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Report of the Treasurer for the Year Ended December 31, 2010 (2011)

Chapter: Report of the Auditing Committee of the National Academy of Sciences

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Suggested Citation:"Report of the Auditing Committee of the National Academy of Sciences." National Academy of Sciences. 2011. Report of the Treasurer for the Year Ended December 31, 2010. Washington, DC: The National Academies Press. doi: 10.17226/13190.
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NATIONAL ACADEMY OF SCIENCES
THE NATIONAL ACADEMIES

Report of the Auditing Committee of the National Academy of Sciences

June 8, 2011

Dr. Ralph J. Cicerone,

President

National Academy of Sciences

Dear Dr. Cicerone:

In accordance with paragraph 11 of section II of the Bylaws of the National Academy of Sciences, the firm of KPMG LLP was retained by the Auditing Committee on behalf of the Council to conduct an audit of the accounts of the Treasurer for the year ended December 31, 2010, and to report to the Auditing Committee.


The independent accountants have completed their audit and submitted their report. In accordance with paragraph 13 of section II of the Bylaws, the Auditing Committee has reviewed the report and recommends to the Council that it be accepted and that the opinion of the independent accountants be published with the report of the Treasurer.

Respectfully submitted,

JERRY P. GOLLUB,

Chair

GEORGE GLOECKLER

SUSAN GOTTESMAN

RONALD L. GRAHAM

ROBERT H. WURTZ

Auditing Committee

Suggested Citation:"Report of the Auditing Committee of the National Academy of Sciences." National Academy of Sciences. 2011. Report of the Treasurer for the Year Ended December 31, 2010. Washington, DC: The National Academies Press. doi: 10.17226/13190.
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The income that supports the activities of the National Academy of Sciences (NAS) comes from two major sources: program revenue received from sponsors to pay for the myriad studies and other activities undertaken each year by the National Research Council (NRC), and a much smaller sum that is obtained from our endowment under the endowment spending policies adopted by the Council. The goal of the endowment is to provide stable support for the Academy's programs and activities. To achieve this goal, the Council, acting on the recommendations of the Finance Committee, has historically authorized spending from the portfolio at a rate designed to maintain the purchasing power of the endowment over time.

This Report of the Treasure of the National Academy of Sciences presents the financial position and results of operations as well as a review of the endowment, trust, and other long-term investments portfolio activities of our Academy for the year ended December 31, 2010. While this book provides essential financial summary to key personnel, it also serves as a vital informative resource for various members of the public, private, and governmental sectors.

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