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

Chapter: Statements of Cash Flows

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Suggested Citation:"Statements of Cash Flows." 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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Statements of Cash Flows Years ended December 31, 2010 and 2009 (Dollars in thousands)

 

2010

2009

Cash flows from operating activities:

 

 

Change in net assets

$ 43,158

$ 62,695

Adjustments to reconcile change in net assets to net cash used in operating activities:

 

 

Depreciation and amortization

7,595

7,632

Loss on disposal of property and equipment

140

140

Bad debt expense

439

192

Net gain on investments

(49,231)

(70,998)

Net gain on investments held on behalf of others

(1,174)

(1,600)

Amounts collected on behalf of others

(4,293)

(5,490)

Amounts remitted on behalf of others

4,352

5,320

Change in value of interest rate swap

1,510

(4,301)

Change in value of split-interest agreements

56

137

Contributions restricted for construction or endowment

(3,031)

(2,791)

(Increase) decrease in assets:

 

 

Other receivables

7,161

3,744

Contracts receivable - U.S. government

(11,399)

8,759

Other current assets

(1,201)

(471)

Other assets

586

(590)

Increase (decrease) in liabilities:

 

 

Accounts payable and accrued expenses

5,052

3,466

Deferred revenue

(4,073)

(3,391)

Other current liabilities

216

(916)

Funds held on behalf of others

1,124

1,608

Other long-term liabilities

(2,019)

(103)

Accrued employee benefits

15

(3,994)

Net cash used in operating activities

(5,017)

(952)

Cash flows from investing activities:

 

 

Additions to property and equipment

(13,968)

(5,911)

Sales or maturities of investments

167,159

215,761

Purchases of investments

(171,368)

(215,234)

Net cash used in investing activities

(18,177)

(5,384)

Cash flows from financing activities:

 

 

Contributions restricted for construction or endowment

3,031

2,791

Proceeds from line of credit

173,182

139,954

Payments on line of credit

(163,182)

(140,640)

Payments on bank note

(756)

(756)

Proceeds from interest rate swaption

-

1,834

Proceeds from bond issue

59,550

57,500

Payments on bond principal

(1,280)

(57,070)

Increase in bond proceeds held by trustee

(47,216)

-

Net cash provided by financing activities

23,329

3,613

Net increase (decrease) in cash and cash equivalents

135

(2,723)

Cash and cash equivalents, beginning of year

1,387

4,110

Cash and cash equivalents, end of year

$ 1,522

$ 1,387

Supplemental disclosure of cash flow information:

 

 

Interest paid

$ 3,751

$ 4,803

See accompanying notes to financial statements.

Suggested Citation:"Statements of Cash Flows." 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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