Report of the Treasurer for the Year Ended December 31, 2008 (2009) / Chapter Skim
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III. Financial Condition
III. Financial Condition
Pages 39-60
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III. Financial Condition 39
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RUBIN SEAN C SOLOMON Auditing Committee 2101 Constitution Avenue, NW Washington, DC 20418 40
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and 9 to the financial statements, NAS adopted the provisions of FASB Staff Position 117-1, Endowments of Not-for-Profit Organizations: Net Asset Classification of Funds Subject to an Enacted Version of the Uniform Prudent Management of Institutional Funds Act and Enhanced Disclosures for All Endowment Funds, as of January 1, 2008.
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Total liabilities and net assets $ 602,520 $ 761,780 See accompanying notes to financial statements.
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247,426 - - 247,426 225,164 - - 225,164 Management and general 47,823 - - 47,823 48,452 - - 48,452 Fundraising 2,511 - - 2,511 2,302 - - 2,302 Total expenses 297,760 - - 297,760 275,918 - - 275,918 Post-retirement changes other than net periodic benefit cost (note 14) 6,337 - - 6,337 - - - Change in net assets, before adoption of SFAS No.
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$ 43,992 Adjustments to reconcile change in net assets to net cash provided by operating activities: Depreciation and amortization 7,162 7,571 Loss on disposal of property and equipment 84 50 Bad debt expense 533 322 Net loss (gain) on investments 165,904 (20,098)
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TNAC is ized into the following five major divisions responsible controlled by NAS and NAEF. The financial position and for most study activities: results of TNAC are not consolidated in the NAS financial statements.
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Amounts collected but not yet remitted to restriction expires, temporarily restricted net assets are NAEF are reported as assets and liabilities in the NAS reclassified to unrestricted net assets. financial statements Unrestricted – Net assets arising from exchange transac- (e)
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New Accounting Standards: Fair Value Measure- ologies used for financial assets measured at fair value. ments and Fair Value Option The techniques utilized in estimating the fair values are affected by the assumptions used, including discount rates Effective January 1, 2008, NAS adopted Statement of and estimates of the amount and timing of future cash Financial Accounting Standards (SFAS)
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When ments: necessary, NAS adjusts NAV for contributions, distribu tions, or general market conditions subsequent to the The carrying value of cash equivalents such as money latest NAV valuation date when calculating fair value. market funds approximates the fair value because of the Since the most significant valuation inputs are not short maturity of these investments.
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of Level 3 - - Ending balance December 31, 2008 $ 65,283 $ 11,684 $ 76,967 Effective January 1, 2008, NAS adopted SFAS No. 159, elect, at specified election dates, to measure eligible The Fair Value Option for Financial Assets and Financial financial instruments, as defined in SFAS No.
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Long-term investments: (k) Other New Accounting Standards Investment pool, including endowment assets: Cash equivalents $ 13,479 $ 22,086 As discussed in note 9, NAS adopted the provisions of Bonds and notes 50,145 58,429 FASB Staff Position 117-1, Endowments of Not-for-Profit Equity securities 147,431 278,421 Organizations: Net Asset Classification of Funds Subject Hedge funds 65,283 65,487 to an Enacted Version of the Uniform Prudent Manage Private placements 11,684 13,622 ment of Institutional Funds Act and Enhanced Disclo 288,022 438,045 sures for All Endowment Funds, effective January 1, 2008.
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: Prizes and awards 17,903 30,088 Years ending December 31: Woods Hole facility 1,896 5,055 Total temporarily restricted net assets $200,791 $238,325 2009 $ 13,109 2010 4,652 Temporarily restricted net assets were released from 2011 8,807 restriction for the following purposes during the years 2012 5,265 ended December 31, 2008 and 2007 (dollars in thou 2013 3,633 sands) : Thereafter 13,147 48,613 2008 2007 Less discount at rates from 3% to 5% to estimated Sponsored research and advisory programs $ 34,397 $ 32,989 net present value (4,024)
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A key Return Objectives and Strategies component of FSP 117-1 is a requirement to classify the portion of a donor-restricted endowment fund that is not NAS has adopted an investment and spending policy for classified as permanently restricted net assets as tempo- endowment assets that is designed to provide a predictrarily restricted net assets until appropriated for expendi- able stream of funding to programs supported by the ture. NAS recorded the effect of adopting FSP 117-1 as a endowment while seeking to protect the real purchasing reclassification of unrestricted net assets to temporarily power of the assets from inflation.
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- (12,528) Other changes: Unspent purpose restricted appropriations 1,363 3,171 - 4,534 Endowment assets, December 31, 2007 $ 102,814 $ 124,459 $ 102,351 $ 329,624 Funds with Deficiencies unrestricted net assets.
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: (11) RECOVERY OF INDIRECT COSTS 2008 2007 NAS receives indirect cost recovery on its federal Series 1999A revenue bonds, serial, contracts and grants.
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Scheduled maturities and sinking fund requirements are as follows (dollars in thousands) : NAS entered into a swaption agreement on August 21, 2007 that gives the counterparty the option to require Years ending December 31: NAS to enter into an additional swap agreement related to 2009 $ 1,725 the Series 1999A Revenue Bonds.
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Deferred Compensation funded status of the accumulated postretirement benefit obligation of $1.8 million as a component of accrued NAS holds long-term investments as part of a frozen employee benefits liability at December 31, 2007. NAS deferred compensation arrangement for certain employ- recorded the effect of adopting SFAS No.
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No. 158 158 2008 2007 Accrued employee benefits $ 5,275 $ 5,879 Change in benefit obligations: Total liabilities 220,887 221,491 Benefit obligation, January 1 $ 16,461 $ 16,525 Service cost 608 660 Total net assets 540,893 540,289 Interest cost 963 927 Post-retirement changes other than net periodic benefit Plan participant contributions 131 117 cost are as follows (dollars in thousands)
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The effect of a 1% change in the assumed healthcare cost trend rate at 2008 2007 December 31, 2008, would have resulted in an estimated Cash 3% 11% $1.7 million increase or $1.5 million decrease in the Bonds and notes 11% 15% postretirement benefit obligation and an estimated $201,000 increase or $165,000 decrease in the 2008 Equity securities 86% 74% benefit expense. 100% 100% The effect of a 1% change in the assumed healthcare cost The investment objective of the Plan is to produce a rate trend rate at December 31, 2007, would have resulted in of return over the long term that will provide for fund an estimated $1.5 million increase or $1.3 million growth, protect against the effect of inflation, and provide decrease in the postretirement benefit obligation and an for some stability in different market environments.
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, NAS is party to a swaption agreement. On March 17, 2009, the counterparty exer Year ending December 31: cised its option to require NAS to enter into an additional 2009 $ 2,440 swap agreement related to the Series 1999A Revenue 2010 2,380 Bonds.
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Solomon FINANCIAL MANAGEMENT STAFF Julie Englund, Chief Financial Officer Didi Salmon, Controller 60
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