Report of the Treasurer for the Year Ended December 31, 2013 (2014) / Chapter Skim
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III. Financial Condition 43
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Auditing Committee June 10, 2014 Dr. Ralph J
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KPMG LLP Suite 12000 1801 K Street, NW Washington, DC 20006 Independent Auditors' Report The Auditing Committee National Academy of Sciences: Report on the Financial Statements We have audited the accompanying financial statements of the National Academy of Sciences (NAS) , which comprise the statements of financial position as of December 31, 2013 and 2012, and the related statements of activities, and cash flows for the years then ended, and the related notes to the financial statements.
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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, 2013 and 2012, and the changes in its net assets and its cash flows for the years then ended in accordance with U.S. generally accepted accounting principles.
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NATIONAL ACADEMY OF SCIENCES Statements of Financial Position December 31, 2013 and 2012 (In thousands) Assets 2013 2012 Current assets: Cash and cash equivalents $ 3,014 $ 2,429 Short-term investments (notes 3 and 4)
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NATIONAL ACADEMY OF SCIENCES Statements of Activities Years ended December 31, 2013 and 2012 (In thousands) 2013 2012 Temporarily Permanently Temporarily Permanently Unrestricted restricted restricted Total Unrestricted restricted restricted Total Revenues, gains, and other support: Government contracts and grants (note 12)
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NATIONAL ACADEMY OF SCIENCES Statements of Cash Flows Years ended December 31, 2013 and 2012 (In thousands) 2013 2012 Cash flows from operating activities: Change in net assets $ 522,188 $ 22,935 Adjustments to reconcile change in net assets to net cash provided by (used in)
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NATIONAL ACADEMY OF SCIENCES and the relevant professions. IOM was established as a separate membership organization within NAS.
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perpetuity by NAS. Generally, the donors of these assets Allowances are recorded for estimated uncollectible permit NAS to use all or part of the income earned on contributions based upon management's judgment and related investments for general or specific purposes.
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Contracts receivable consisted of $21.1 million of billed (i) Deferred Revenue receivables and $49.0 million of unbilled receivables as of December 31, 2013.
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(3) INVESTMENTS ended December 31, 2013 and 2012, respectively, and is comprised of the following (in thousands)
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standing of the issuer. In some cases, the fair value investment fund managers include estimates, appraisals, estimates cannot be substantiated by comparison to assumptions and methods that are reviewed by manage independent markets.
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The following table presents NAS' fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis at December 31, 2013 (in thousands) : Fair Fair value measurements using value Level 1 Level 2 Level 3 Financial Assets: Short-term and long-term investments: Cash equivalents $ 12,880 $ 12,880 $ - $ Bonds and notes U.S.
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Fair Fair value measurements using (Continued) value Level 1 Level 2 Level 3 Financial Liabilities: Funds held on behalf of others $ 11,109 $ 7,915 $ 1,954 $ 1,240 Deferred compensation liability 1,681 1,681 - Interest rate swaps 9,304 - 9,304 Total financial liabilities $ 22,094 $ 9,596 $ 11,258 $ 1,240 The following table presents NAS' fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis at December 31, 2012 (in thousands)
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Fair Fair value measurements using (Continued) value Level 1 Level 2 Level 3 Equity U.S.
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The following table presents the nature and risk of assets with fair values estimated using NAV held at December 31, 2013 (in thousands) : Unfunded Redemption notice Fair value commitments Redemption frequency period Long/short equity funds – U.S.
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ownership interest in partners' capital. These investments receivable (long-term)
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to a $15 million unsecured line of credit from Wells (10) ENDOWMENT Fargo, which bore interest at LIBOR plus 0.65%.
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temporarily restricted net assets until those amounts are The asset allocation guidelines are as follows: appropriated for expenditure by NAS. In making a determination to appropriate or accumulate, NAS adheres Guideline Asset category percentage to the standard of prudence prescribed by the Act and U.S.
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Changes in endowment assets for the fiscal year ended December 31, 2012 are as follows (in thousands) : Temporarily Permanently Unrestricted restricted restricted Total Endowment assets, beginning of year $ (160)
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(12) RECOVERY OF INDIRECT COSTS to refund the Series 1999B and Series 1999C revenue bonds, as well as pay certain costs of issuing the bonds.
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The serial and term bonds represent unsecured general Association (SIFMA) Municipal Swap Index.
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rate swap was recorded as an asset of $208,000 and mately $1.7 million and $1.8 million as of December $201,000 as of December 31, 2013 and 2012, respec- 31, 2013 and 2012, respectively, which is reported tively, and is included in other assets in the statements within other assets in the statements of financial of financial position. position.
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Items not yet recognized as a component of net periodic The assumptions used to determine net periodic benefit benefit cost at December 31, 2013 and 2012 are as cost for the years ended December 31, 2013 and 2012 follows (in thousands) : are as follows: 2013 2012 2013 2012 Net actuarial loss $ 3,172 $ 6,964 Discount rate 4.00% 4.50% Prior service (credit)
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NAS postretirement benefit plan asset allocations at The following table presents the fair value hierarchy for December 31, 2013 and 2012, by asset class are as the postretirement benefit plan assets at December 31, follows: 2012 (in thousands) : 2013 2012 Fair value measure Fair ments using Cash 6% 7% Value Level 1 Level 2 Bonds and notes 35 36 Financial Assets: Equity 59 57 Retiree Welfare Benefit Plan investments: 100% 100% Cash equivalents $ 1,759 $ 1,759 $ Bonds and notes U.S.
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Remediation of the asbestos and other hazardous the noncancelable operating lease are as follows (in materials began in 2010 and was completed in 2012. thousands)
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OFFICERS Ralph J Cicerone, President Diane E
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