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Independent Auditor's Report NahonalAcademy of Sciences Audittr~g Committee We have audited the accompanying statement of financial position of the National Academy of Sci- ences (NAS) as of June 30, 1996, and the related statements of activities and cash flows for the year then ended. These financial statements are the responsibility of the NAS's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the finan- cial statements are free of material misstatement. An audit includes examining, on a test basis, evi- dence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reason- able basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the National Academy of Sciences as of June 30, 1996, and the changes in its net assets and its cash flows for the year then ended in conformity with generally accepted account . . . sing principles. As discussed in Note 2 to the financial statements, the NAS adopted the provisions of Statements of Financial Accounting Standards No. 116 Accounting for Contributions Received and Contribu- tions Made, and No. 117, Financial Statements of Not-for-Profit Organizations in 1996. KPMG PEAT MARWICK LLP Washington, D.C. October 4, 1996 . - . 32