Report of the Treasurer to the Council for the Year Ended December 31, 2003 (2004) / Chapter Skim
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Notes to the Financial Statements
Notes to the Financial Statements
Pages 41-52
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From page 41... ...
of the (e) National Academy of Engineering Fund Internal Revenue Code, except for unrelated business income.
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From page 42... ...
The carrying value of bonds payable in the financial statements was less than their fair value by approximately Gifts of land, buildings, or equipment are reported as $3,303,000 and $3,059,000 on December 31, 2003 and unrestricted net assets unless explicit donor stipulations 2002, respectively.
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From page 43... ...
(j) Use of Estimates The preparation of these financial statements in confor- Private equity investments, represented by limited partnermity with accounting principles generally accepted in the ship interests, comprised approximately $7.5 million and United States of America requires management to make $6.7 million of the endowment and trust equity securities certain estimates and assumptions.
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From page 44... ...
(8) TEMPORARILY RESTRICTED NET Total property and equipment, net $141,316 $140,971 ASSETS Temporarily restricted net assets were available for the Construction in progress primarily relates to the Marian following purposes as of December 31, 2003 and 2002 ($ Koshland Science Museum, which opened in April 2004.
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is assessed reduced overhead Prizes and awards 552 745 rates. Woods Hole facility 288 309 Total temporarily restricted net assets released from restriction $26,351 $19,380 NAS bills for indirect cost recovery throughout the year based on prenegotiated rates.
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From page 46... ...
When The term bonds maturing on January 1, 2019, and January the fair value of a derivative contract is positive, the 1, 2028, are subject to mandatory redemption by operation counterparty owes NAS, which creates credit risk for of sinking fund installments. The installment payments for NAS.
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From page 47... ...
of the Internal Revenue Code and uses Teachers Insurance and The following table presents the changes in benefit obligaAnnuity Association/College Retirement Equities Fund tions, changes in plan assets, funded status, and the (TIAA/CREF) group retirement annuity contracts as the components of net periodic benefit cost for the years ended investment vehicle.
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From page 48... ...
(389) Amortization of transition obligation 26 405 431 26 405 431 Amortization of prior service cost -- 7 7 -- 7 7 Amortization of unrecognized losses 19 348 367 22 59 81 Net periodic cost $98 2,207 2,305 $108 1,538 1,646 The assumptions used to determine net periodic benefit NAS' postretirement benefit plan asset allocations at Decost for years ended December 31, 2003 and 2002 are as cember 31, 2003 and 2002, by asset category are as follows: follows: 2003 2002 2003 2002 Discount rate 6.0% 6.5% Bonds and notes 40% 39% Expected long-term return on plan assets 8.0% 8.0% Equity securities 60% 61% Total 100% 100% The assumptions used to calculate the accumulated postretirement benefit obligation for the years ended De- The investment objective of the Plan is to produce a rate of cember 31, 2003 and 2002 are as follows: return over the long-term that will provide for some fund growth, curb against the effect of inflation, and provide for 2003 2002 some stability in different market environments.
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From page 49... ...
The former or inactive employees prior to their eligibility for healthcare cost trend rate assumption has a significant retirement benefits. The liability for these benefits was impact on the postretirement benefit costs and obligations.
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Litigation NAS receives a portion of its revenues directly or indi- NAS is a defendant in several lawsuits. While the ultirectly from federal government grants and contracts, all mate outcome of the litigation is uncertain, NAS' manof which are subject to audit by the Defense Contract Au- agement believes that it has strong legal positions, indit Agency, which has completed its examinations tends to vigorously defend its actions, and has concluded through December 31, 2000.
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Clegg, NAS Foreign Secretary Ronald L Graham, NAS Treasurer FINANCE COMMITTEE Ronald Graham, Chair Elwyn R
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