmaceutical Endowment Fund
259
522
-
99
(41)
580
Miscellaneous Private Sector Fund
26
65
-
8
(5)
68
$
12,845
$
26,917
$
3
$
5,010
$
(1,998)
$
29,932
B. Restricted for Specific Purpose
1. Program
a. NAS
Arts in the Academy Fund
$
4
$
15
$
-
$
3
$
(1)
$
17
Basic Science Fund - Earth Sciences
503
1,138
-
210
(35)
1,313
Biology and Biotechnology Fund
420
824
-
109
(27)
906
Blakeslee Fund
887
2,407
-
439
(106)
2,740
Thomas Lincoln Casey Fund
258
5,869
-
1,078
(201)
6,746
Coca-Cola Foundation Fund
50
104
-
20
-
124
Henry and Bryna David Endowment
850
1,201
-
227
(10)
1,418
Arthur L. Day Fund
5,048
16,382
-
2,984
(741)
18,625
OCR for page 17
Report of the Treasurer to the Council of the National Academy of Sciences
(Dollars in thousands)
ENDOWMENT AND TRUST INVESTMENT POOL
Capital Contributions as of Dec. 31, 2006
Market Value at Dec. 31, 2005
2006 Contributions
2006 Investment Income
2006 Expenditures & Transfers
Market Value at Dec. 31, 2006
Cecil and Ida Green Fund
468
1,388
-
256
(45)
1,599
Global Commons Project Fund
39
137
-
26
-
163
W. K. Kellogg Foundation Fund
20,000
39,371
-
7,424
(307)
46,488
Kobelt Fund
297
1,814
-
336
(50)
2,100
Andrew W. Mellon Foundation Fund
1,000
1,578
-
299
-
1,877
George and Cynthia Mitchell Endowment for Sustainability Sciences
10,000
10,138
2,000
2,113
(240)
14,011
George and Cynthia Mitchell Matching Endowment
35
44
-
16
-
60
New Canaan Library Fund
4
9
-
2
-
11
Kumar and Shela Patel Endowment for US-India Dialogs
600
775
-
146
(19)
902
Frank Press Fund for Dissemination and Outreach
1,167
2,168
-
410
-
2,578
Arthur M. Sackler Colloquia Fund
3,750
4,865
-
920
(2)
5,783
Scientists and Engineers for the Future Fund
1,000
1,583
-
288
(69)
1,802
NAS Members Endowment(s)
61
233
-
45
3
281
$
46,441
$
92,043
$
2,000
$
17,351
$
(1,850)
$
109,544
b. IOM
Distinguished Scholar Fund
$
17
$
58
$
-
$
11
$
-
$
69
Consequences of Uninsurance
7
9
-
1
(10)
-
Dissemination Activities
84
122
-
7
(129)
-
Food & Nutrition Board (FNB) Fund
525
1,361
-
258
-
1,619
FNB Corporations Fund
125
366
-
69
-
435
FNB Members Fund
5
20
-
4
-
24
Hamburg Endowment Fund
863
659
308
154
-
1,121
Howard Hughes Medical Institute Fund
5,000
13,672
-
2,465
(165)
15,972
Improving Health Policy Communication
17
22
-
1
(23)
-
Kellogg Health of the Public Fund
3,234
3,654
468
731
(146)
4,707
Kellogg Health of the Public Fund Matching Contributions
1,727
1,061
760
255
(6)
2,070
Richard and Hinda Rosenthal Lecture Series
1,000
1,320
-
247
(31)
1,536
Women’s Health Issues Fund
20
67
-
13
-
80
$
12,624
$
22,391
$
1,536
$
4,216
$
(510)
$
27,633
2. Prizes and Awards
a. NAS
American Psychological Association Science Directorate Fund
$
30
$
64
$
-
$
12
$
(6)
$
70
Henryk Arctowski Fund
96
2,925
-
553
(3)
3,475
Bache Fund
60
376
-
71
(19)
428
OCR for page 18
Report of the Treasurer to the Council of the National Academy of Sciences
(Dollars in thousands)
ENDOWMENT AND TRUST INVESTMENT POOL
Capital Contributions as of Dec. 31, 2006
Market Value at Dec. 31, 2005
2006 Contributions
2006 Investment Income
2006 Expenditures & Transfers
Market Value at Dec. 31, 2006
Blaauw Fund
71
811
-
152
(38)
925
John J. Carty Fund
25
738
-
135
(37)
836
Comstock Fund
11
699
-
132
-
831
Draper Fund
6
300
-
56
(3)
353
Elliot Fund
8
165
-
31
-
196
Estes Award in Social and Behavioral Sciences
80
263
-
-
47
(26)
284
Gibbs Brothers Fund
24
265
-
50
-
315
Gibbs Fund
5
145
-
23
(34)
134
Ralph E. Gomory Award for the Application of Science
179
462
-
87
(2)
547
Gould Fund
50
674
-
126
(33)
767
Joseph Henry Fund
40
439
-
83
(22)
500
Alexander Hollaender Award in Biophysics
100
298
-
57
-
355
Hunsaker Fund
25
370
-
70
(2)
438
Franklin Livingston Hunt Fund
11
197
-
38
-
235
Kovalenko Fund
62
1,213
1
229
(1)
1,442
Marsh Fund
10
192
-
36
(9)
219
George P. Merrill Fund
10
601
-
113
(21)
693
Monsanto Award in Molecular Biology
421
1,044
-
192
(39)
1,197
Murray Fund
6
169
-
32
-
201
NAS Award for Chemistry in Service to Society
182
365
-
69
(5)
429
NAS Award in Mathematics
54
60
-
11
-
71
NAS Award in Chemical Sciences
478
529
-
97
(21)
605
NAS Award in Neurosciences
140
448
-
85
(1)
532
NAS Fund for Sciences and Technology in International Affairs
49
217
-
40
(4)
253
Pradel Fund
16
1,425
-
269
-
1,694
H. P. Robertson Lectureship Fund
20
248
-
46
(2)
292
Helen P. Smith Fund
67
585
-
107
(27)
665
Mrs. J. Lawrence Smith Fund
8
640
-
117
(31)
726
Thompson Fund
10
246
-
44
(20)
270
Troland Fund
505
4,062
-
753
(116)
4,699
Walcott Fund
5
81
-
16
-
97
G. K. Warren Fund
15
182
-
31
(14)
199
Watson Fund
25
1,231
-
233
-
1,464
$
2,904
$
22,729
$
1
$
4,243
$
(536)
$
26,437
b. IOM
Gustav O. Lienhard Award
$
1,200
$
3,740
$
-
$
702
$
(34)
$
4,408
Rhonda and Bernard G. Sarnat International Prize in Mental Health
1,009
1,330
-
249
(31)
1,548
$
2,209
$
5,070
$
-
$
951
$
(65)
$
5,956
OCR for page 19
Report of the Treasurer to the Council of the National Academy of Sciences
(Dollars in thousands)
ENDOWMENT AND TRUST INVESTMENT POOL
Capital Contributions as of Dec. 31, 2006
Market Value at Dec. 31, 2005
2006 Contributions
2006 Investment Income
2006 Expenditures & Transfers
Market Value at Dec. 31, 2006
3. Woods Hole
Peter C. Cornell Trust Fund
$
100
$
254
$
-
$
47
$
(11)
$
290
J. Erik Jonsson Woods Hole Fund
2,002
4,395
-
810
(189)
5,016
Penzance Foundation Fund
503
1,104
-
203
(47)
1,260
Woods Hole Endowment Fund
971
1,271
-
234
(54)
1,451
Woods Hole Fund
13
39
-
7
(1)
45
Richard King Mellon Foundation Fund
50
186
-
34
(8)
212
$
3,639
$
7,249
$
-
$
1,335
$
(310)
$
8,274
4. PNAS
Billings Fund
$
50
$
770
$
-
$
146
$
-
$
916
$
50
$
770
$
-
$
146
$
-
$
916
II. Funds Functioning as Endowment
A. Unrestricted
National Academy of Sciences Reserve Fund
$
3,176
$
2,977
$
-
$
502
$
(438)
$
3,041
IOM Reserve Fund
500
742
-
141
-
883
TRB Reserve Fund
1,500
1,885
-
356
-
2,241
Due to (from) National Academy of Sciences
(144)
444
300
$
5,176
$
5,460
$
-
$
999
$
6
$
6,465
B. Restricted for a Specific Purpose
Henry G. Booker Fellowship Fund
$
21
$
50
$
-
$
10
$
-
$
60
Marian Koshland Science Museum Fund
22,786
25,015
-
4,492
(2,085)
27,422
Bruce Alberts Fund for the Marian Koshland Science Museum
5,195
5,788
-
1,088
(80)
6,796
National Science Resources Center Fund
4,479
4,812
500
978
(1)
6,289
Proceedings of the National Academy of Sciences Fund
1,000
4,188
-
594
(3,729)
1,053
Communications Initiative Fund
-
-
198
3,729
3,927
USNC/IAU
100
148
-
28
-
176
$
33,581
$
40,001
$
500
$
7,388
$
(2,166)
$
45,723
III. Funds Held on Behalf of Others
A. The National Academies' Corporation
Endowment Fund
$
-
$
20,399
$
-
$
1,194
$
(21,593)
$
-
Operations Endowment
8,000
-
-
1,041
8,479
9,520
Program Endowment
1,940
-
-
255
2,074
2,329
Capital Fund
-
2,185
-
129
(2,314)
-
Reserve for Program Expense
3,768
-
-
1,222
9,950
11,172
$
13,708
$
22,584
$
-
$
3,841
$
(3,404)
$
23,021
TOTAL
$
160,037
$
351,561
$
4,436
$
65,035
$
(15,476)
$
405,556
OCR for page 20
Report of the Treasurer to the Council of the National Academy of Sciences
Endowment and Trust Investment Pool – Asset Allocation as of December 31, 2006
OCR for page 21
Report of the Treasurer to the Council of the National Academy of Sciences
Endowment and Trust Investment Pool - Change in Valuation and Market Value Summary
Change in Valuation from 12/31/05 to 12/31/06
(Dollars in Thousands)
Market Value at 12/31/05
$
351,561
Realized Capital Gains
10,446
Unrealized Capital Gains
36,184
Reinvested Income
18,405
Contributions
4,436
Expenditures and Transfers
(15,476)
Market Value at 12/31/06
$
405,556
Holdings and Market Value Summary as of 12/31/06
U.S. Large Stocks
Berkshire Hathaway A
$
25,518
Berkshire Hathaway B
33
Biotech Index
2,296
Vanguard Index 500
32,983
Vanguard Windsor
32,224
Subtotal
$
93,054
U.S. Small - Mid Stocks
Tamarack Enterprise
$
10,752
Third Avenue Value
13,655
Vanguard Extended
11,765
Vanguard Small
9,260
Subtotal
$
45,432
Non - U.S. Developed
DWS International
$
6,545
Templeton Foreign
20,737
Vanguard European
16,761
Vanguard Pacific
10,592
Vanguard Intl. Growth
11,743
Vanguard Intl. Value
11,711
Subtotal
$
78,089
Non - U.S. Emerging
Capital International
$
19,482
Templeton Emerging
15,793
Morgan Stanley India
894
Subtotal
$
36,169
Fixed Income
Morgan Stanley
$
3,060
PIMCO Foreign Bond
4,980
PIMCO FDS
13,784
Price International
2,961
DWS Global Bond
2,540
Vanguard High Yield
5,061
Other
386
Subtotal
$
32,772
Real Estate
Dow Jones RE Index
$
8,737
Green Bldg Mortgages
1,124
Third Avenue RE Fund
7,865
Subtotal
$
17,726
Hedge Funds
Commonfund
$
11,430
GT Offshore
8,575
Ironwood
8,152
Princeton
18,316
Renaissance
22,724
Subtotal
$
69,197
Private Placements
$
13,598
Cash Equivalents
$
19,519
GRAND TOTAL
$
405,556
OCR for page 22
Report of the Treasurer to the Council of the National Academy of Sciences
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Representative terms from entire chapter:
endowment fund
