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OCR for page 39
IlI. Financial Condition
OCR for page 40
Report of the Auditing Committee
of the National Academy of Sciences
Dear Dr. Alberts:
In accordance with Bylaw V-6 of the National Academy of Sciences, the firm of KPMG Peat Marwick
LLP was retained to conduct an audit of the accounts of the Treasurer for the fiscal year ended June 30,
199S, and to report to the Auditing Committee.
The independent accountants have completed their audit of the financial statements and have submitted
their report, a copy of which is attached, concerning financial statements to which they refer. The
Auditing Committee has reviewed the report and recommends its acceptance in compliance with the
governing bylaw and that the opinion of the independent accountants be published with the report of
the Treasurer.
Respectfully submitted
ELKAN R. BLOUT, Chair
ELLIS B. COWLING
DAVID M. KIPNIS
National Academy of Sciences
Auditing Committee
Dr. Bruce Alberts, President
National Academy of Sciences
Washington, D.C.
40
OCR for page 41
Independent Auditor's Report
National Academy of Sciences Auditing Committee
We have audited the accompanying statement of financial position of the National Academy of
Sciences (NAS) as of June 30, 1998, 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 financial
statements are free of material misstatement. An audit includes examining, on a test basis, evidence
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 reasonable basis for our
· ~
oplmon.
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, 1998, and its changes in net
assets and its cash flows for the year then ended in conformity with generally accepted accounting
· ~
prlnclp. ~es.
October 23, 1998
Washington, D.C.
KPMG PEAT MARWICK LLP
41
OCR for page 42
EXHIBIT A
Statement of Financial Position
of the National Academy of Sciences
Year Ended Kline 30, 1998
(With Comparative Information for 1997)
($ in thousands)
1998
1997
ASSETS
Current Assets
Cash and cash equivalents
Short-term investments (note 3)
Accounts receivable - U.S. government
Other receivables (note 5)
Inventories of publications and supplies
Prepaid expenses and other
$ 100
34,074
26,307
5,469
1,874
972
$ 62
26,917
28,718
4,689
1,837
645
Total Current Assets $ 68,796 $ 62,868
Einstein Memorial
Property and equipment (note 4)
Other assets (note 10)
Endowment and Trust Investment Pool (note 3)
Total Assets
LIABILITIES AND NET ASSETS
Current Liabilities
Accounts payable and accrued expenses
Deferred revenue (note 6)
Other liabilities
$ 1,723
16,961
6,202
263,193
$ 1,723
15,514
5,659
231,848
$356,875
$317,612
$ 16,016
20,428
1,722
$ 15,853
13,368
3,638
Total Current Liabilities$ 38,166$ 32,859
Long-Term Liabilities
Funds held on behalf of others (note 3)$ 18,423$ 10,593
Accrued employee benefits (note 10)7,8949,695
Other liabilities (note 12)153616
Total Liabilities$ 64,636$ 53,763
Net Assets
Unrestricted$124,186$117,185
Temporarily restricted (note 7)95,63775,659
Permanently restricted (note 7)72,41671,005
Total Net Assets$292,239$263,849
Total Liabilities and Net Assets
See accompanying notes to the financial statements.
42
$356,875
$317,612
OCR for page 43
EXHIBIT B
Statement of Activities
of the National Academy of Sciences
Year Ended dime 30, 1998
(With Summarized Information for 1997)
($ in thousands)
1998
Temporarily
Unrestricted Restricted
Permanently 1997
Restricted Totals Totals
REVENUES, GAINS, AND OTHER SUPPORT
Government contracts and grants$153,386$ $ $153,386$144,540
Private contracts and grants 13,836 6,939 20,775 22,297
Other contributions 5,951 1,4117,362 6,313
Fees and publications 12,513 12,513 11,947
Investment income (note 3) 13,473 21,057 34,530 44,246
Other 2,803 2,803 3,096
Net assets released from restrictions 8,018 (8,018)
Total revenues, gains, and other support $209,980 $19,978$ 1,411$231,369 $232,439
EXPENSES
Programs (notes) $183,121 $ $ $183,121 $175,081
Management and general 18,746 18,746 19,740
Fund raising 1,112 1,112 1,414
Total expenses $202,979 $ $ $202,979 $196,235
Changein net assets before cumulative effect of $ 7,001 $19,978 $ 1,411 $ 28,390 $ 36,204
change in accounting principles
Cumulative effect of change in accounting 44,056
principles (note 2)
Changein net assets $ 7,001 $19,978 $ 1,411 $ 28,390 $ 80,260
Net assets at beginning of the year 117,185 75,659 71,005 263,849 183,589
Net assets at end of the year $124,186 $95,637 $72,416 $292,239 $263,849
See accompanying notes to the financial statements.
43
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EXHIBIT C
Statement of Cash Flows
of the National Academy of Sciences
Year Ended dime 30, 1998
(With Comparative Information for 1997)
($ in thousands)
1998
1997
CASH FLOWS FROM OPERATING ACTIVITIES
Change in net assets
Adjustments to reconcile change in net assets to net cash
provided by operating activities
Depreciation and amortization
Gain on sale of securities
Unrealized (gain) loss on securities
Loss on sale of property and equipment
Decrease (increase) in accounts receivable - U.S. government
(Increase) decrease in other receivables
Increase in inventories of publications and supplies
Increase in prepaid expenses and other current assets
Increase in other assets
Increase in accounts payable and accrued expenses
Increase in other current liabilities
Increase in deferred revenue
(Decrease) increase in other liabilities
Net cash provided by operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment
Proceeds from sale of equipment
Sale or maturity of investments
Purchase of investments
Net cash used by investing activities
CASH FLOWS USED BY FINANCING ACTIVITIES
Payments on financing agreement
Net increase (decreased in cash and cash equivalents
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year
Supplemental data
Interest paid on obligations
See accompanying notes to the financial statements.
44
$ 28,390
3,789
(18,710)
1,365
117
2,411
(780)
(37)
(327)
(543)
163
86
7,060
(2,902)
20,082
$ 80,260
4,042
(4,023)
(70,191)
(6,073)
1,630
(198)
(598)
3,561
1,845
648
10,903
(5,519)
166
678,557
(691,246)
(18,042)
(3,237)
145,871
(152,369)
(9,735)
(2,002)
38
(1,357)
(189)
62
251
$ 100
$ 62
$ 235
$ 252
OCR for page 45
Notes to the
Financial Statements
Dine 30, 1998
NOTE 1: ORGANIZATION AND RELATED
ENTITIES
National Academy of Sciences
The National Academy of Sciences (NAS) was formed
under a charter that was passed as an Act of Incorporation
by the United States Congress and signed into law on
March 3, 1863. The NAS operates as a private cooperative
society of distinguished scholars engaged in scientific or
engineering research, dedicated to the furtherance of sci-
ence and its use for the general welfare. The NAS is
exempt from federal income taxes under Section 501(c)~3)
of the Internal Revenue Code, except for unrelated busi-
ness income.
National Research Council
Most of the activities undertaken by the NAS are carried
out through the commissions, offices, and boards of the
National Research Council (NRC), which draw on a wide
cross section of the nation's leading scientists and engi-
neers for advisory services to government agencies and the
Congress. To respond effectively to both the disciplinary
concerns of the research community and the complex
interdisciplinary problems facing American society, the
NRC is organized into 10 major units that are responsible
for most study activities Commission on Behavioral and
Social Sciences and Education; Commission on Engineer-
ing and Technical Systems; Commission on Geosciences,
Environment, and Resources; Commission on Life Sci-
ences; Commission on Physical Sciences, Mathematics
and Applications; Office of International Affairs; Office of
Scientific and Engineering Personnel; Board on Agricul-
ture; Transportation Research Board; and Center for Sci-
ence, Mathematics, and Engineering Education. The finan-
cial activity and results of the NRC are included in the
NAS's financial statements.
Institute of Medicine
The Institute of Medicine (IOM), established in 1970,
conducts studies of policy issues related to health and
medicine. It issues position statements on these policies;
cooperates with the major scientific and professional soci-
eties in the field; identifies qualified individuals to serve
on study groups in other organization units; and dissemi-
nates information to the public and the relevant profes-
sions. The IOM was established as a separate membership
organization within the NAS. The IOM's Policy Division
is responsible to the Executive Office of the National
Research Council. The financial activity and results of the
IOM are included in the NAS's financial statements.
National Academy of Engineering
The National Academy of Engineering (NAE) was estab-
lished in December 1964 under the charter of the National
Academy of Sciences as a related parallel organization,
autonomous in its administration and in the selection of its
members. The NAE shares with the NAS the responsibility
for advising the federal government on scientific issues.
The financial activity and results of the NAE are not
included in the NAS's financial statements.
National Academy of Engineering Fund
The National Academy of Engineering Fund (NAEF) is a
separately incorporated not-for-profit organization estab-
lished by the NAE to raise funds to support its goals. The
financial activity and results of the NAEF are not included
in the NAS's financial statements.
The description of a loan between NAEF and the NAS for
the acquisition of equipment is disclosed in note 12 to the
financial statements.
The National Academies' Corporation
The National Academies' Corporation (TNAC) was sepa-
rately incorporated in January 1986 as a not-for-profit
corporation for the purpose of constructing and maintain-
ing a study and conference facility. This facility, the
Arnold and Mabel Beckman Center, is located in Irvine,
California, and operates to expand and support the general
activities of the NAS, NRC, IOM, and NAE. The NAS and
the NAEF are 50/50 joint investors of TNAC. The finan
45
OCR for page 46
cial activity and results of TNAC are not included in the
NAS's financial statements.
NOTE 2: SUMMARY OF SIGNIFICANT
ACCOUNTING POLICES
Basis of Accounting
Net assets and revenues, expenses, gains, and losses are
classified based on the existence or absence of donor-
imposed restrictions. Accordingly, net assets of the NAS
are classified and reported as follows:
Permanentlv restricted: Net assets subject to donor-im
posed stipulations that they be maintained in perpetuity by
the NAS. Generally, the donors of these assets permit the
NAS to use all or part of the income earned on related
investments for general or specific purposes.
Temporarily restricted: Net assets subject to donor-im-
posed stipulations that may or will be met either by actions
of the NAS and/or the passage of time. When a donor
restriction expires, temporarily restricted net assets are
reclassified as unrestricted net assets.
Unrestricted: Net assets arising from exchange transac-
tions and unexpended contributions that are not subject to
donor-imposed stipulations.
Contributions subject to donor-imposed stipulations that
are met in the same year as received are reported as
unrestricted revenue.
Cash and Cash Equivalents
The NAS considers excess cash that is invested in over-
night government-backed repurchase agreements and de-
mand deposits to be cash equivalents.
Investments
The NAS's equity and certain debt securities are reported
at their fair values, based on quoted market prices. The
NAS's investments in real estate mortgages are recorded at
cost. Changes in the fair value are recognized in the
statement of activities. Unrealized and realized gains and
losses on investments are reported as changes in unre-
stricted net assets unless otherwise specified by the donor.
46
The NAS adopted this basis of accounting in 1997. The
effect of this change is reported as a cumulative effect of
change in accounting principle on the statement of activi-
ties.
The NAS holds certain short-term investments for pro-
gram and operational liquidity requirements. Endowment
and trust investments are pooled for long-term investment
purposes.
Investments in this pool are administered as an open-end
investment trust, with shares of the pool funds expressed in
terms of participating capital units (PCU). PCU values are
used to determine equity among funds in the pool when-
ever new money is contributed or withdrawals are made.
Income earned that is not reinvested does not affect the
PCU value.
-
Contributions
Contributions, including unconditional promises to give,
are recognized as revenues in the period received. Condi-
tional promises to give are not recognized until the condi-
tions on which they depend are substantially met.
Gifts of land, buildings, and equipment are reported as
unrestricted net assets unless explicit donor stipulations
specify how the donated assets must be used. Temporary
restrictions on gifts to acquire long-lived assets are consid
ered met in the period in which the assets are acquired or
placed in service.
Contracts and Grants
A major portion of the NAS's activities are performed
under cost-reimbursable contracts with the U.S. govern-
ment. The largest concentrations in federal contracts are
the Department of Transportation (approximately 22%)
and the Department of Defense (approximately 16%~. It is
the policy of the NAS to record these contracts as ex-
change transactions and to recognize revenue as costs are
incurred. The costs associated with U.S. government con-
tracts are subject to audit by the Defense Contract Audit
Agency, which has completed its examinations through
June 30, 1996.
Activities supported by individuals or private organiza-
tions are generally financed by grants to the NAS.
OCR for page 47
Revenue for grants qualifying as contributions is recorded
at the time the NAS is notified of the grant. Such grants are
classified as temporarily restricted if use of the grant funds
is limited to specific areas of study or restricted to be used
in future periods. The net asset restrictions are released
when the funds are used for the limited purpose. Revenue
from private grants that is not restricted to purpose or
future periods is recognized as unrestricted revenue.
Deferred Revenue
For grants and contracts that are determined to be ex-
change transactions, revenue is recognized as the related
costs are incurred. Funds received in advance for these
grants are recorded as deferred revenue on the statement of
r. · ~ . .
Nancy position.
Inventories
Inventories are stated at the lower of cost or net realizable
value and include supplies, work in process, and finished
goods for the publication activities of the NAS. The
majority of the NAS's inventory of publications and
supplies reside with the National Academy Press (NAP).
NAP uses the full absorption costing methodology in
pricing finished products. This methodology includes all
direct printing and indirect costs.
Property and Equipment
Depreciation of the NAS's buildings and equipment is
computed on a straight-line basis using the following lives:
buildings - 40 to 50 years
building and leasehold improvements - lesser of the
remaining life of the building or estimated useful life
of improvement
furniture and equipment - 4 to 10 years
Improvements to leased facilities are amortized over the
remaining life of the lease. The Einstein Memorial sculp-
ture is not depreciated.
Use of Estimates
The preparation of these financial statements in confor-
mity with generally accepted accounting principles re-
quires management to make certain estimates and assump-
tions. These estimates and assumptions may affect the
reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities as of the date of the
financial statements. Actual results could differ from those
estimates.
Reclassircahons
Certain amounts included in the 1997 financial informa-
tion have been reclassified to conform to the 1998 presen-
tation.
NOTE 3: INVESTMENTS
Short-term investments and endowment and trust invest-
ments consisted of the following as of June 30, 1998:
Short-term investments
Investments reported at fair value: ($ in thousands)
Vanguard Admiral Fund
Vanguard Fixed-Income Securities
NASA Federal Credit Union
Endowment and trust investments
Investments reported at fair value:
Cash equivalents
Bonds and notes
Equity securities
Real estate mortgage
$16,958
17,016
100
$34,074
($ in thousands)
$ 2,624
67,247
181,089
$250,960
12,233
$263,193
Vanguard equity funds comprise approximately $120 mil-
lion of the total equity securities funds.
Fair value for real estate mortgage investments approxi-
mated $24 million on June 30, 1998, and is determined by
comparative analysis of like location and properties. Fair
value for other investments is determined based on quoted
market prices.
TNAC utilizes the NAS's endowment and trust investment
pool as a means to invest certain assets. These TNAC
investments participate in the investment pool experience
along with all other funds in this pool. Earnings allocated
to the TNAC investments are reinvested with the original
investments. The NAS's obligation to TNAC for these
funds held in trust, which total $18.4 million as of June 30,
1998,is reported as funds held on behalf of others on the
statement of financial position.
47
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Investment income is reported net of investment expenses
of approximately $115,000 in 1998 and is comprised of the
following:
Interest and dividend income
Net gains on investments
($ in thousands)
$17,184
17,346
$34,530
NOTE 4: PROPERTY AND EQUIPMENT
Property and equipment as of June 30, 1998, are as
follows:
Land
Buildings and improvements
Furniture and equipment
Leasehold improvements
Less: Accumulated depreciation and amortization
1 1
($ in thousands)
$ 369
13,465
27,656
6,839
$48,329
31,368
$16,961
The NAS is the custodian of certain property and equip-
ment that is owned by the U.S. government and is fur-
nished to the NAS for work under government contracts.
The cost for these assets, which is not reflected in the
accompanying statements of financial position, was ap-
proximately $359,000 as of June 30, 1998.
NOTE 5: CONTRIBUTIONS RECEIVABLE
Pledged contributions are included as other receivables on
the statement of financial position. Donors have pledged to
provide support in the following future periods:
Years Ending June 30
1999
2000 - 2004
($ in thousands)
Totals
$3,136
668
$3,804
NOTE 6: DEFERRED REVENUE
Deferred revenue consisted of the following as of June 30,
1998:
Advances from private contracts
Advances on U.S. government contracts
Subscription publications
48
($ in thousands)
$13,310
3,118
4,000
$20,428
NOTE 7: RESTRICTED NETASSETS
Temporarily restricted net assets are available for the
following purposes as of June 30, 1998:
Programs
Prizes and awards
Woods Hole facility
($ in thousands)
$69,257
23,592
2,788
$95,637
Permanently restricted net assets are invested in perpetuity.
The income generated by these assets is to be used to
sunnort donor-specified programs or general activities of
the NAS. As of June 30, 1998, the NAS held the following
permanently restricted net assets, classified by the purpose
for which the income is to be used:
Programs
Prizes and awards
NOTE 8: PROGRAM EXPENSES
($ in thousands)
$69,104
3,312
$72,416
Program expenses for 1998 are summarized as follows:
Scientific and Engineering Personnel
Transportation Research Board
Institute of Medicine
Engineering and Technical Systems
Behavioral and Social Sciences and Education
Geosciences, Environment, and Resources
Physical Sciences, Mathematics, and Applications
International Affairs
Commission on Life Sciences
Science, Mathematics, and Engineering Education
Policy Division
National Sciences Resource Center
National Academy of Engineering
Board on Agriculture
Other
NOTE 9: INDIRECT COSTS
($ in thousands)
$43,757
39,582
15,446
10,205
12,813
10,351
11,517
6,074
19,326
4,002
3,683
1,152
3,058
1,064
1,091
$183,121
The NAS received fixed indirect cost rates for fiscal year
1998 on its federal contracts and grants. The overhead rate
was 61.88%, and the general and administrative (G&A)
rate was 18.69%. Overhead was applied to direct salaries,
accrued leave, fringe benefits, and services provided by
outside contractors (e.g., temporary personnel agencies,
consultants) on NAS property. G&A was applied to direct
OCR for page 49
costs and overhead less subcontract costs and stipends.
Therefore, both the overhead and G&A rates were applied
to projects incurring direct salaries and other direct costs
such as travel. If a project did not require direct salaries,
such as a travel grant program, a subcontract/flow-through
administration rate of 1.95% was applied. Certain other
activities, such as off-site work (not performed on NAS
property), were assessed at a reduced overhead rate of
34.12%.
NOTE 10: EMPLOYEE BENEF TS
Pension Plans
The NAS has an insured, noncontributory, defined contri-
bution pension plan covering substantially all of its em-
ployees. The plan is intended to qualify under Section
401(a) of the Internal Revenue Code and uses Teachers
Insurance and Annuity Association/College Retirement
Equities Fund (TIAA/CREF) group retirement annuity
contracts as the investing vehicle. Employees under this
plan vest immediately. The NAS has received a favorable
determination letter from the IRS on the qualification of
this plan under Section 401(a) of the Internal Revenue
Code. In addition, the NAS has a voluntary employee con-
tribution retirement plan that is funded solely by employee
contributions made on a pretax salary-reduction basis un-
der Section 403(b) of the Internal Revenue Code. The in-
vesting vehicles under this voluntary plan are retirement
annuity contracts issued by TIAA/CREF and mutual funds
offered by the Vanguard Group, Inc.
Pension expenses in 1998 amounted to $5.4 million. The
NAS's policy is to fund pension benefits as they are
earned. The NAS's normal retirement age is 65, but there
is no mandatory age for retirement.
Deferred Compensation
The NAS holds long-term investments as part of a deferred
compensation arrangement for certain employees. The fair
value of these investments was approximately $6.2 million
as of June 30, 1998, and is reported in other assets. The
related obligation is included as accrued employee benefits
on the statement of financial position.
Postretirement Benefits
The NAS provides certain health care and life insurance
benefits for retired employees. All employees may become
eligible for these benefits if they reach normal retirement
age while working for the NAS and meet certain service
requirements. These benefits for retirees are provided by
an insurance company whose premiums are determined on
an experience-rated basis. The plan is contributory for
employees who retire after January 1, 1990. Employees
contribute 25% of the monthly premium. The NAS has
elected to recognize the initial Postretirement benefit obli-
gation over a period of 20 years. The accrued post-
retirement benefit obligation is reported as accrued em-
ployee benefits on the statement of financial position.
The Postretirement benefit cost for 1998 includes the
following components:
Service cost (with interest)
Interest cost
Amortization of transition obligation
Expected return on plan assets
($ in thousands)
Life
Insurance Health
Benefit Benefit
Total
$ 6 $ 268$ 274
39 697736
26 406432
- (120)(120)
$1,251$1,322
$71
The status of the NAS Postretirement benefit obligation is
summarized as follows as of June 30, 1998:
Accumulated Postretirement
Benefit Obligation
Retirees
Fully eligible actives
Other actives
Total APB O
Plan assets
Funded status (531)
Unrecognized net gain 120
Unrecognized transition obligation 411
($ in thousands)
Life
Insurance Health
Benefits Benefits Total
($468)
(16)
(47)
(531)
($6,911)($7,379)
(456)(472)
(2,289)(2,336)
(9,656)(10,187)
3,3773,377
(6,279)(6,810)
(513)(393)
6,4886,899
$ ($ 304)($ 304)
The discount rate used to calculate the accumulated post
retirement benefit obligation was 7.75%. The trend rates
for growth in health care costs used in calculating the
accumulated Postretirement benefit obligation were 11.1 %
for employees under age 65 and 9.8% for employees 65+
in fiscal year 1998, declining gradually to 5.8% for both
employee groups. The health care cost trend rate assump-
tion has a significant impact on the Postretirement benefit
cost and obligation. A one percentage point increase in the
assumed health care cost trend rate for each year would
49
OCR for page 50
increase the accumulated postretirement benefit obligation
by approximately 12%, or $1.2 million.
Postemployment Benefits
The NAS also provides certain postemployment benefits
to former or inactive employees prior to their eligibility for
retirement benefits. The liability for these benefits is
calculated on an actuarially determined basis over the
years the employees become eligible. The total 1998 post-
employment benefit gain was approximately $156,000.
NOTE If: [INK OF CREDIT
The NAS has a $5.0 million unsecured line of credit from
NationsBank with an interest rate at prime of 6%. As of
June 30,1998, the outstanding balance on the line of credit
was $1.5 million, which is included in other current
liabilities in the accompanying statement of financial
position.
Total interest expense for 1998 was $82,000.
NOTE 12: COMMITMENTS
NAEF Loans
The NAS has a series of long-term loans from the NAEF
for the acquisition of equipment. These loans are to be
50
repaid in equal installments at an interest rate determined
by the Secretary of the Treasury in accordance with P.L.
92-41 (7.00% as of June 30, 19981. The loan obligation
consists of a $50,000 note that is included in other
liabilities as of June 30, 1998.
Leases
The NAS is committed to several noncancelable operating
leases for office space and equipment. In 2007 the NAS
may exercise a five-year renewal option on a building
lease. If the NAS should exercise the option, the annual
rentals will be based on the then market rental for compa-
rable office space in Washington, D.C. Provided that the
NAS exercises its renewal option, title to the property will
pass to the NAS at the end of the five-year option period.
Future minimum rental payments due under noncancelable
operating leases are as follows:
Year Ending June 30
1999
2000
2001
2002
2003
Thereafter
($ in thousands)
Minimum Rentals
$7,444
5,088
4,737
4,669
4,628
20,598
$47,164
Rental expense for 1998 amounted to $7.0 million.
OCR for page 51
AS OF JULY 1, 1998
OFFICERS
Bruce Alberts, President
Jack Halpern, Vice-President
Peter H. Raven, Home Secretary
Sherwood Rowland, Foreign Secretary
Ronald Graham, Treasurer
FINANCE COMM ITEE
Ronald Graham, Chair
Bruce Alberts
Elkan R. Blout
Mildred Dresselhaus
David M. Kipnis
Lawrence R. Klein
William Rutter
Paul A. Samuelson
TOM Representative: Gail Warden
BUDGET AND INTERNAL AFFAIRS COMMITTEE
Ronald Graham, Chair
Marye Anne Fox
Ralph E. Gomory
Jack Halpern
David M. Kipnis
William Rutter
AUDITING COMM ITEE
Elkan R. Blout, Chair
David M. Kipnis
Robert Wurtz
FINANCIAL MANAGEMENT STAFF
Archie L. Turner, Chief Financial Officer
Therese Swetnam, Director of Accounting Office
51
Representative terms from entire chapter:
financial statements
