NATIONAL ACADEMY OF SCIENCES
Statements of Financial Position December 31, 2009 and 2008 (Dollars in thousands)
Assets |
2009 |
2008 |
Current assets: |
|
|
Cash and cash equivalents |
$ 1,387 |
$ 4,110 |
Short-term investments (note 3) |
49,113 |
43,456 |
Contracts receivable – U.S. government (note 12) |
47,027 |
55,786 |
Contributions and other receivables, net (note 6) |
14,565 |
15,212 |
Other current assets |
4,627 |
4,156 |
Total current assets |
116,719 |
122,720 |
Other assets (notes 2, 13, 15, and 17) |
8,093 |
8,508 |
Long-term investments (note 3) |
376,163 |
309,740 |
Contributions receivable, net (note 6) |
28,191 |
31,480 |
Property and equipment, net (notes 5 and 16) |
127,476 |
128,349 |
Einstein Memorial |
1,723 |
1,723 |
Total assets |
$ 658,365 |
$ 602,520 |
Liabilities and Net Assets |
|
|
Liabilities: |
|
|
Current liabilities: |
|
|
Accounts payable and accrued expenses |
$ 42,064 |
$ 38,598 |
Deferred revenue (note 7 and 12) |
32,080 |
35,471 |
Line of credit (note 8) |
- |
686 |
Other current liabilities (note 13 and 14) |
3,498 |
4,818 |
Total current liabilities |
77,642 |
79,573 |
Bonds payable (note 13) |
122,545 |
120,681 |
Funds held on behalf of others (note 3) |
8,794 |
7,186 |
Note payable (note 14) |
757 |
1,513 |
Accrued employee benefits (note 15) |
4,603 |
8,597 |
Other long-term liabilities (notes 2, 13, and 16) |
14,057 |
17,698 |
Total liabilities |
228,398 |
235,248 |
Net assets: |
|
|
Unrestricted |
72,871 |
51,731 |
Temporarily restricted (note 9) |
241,734 |
200,791 |
Permanently restricted (note 10) |
115,362 |
114,750 |
Total net assets |
429,967 |
367,272 |
Commitments and contingencies (notes 3, 12, 13, 15, 18, and 19) |
|
|
Total liabilities and net assets |
$ 658,365 |
$ 602,520 |
See accompanying notes to financial statements.
Statements of Activities Years ended December 31, 2009 and 2008 (Dollars in thousands)
|
2009 |
2008 |
||||||
|
Unrestricted |
Temporarily restricted |
Permanently restricted |
Totals |
Unrestricted |
Temporarily restricted |
Permanently restricted |
Totals |
Revenues, gains, and other support: |
|
|
|
|
|
|
|
|
Government contracts and grants (note 12) |
$ 214,957 |
- |
- |
214,957 |
$ 202,810 |
- |
- |
202,810 |
Private contracts and grants |
21,596 |
17,441 |
- |
39,037 |
23,836 |
21,423 |
- |
45,259 |
Other contributions |
4,201 |
851 |
612 |
5,664 |
3,195 |
1,064 |
3,916 |
8,175 |
Fees and publications |
18,828 |
- |
- |
18,828 |
18,757 |
- |
- |
18,757 |
Investment income (loss) (note 3) |
19,088 |
60,289 |
- |
79,377 |
(25,138) |
(120,987) |
- |
(146,125) |
Other income (note 13) |
12,225 |
- |
- |
12,225 |
1,945 |
- |
- |
1,945 |
Net assets released from restriction (note 9) |
37,638 |
(37,638) |
- |
- |
41,848 |
(41,848) |
- |
- |
Total revenues, gains, and other support |
328,533 |
40,943 |
612 |
370,088 |
267,253 |
(140,348) |
3,916 |
130,821 |
Expenses (notes 13, 15, and 16): |
|
|
|
|
|
|
|
|
Programs (note 11) |
260,709 |
- |
- |
260,709 |
247,426 |
- |
- |
247,426 |
Management and general |
45,843 |
- |
- |
45,843 |
47,564 |
- |
- |
47,564 |
Fundraising |
3,010 |
- |
- |
3,010 |
2,511 |
- |
- |
2,511 |
Total expenses |
309,562 |
- |
- |
309,562 |
297,501 |
- |
- |
297,501 |
Post-retirement changes other than net periodic benefit cost (note 15) |
(2,169) |
- |
- |
(2,169) |
6,337 |
- |
- |
6,337 |
Change in net assets, before reclassification of net assets under FASB ASC Section 958-205-45 |
21,140 |
40,943 |
612 |
62,695 |
(36,585) |
(140,348) |
3,916 |
(173,017) |
Reclassification of net assets under FASB ASC Section 958-205-45 (notes 2 and 10) |
- |
- |
- |
- |
(102,814) |
102,814 |
- |
- |
Change in net assets |
21,140 |
40,943 |
612 |
62,695 |
(139,399) |
(37,534) |
3,916 |
(173,017) |
Net assets at beginning of year |
51,731 |
200,791 |
114,750 |
367,272 |
191,130 |
238,325 |
110,834 |
540,289 |
Net assets at end of year |
$ 72,871 |
241,734 |
115,362 |
429,967 |
$ 51,731 |
200,791 |
114,750 |
367,272 |
See accompanying notes to financial statements.
Statements of Cash Flows Years ended December 31, 2009 and 2008 (Dollars in thousands)
|
2009 |
2008 |
Cash flows from operating activities: |
|
|
Change in net assets |
$ 62,695 |
$ (173,017) |
Adjustments to reconcile change in net assets to net cash provided by (used in) operating activities: |
|
|
Depreciation and amortization |
7,632 |
7,162 |
Loss on disposal of property and equipment |
140 |
84 |
Bad debt expense |
192 |
533 |
Net loss (gain) on investments |
(70,998) |
165,904 |
Net loss (gain) on investments held on behalf of others |
(1,600) |
3,765 |
Amounts collected on behalf of others |
(5,490) |
(2,723) |
Amounts remitted on behalf of others |
5,320 |
3,664 |
Change in value of interest rate swap |
(4,301) |
9,057 |
Change in value of split-interest agreements |
137 |
343 |
Contributions restricted for construction or endowment |
(2,791) |
(6,645) |
(Increase) decrease in assets: |
|
|
Other receivables |
3,744 |
6,465 |
Contracts receivable - U.S. government |
8,759 |
(10,220) |
Other current assets |
(471) |
(343) |
Other assets |
(590) |
2,612 |
Increase (decrease) in liabilities: |
|
|
Accounts payable and accrued expenses |
3,466 |
7,828 |
Deferred revenue |
(3,391) |
4,057 |
Other current liabilities |
(916) |
(885) |
Funds held on behalf of others |
1,608 |
(4,618) |
Other long-term liabilities |
(103) |
35 |
Accrued employee benefits |
(3,994) |
2,718 |
Net cash provided by (used in) operating activities |
(952) |
15,776 |
Cash flows from investing activities: |
|
|
Additions to property and equipment |
(5,911) |
(5,910) |
Sales or maturities of investments |
215,761 |
231,756 |
Purchases of investments |
(215,234) |
(243,624) |
Net cash used in investing activities |
(5,384) |
(17,778) |
Cash flows from financing activities: |
|
|
Contributions restricted for construction or endowment |
2,791 |
6,645 |
Proceeds from line of credit |
139,954 |
123,426 |
Payments on line of credit |
(140,640) |
(126,085) |
Payments on bank note |
(756) |
(757) |
Proceeds from interest rate swaption |
1,834 |
- |
Proceeds from bond issue |
57,500 |
66,325 |
Payments on bond principal |
(57,070) |
(66,645) |
Net cash provided by financing activities |
3,613 |
2,909 |
Net increase (decrease) in cash and cash equivalents |
(2,723) |
907 |
Cash and cash equivalents, beginning of year |
4,110 |
3,203 |
Cash and cash equivalents, end of year |
$ 1,387 |
$ 4,110 |
Supplemental disclosure of cash flow information: |
|
|
Interest paid |
$ 4,803 |
$ 5,189 |
See accompanying notes to financial statements.