Report of the Treasurer to the Council for the Year Ended December 31, 2004 (2005) / Chapter Skim
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Treasurer's Statement
Treasurer's Statement
Pages 1-6
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A number of foundations have been supportive of these efforts. In Me most notable example of 2004, Me Gates Foundation formally awarded $20 million for a 10-year National Academies initiative - Enabling African Scientific Communities to Provide Policy Advice in the Public Interest- designed to build Me capacity of African academies of science to increase Me contribution of African scientists and health experts to policy decisions made by their governments, with an emphasis on sustainable choices for promoting health and reducing 1
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To achieve this goal, the NAS Council, acting on the recommendation of Me Finance Committee, has adopted a spending limitation designed to maintain Me purchasing power of Me endowment over time by reinvesting a portion of Me annual total investment retum. The spending limitation caps annual spending at 5 percent of the three-year average market value of Me participating funds in Me investment pool.
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The $235,000 deficit was funded by He NAS Reserve, resulting in a balance of $1.4 million in He NAS Reserve at December 31, 2004. The 2004 NAS General Fund activity is summarized as follows: Revenue: Unrestricted Endowment Woods Hole Endowment Annual Giving tom Members Membership Dues A'mual Meeting Capital investment Incenhve Short-Term investment interest Reimbmsements and MiscelLmeous NAS Reserve Toted Revenue $ 4 276 286 563 132 189 351 1 125 150 $ 6,073 E,menres: Prize and Award Trust Funds Development Office $ 1,902 Member Services: Annual Meeting 559 · Several award trust funds have existed for more than Other 156 100 years, while others were established more Pmgrams Projects recently.
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putting a hold on Be construction decision, and seeking to lease space for the short term in a building close to Be Keck Center In their December 2004 meeting, the Council reviewed Be future prospects for NRC growth, the cutrent status of federal funding, and Me current staffing levels and concluded that it would not be m Me best Interests of Me Academies to build additional space at ffivs time. The Council approved moving staff now located m Be Green Building to existing space in Me Keck Center and NAS building and to a relatively small amount of rented space near Be Keck Center when the lease on Me Green Building expires in July 2007.
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· As in many universities and nonprofit institutions, managing indirect cost expenditures for funding of necessary support services while keeping these costs in reasonable proportion to program expenditures continues to be a challenge. HistoricaDy, NRC management has successfully maintained a relatively steady relationship between program and support costs, i.e., the growffi rate of indirect costs was approximately equal to the growffi rate of direct costs.
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Overall Financial Condition The results of operations, per the NAS Statement of Activities, are summarized as follows: 2004 2003 Total Revenues Total Expenses Change in Net Assets $ 285.8 $ 339.0 254.4 262.2 $ 31.4 $ 76.8 Each year, Me overall financial condition of Me NAS can be reviewed by taking into account Me increase or decrease in Me net assets of Me organization. During 2003 and 2004, Me NAS has been able to increase its net assets, due in large part to Me favorable results from the Endowment investments and from generous gifts from donors, Conclusion The NAS and NRC continue to be in sound financial condition.
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