Report of the Treasurer for the Year Ended December 31, 2007 (2008) / Chapter Skim
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Financial Stmts & Footnotes
Financial Stmts & Footnotes
Pages 40-53
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From page 40... ...
Total liabilities and net assets $ 761,780 $ 727,884 40 See accompanying notes to financial statements.
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From page 41... ...
- - (604) - - - Change in net assets 10,561 31,887 1,544 43,992 51,071 15,594 3,453 70,118 Net assets at beginning of the year 180,569 206,438 109,290 496,297 129,498 190,844 105,837 426,179 Net assets at end of the year $ 191,130 238,325 110,834 540,289 $ 180,569 206,438 109,290 496,297 See accompanying notes to financial statements.
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From page 42... ...
in cash and cash equivalents (579) 142 Cash and cash equivalents, beginning of year 3,782 3,640 Cash and cash equivalents, end of year $ 3,203 $ 3,782 Supplemental disclosure of cash flow information: Interest paid $ 6,324 $ 6,019 42 See accompanying notes to financial statements.
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From page 43... ...
NAS and NAEF nary problems facing American society, NRC is organ- are 50 – 50 joint venturers of TNAC, and therefore share ized into the following five major divisions responsible control. The financial position and results of TNAC are for most study activities: not consolidated in the NAS financial statements.
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From page 44... ...
Management sponsors individually providing more than 10% of NAS reviews and evaluates the values provided by the revenues are summarized below: investment managers and agrees with the valuation Percentage of methods and assumptions used in determining the fair NAS revenues value of the alternative investments. Federal agency sponsor 2007 2006 Department of Transportation 33% 31% Investments in real estate mortgages are recorded at cost, Department of Health and Human Services 9% 11% which approximates fair value, and consist of mortgages on certain administrative facilities that NAS occupies.
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From page 45... ...
Current market pricing models are used to estimate fair values of interest rate swap agreements. The fair market (l)
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From page 46... ...
: Vanguard equity funds comprised approximately $119 2007 2006 million and $142 million of the total equity securities Land $ 29,689 $ 29,689 funds at December 31, 2007 and 2006, respectively. Furniture and equipment 32,096 31,040 Buildings and improvements 109,063 108,608 At December 31, 2007 and 2006, real estate investments include shares of real estate investment trusts at fair value.
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From page 47... ...
RECOVERY OF INDIRECT COSTS NAS receives indirect cost recovery on its federal Temporarily restricted net assets were released from contracts and grants. An overhead assessment is applied restriction for the following purposes during the years to direct salaries, accrued leave, fringe benefits, and ended December 31, 2007 and 2006 (dollars in thou- services provided by outside contractors (e.g., temporary sands)
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From page 48... ...
When the fair value of a derivative contract is positive, the The term bonds maturing on January 1, 2019, and January counterparty owes NAS, which creates credit risk for 1, 2028, are subject to mandatory redemption by opera- NAS. When the fair value of a derivative contract is tion of sinking fund installments.
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From page 49... ...
At December 31, 2006, NAS had remaining lease payments with a present value of $2.8 million, which is NAS entered into a swaption agreement on August 21, included within other current liabilities in the statements 2007, that gives the counterparty the option to require of financial position. NAS completed remaining lease NAS to enter into an additional swap agreement related to payments in July 2007, under the original lease agreement the Series 1999A Revenue Bonds.
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From page 50... ...
A benefit-eligible Total liabilities 220,887 221,491 employee may become eligible for disabled retiree Total net assets 540,893 540,289 benefits if deemed totally disabled under NAS' long-term disability insurance or if they are eligible for disability Items not yet recognized as a component of net periodic benefits from the Social Security Administration. Life benefit cost which are reported as effect of adoption of insurance benefits are provided based on coverage at date recognition provisions of FASB Statement No.
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From page 51... ...
26 - 26 Components of net periodic benefit cost: Net periodic cost $ 443 $ 480 $ 923 Service cost $ 14 $ 664 $ 678 Interest cost 45 772 817 Expected return on plan assets - (728)
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From page 52... ...
143, Accounting for Asset Retirement determined net periodic cost for 2008, which is approxi- Obligations, and requires a liability to be recorded if the mately $840,000. In addition, in 2008, NAS expects to fair value of the obligation to retire an asset can be contribute the outstanding $1.8 million in postretirement reasonably estimated.
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From page 53... ...
A contingency exists recorded a liability for asset retirement obligations of $1.7 relating to unexamined periods and final settlements of million in other long term liabilities and increased the examined periods to refund any amounts received in carrying value of the related building assets by $364,000, excess of allowable costs. Management is of the opinion less accumulated depreciation of $291,000.
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