Report of the Treasurer to the Council for the Year Ended December 31, 2004 (2005) / Chapter Skim
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III. Financial Condition
III. Financial Condition
Pages 35-52
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From page 35... ...
III. Financial Condition 35
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From page 36... ...
Alberts: In accordance with Bylaw V-6 of the National Academy of Sciences, the fine of KPMG, LLP was retained to conduct an audit of the accounts of the Treasurer for the year ended December 31, 2004, 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, concernmg financial statements to which they refer.
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From page 37... ...
We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of NAS as of December 31, 2004 and 2003, and its changes in net assets and its cash flows for the years then ended in conformity with accounting principles generally accepted Ul the United States of America.
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Property and equipment net (note 4) Einstein Memorial 2004 2003 $ 3,435 53,304 46,699 14,996 1,687 2,888 123,009 7,642 340,406 32,274 138,110 1,723 $ 643,164 Liabilities and Net Assets Current liabilihes: Accounts payable and accrued expenses Deferred revenue (note 6)
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Management and general FmndraiBnng Total expenses Change in net assets Net assets at beginning of Ike year Net assets at end of We year 273,744 10,521 1,534 285,799 _ 214,165 37,543 2,669 254,377 - 214,165 37,543 2,669 _ ., - 254,377 19,367 10,521 1,534 31,422 101,130 160,753 96,093 357,976 $ 120,497 171,274 97,627 389,398 See accompanying notes to the financial statements.
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From page 40... ...
provided by investing activities Cash flows from financing activities: Conhibutions restricted for construction or endowment Proceeds from bme of credit Payments on line of credit Payments on capital lease Lability Net cash provided by (used in) financing activities Net decrease in cash and cash equivalents Cash and cash equivalents, begntning of year Cash and cash equivalents, end of year Supplemental disclosure of cash flow information: Interest paid See accompanying notes to financial statements.
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The financial position and results of TNAC are not consolidated in Me NAS financial statements. NAS utilized Me Beckman Center for meetings in 2004 and 2003, for which TNAC was paid $233,000 and $261,000, respectively.
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Current market pricing models are used to estimate fair values of interest rate swap agreements. The fair market value of all other financial instruments in We fmancial statements approximates there reported carrying values.
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: 2004 2003 Short-term ir,vestmer,ts: Cash equivalents Honds and notes Equab securities 1 otal short-ternt Investments Er,dawmer,t ar,d trust ~r,vestmer,ts: Cash equivalents Honds and notes Equity securities Real estate Hedge tends Private placentents $ 6,689 $ 1,558 32,429 41,620 14,186 11,308 $ 53,304 $ 54,486 $ 2,253 34,096 235,782 14,621 25,704 9,412 321,868 267,837 $ 1,418 29,158 194,760 6,051 28,91 5 7,535 ZWJ ZW3 Other lor,g-term ir,vestmer,ts: Cash equivalents Honds and notes Equity securities 1 otal long-term mvestrrlents $ 2,503 $ 7,595 8,440 18,538 18,831 $ 340,406 $ 286,668 2,600 6231 NAS received proceeds from Me sale and leaseback of Me Green/Harris facility of approximately $36 million in 2000 (see note 12)
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. 20c4 2003 Sponsored research and advisory programs Prizes and awards Woods Hole facility Total temporarily restricted net assets $139,865 $133,301 28 275 24,786 3,134 2,666 $171 274 $160,753 Temporarily restricted net assets were released from restriction for the following purposes during the years ended December 31, 2004 and 2003 (dollars in thousands)
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As of December 31, 2004 and 2003, NAS held We following permanently restricted net assets, classified by We purpose for which We uncome is to be used (dollars m thousands) : 2004 2003 Sponsored research and advisory programs $94,237 $92,764 Prizes and awards 1 otal penTlanently restricted net assets (1 0)
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From page 46... ...
This swap agreement related to Be $66 million face amount of its Series 1999A revenue bonds. The agreement provides for NAS to receive 4.97% in interest on a notional amount of $65 million and to pay interest at a floating rate option based on the weekly interest rate resets of tax exempt variable rate issues per He BMA Municipal Swap index NAS entered into this swap agreement to manage its exposure to interest rate changes.
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The fair value of these investments was approximately $4 9 million as of December 31, 2004 and 2003, which is reported withnn other assets in the statements of financial position. The related obligation is included in accrued employee benefits in Me statements of financial position.
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(727) Fair value of plan assets, December 31 Funded status: Untended benefit obligahon Umecogni/ed translation obligahon Unrecognized prior service cost Umecognrzed net actuarial (Rain)
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The healthcare cost trend rate assumption has a significant impact on the postretirement beneflt costs and obligations. The effect of a 1% change in Me assumed bealtbcare cost trend rate at December 31,2004, would have resulted in an estimated $1,866,000 increase or $1,561,000 decrease in Me postretirement benefit obligation and an estimated $355,000 increase or $288,000 decrease in Me 2004 beneflt expense.
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O Contingencies NAS receives a portion of its revenues directly or indirectly from federal government grants and contracts, all of which are subject to audit by Me Defense Contract Audit Agency, which has completed its examinations through December 31, 2001. A contingency exists relating to unexamined periods to refund any amounts received in excess of aDowable costs.
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Choppin M Gordon Wohman Elaine Fuchs Herbert Tabor FINANCIAL MANAGEMENTSTAFT Archie L
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