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

Chapter: Statements of Financial Position

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Suggested Citation:"Statements of Financial Position." 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

Statements of Financial Position December 31, 2010 and 2009 (Dollars in thousands)

Assets

2010

2009

Current assets:

 

 

Cash and cash equivalents

$ 1,522

$ 1,387

Short-term investments (note 3)

56,777

49,113

Contracts receivable – U.S. government (note 12)

58,426

47,027

Contributions and other receivables, net (note 6)

12,922

14,565

Bond proceeds held with trustee (note 13)

47,216

-

Other current assets

5,828

4,627

Total current assets

182,691

116,719

Other assets (notes 2, 13, 15, and 17)

7,468

8,093

Long-term investments (note 3)

423,062

376,163

Contributions receivable, net (note 6)

22,235

28,191

Property and equipment, net (notes 5 and 16)

134,953

127,476

Einstein Memorial

1,723

1,723

Total assets

$ 772,132

$ 658,365

Liabilities and Net Assets

 

 

Liabilities:

 

 

Current liabilities:

 

 

Accounts payable and accrued expenses

$ 47,116

$ 42,064

Deferred revenue (notes 7 and 12)

28,007

32,080

Line of credit (note 8)

10,000

-

Other current liabilities (notes 13 and 14)

4,776

3,498

Total current liabilities

89,899

77,642

Bonds payable (note 13)

181,202

122,545

Funds held on behalf of others (note 3)

9,918

8,794

Note payable (note 14)

-

757

Accrued employee benefits (note 15)

4,618

4,603

Other long-term liabilities (notes 2, 13, and 16)

13,370

14,057

Total liabilities

299,007

228,398

Net assets:

 

 

Unrestricted

89,054

72,871

Temporarily restricted (note 9)

265,702

241,734

Permanently restricted (note 10)

118,369

115,362

Total net assets

473,125

429,967

Commitments and contingencies (notes 3, 12, 13, 15, 18, and 19)

 

 

Total liabilities and net assets

$ 772,132

$ 658,365

See accompanying notes to financial statements.

Suggested Citation:"Statements of Financial Position." 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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