Report of the Treasurer to the Council for the Year Ended December 31, 2003 (2004) / Chapter Skim
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Treasurer's Statement
Treasurer's Statement
Pages 1-6
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This report, "Treasurer's Report to the Council of the National Academy of Sciences," presents the highlights of And at year's end we learned that the Bill & Melinda NAS and NRC operations, Endowment and Trust activity, Gates Foundation would provide $20 million, beginand the financial condition of our Academy for the year ning in 2004, to underwrite an ambitious 10-year ended December 31, 2003. initiative – Enabling African Scientific Communities to Provide Policy Advice in the Public Interest – NAS Highlights designed to build the capacity of African academies of science to increase the contribution of African scienDevelopment Office Programs tists and health experts to policy decisions made by their governments about the significant challenges In 2003, the Academy's fundraising program was high- facing these countries, with an emphasis on sustainlighted by a series of notable contributions from individu- able choices for promoting health and reducing disals and foundations, and a significant increase in members' ease.
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Taking into account annual withdrawals, the As of December 31, 2003, with one year remaining in the Academy's portfolio produced an investment return of very successful Campaign for the National Academies, 25.8% for the year. By capturing most of the upside cumulative Campaign contributions and pledges to the performance in the good years, and generating comparaNational Academies exceeded $293 million, just shy of the tively smaller losses in the down years, the portfolio has overall $300 million target.
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Public Understanding Of Science 420 • Arnold and Mabel Beckman Center at 100 Academy Committee on International Security & Arms Control 75 Local High School Project 12 Drive in Irvine, California (jointly owned with the Israeli Palestinian Science Organization (IPSO) 20 National Academy of Engineering through The Na Sackler Colloquia 295 Woods Hole 313 tional Academies Corporation)
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Another Department of Transportation 46,471 option is to purchase the land under the fire station from Environmental Protection Agency 6,241 the DC Government and integrate the building of a new Executive Office of the President 762 Federal Emergency Management Agency 56 fire station with the building of an additional 3 to 8 floors General Accounting Office 267 of building space above the fire station. Still a third option General Services Administration 58 National Aeronautics and Space Administration 20,095 is to put a hold on the construction decision, and seek to National Science Foundation 14,597 lease space for the short term in a building close to the National Security Agency 38 Nuclear Regulatory Commission 390 Keck Center.
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The NRC program level for 2003 was one of the strongest perfor• As in many universities and nonprofit institutions, mances in the history of the Academy. During 2003, the managing indirect cost expenditures for funding of indirect costs grew at a faster rate than program revenues; necessary support services while keeping these costs however, National Research Council management has in reasonable proportion to program expenditures made appropriate adjustments to keep indirect costs in line continues to be a challenge.
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