However, it is important to note that only the financial activity and results of the NAS, NAE, IOM, and NRC are included in these financial statements. The financial activity and results of the National Academy of Engineering Fund (NAEF) and The National Academies’ Corporation (TNAC) are audited and reported separately. Financial information for the NAEF is available on request from the NAE Finance Office; information for TNAC is available from the NAS Controller’s Office.

Overall Financial Condition

Each year, the overall financial condition of the NAS can be reviewed by taking into account the increase or decrease in the net assets of the organization. During calendar year 2010, the NAS has been able to grow its net assets through increased program revenues and continued recovery of a major portion of the investment losses suffered in 2008.


(dollars in millions)




Total Revenues

$ 375.6

$ 370.1

Total Expenses



Change in Net Assets

$ 43.1

$ 62.7

The NAS 2010 results of operations are further described in the financial statements starting on page 42.


I would like to thank the Council, the Committee on Budget and Internal Affairs, the Finance Committee, and NRC leadership for their continued input and support. Also, thanks to the Office of the Chief Financial Officer for its help in managing the Endowment and Trust Portfolio, its steady oversight of the Academy’s various budgets, and its careful attention to the Academy’s financial systems, records and reports.

Jeremiah P. Ostriker


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