Report of the Treasurer to the Council for the Year Ended December 31, 2002 (2003) / Chapter Skim
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III. Financial Condition
III. Financial Condition
Pages 41-56
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From page 41... ...
IlI. Financial Condition 41
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From page 42... ...
Alherts: in accordance with Bylaw V-6 of the National Academy of Sciences, the firm of KPMG, LLP was retained to conduct an auclit of the accounts of the Treasurer for the year enclect December 3 I, 2002, anti to report to the Auditing Committee. The independent accountants have completest their audit of the financial statements and have submitted their report, a copy of which is attached, concerning financial statements to which they refer.
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From page 43... ...
its cash flows for the years then encled in conformity with accounting principles generally accepted in the United States of America. As cliscussecl in note 9 to the financial statements, NAS changed its accounting policy related to temporarily restricted contributions whose restrictions are met in the same year as received.
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30,030 19,076 Property and equipment (note 4) 140,971 109,571 Einstein Memorial 1,723 1,723 $548,738 575,846 Liabilities anti Net Assets Current liabilities: Accounts payable and accrued expenses Deferred revenue (note 6)
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3,146 (18,542) Net assets at begi~i'~g of the year 99,506 127,518 82,878 309,902 114,818 Net assets ate'~clof the year $ 74,536 113,420 93,200 281,156 $ 99,506 See accompanying Ties to financial statements.
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investing activities Cash flows lrom financing activities: Contributions restricted for construction or endowment Proceeds from bank note Proceeds from line of credit Payments on line of credit Payment. on capital lease liability Net cash provided by financing activities Net increase in cash and cash equivalents Cash and clash equivalents, beginning of year Cash and c.~;h equivalents, end of year Supplemental disclosure of cash flow information: Interest liquid See accomp.~ying notes to financial statements.
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NAS and NAEF are 50/50 joint investors of TNAC, and therefore share control. The financial position and results of TNAC are not consolidated in NAS' financial statements.
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Temporarily restricted: Net assets subject to donor-imposed stipulations that may or will be met either by actions of NAS and/or the passage of time. When a donor restriction expires, temporarily restricted net assets are reclassified as unrestricted net assets.
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, consisted of the following as of December 31, 2002 and 2001 ($ in thousands) : Short-term investments: Cash equivalents Bonds and notes Equity securities Total short-term investments Endowment and trust investments: Cash equivalents Bonds and notes Equity securities Real estate mortgages - at cost Other long-term investments: Cash equivalents Bonds and notes Equity securities 2002 2001 $ 9,795 $ 13,498 39,750 41,889 13,217 13,269 62,762 68,656 $1,696 $2,702 42,355 46,739 167,909 190,115 21 1,960 239,556 7,416 8,663 219,376 248,219 1,588 188 17,623 5,801 — 17,285 19,21 1 23,274 $238,587 $271,493 NAS received proceeds from the sale and leaseback of the Green/Harris facility of approximately $36 million in 2000 (see note 12)
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Fair value of the buildings relating to the real estate mortgage investments approximated $36 million on Deeember 3 1, 2002 and 2001. NAS pledged its investment i n the real estate mortgages as collateral on its commitment under the operating lease for the Green/Harris facility during 2000 (see note 15~.
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: 2002 2001 $ 92,688 $102,876 1 8,979 22,08 1 1,753 2,561 $1 13 420 $127 518 , , Sponsored research and advisory programs Prices and awards Woods Hole facility Total temporarily restricted net assets Temporarily restricted net assets were released from restriction for the following purposes during the years ended December 31, 2002 and 2001 ($ in thousands) : 2002 2001 $18,326 $13,291 745 787 309 319 Sponsored research and advisory programs Prizes and awards Woods Hole facility Total temporarily restricted net assets released from restriction $19,380 $14,397 The income generated by permanently restricted net assets is to be used to support donor-specified programs or general activities of NAS.
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Series l999C revenue bonds, term, at variable rates due January 1, 2039. Total bonds, at face value Less net unamortized discount Total bonds payable Less current portion Noncurrent bonds payable $ 16,330 $ 16,330 17,085 17,085 32,545 32,545 32,500 32,500 32.500 32,500 130,960 130,960 (979)
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NAS remains obligated through 2007 for remaining lease payments, with a present value of approximately $20 million and $24 million as of December 31, 2002 and 2001, respectively, under the original lease agreement with the Trustee. The current and long-term portions of this obligation are reflected as other current liabilities and accrued lease liability, respectively, within the statements of financial position as of December 31, 2002 and 2001.
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NAS has elected to recognize the initial postretirement benefit obligation over a period of 20 years. The accrued postretirement benefit obligation is reported in accrued employee benefits on the statements of financial position.
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The health care cost trend rate assumption has a significant impact on the postretirement benefit costs and obligations. The effect of a 1% change in the assumed health care cost trend rate at December 31, 2002, would have resulted in an approximate $1,777,000 increase or $1,490,000 decrease in the postretirement benefit obligation and an approximate $223,000 increase or $183,000 decrease in the 2002 benefit expense.
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Klein William Rutter Paul A Samuelson Edward Shortliffe: IOM Representative BUDGETAND INTERNAL AFFAIRS COMMITTEE Ronald Graham, Chai Joel E
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