Report of the Treasurer for the Year Ended December 31, 2016 (2017) / Chapter Skim
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Treasurer's Statement
Treasurer's Statement
Pages 1-8
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The current spending rule caps annual spending at 5% of the trailing 12-quarter average market value of the portfolio. The Council limited spending to 4% from 2009 through 2013, increased spending to 4.25% in 2014, and increased it again to 4.50% from 2015 through 2017.
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47,984 11% Real estate 15,267 3% Multi-strategy and private equity funds 143,829 33% Total $ 442,655 100% See Schedule 2-A on page 24 for details of investments by asset class. Included in the $442.7 million total market value of the portfolio as of December 31, 2016, are $7.3 million for the Woods Hole Endowment Funds, $80.1 million for the National Academy of Medicine (NAM)
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For many years, the NAS endowment investment strategy has been based on a diversified mix of traditional equity securities and a significant portion of fixed income investments. This provided returns that supported annual draws of 5% while protecting the endowment's purchasing power.
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Development Office Programs The generous support of members, friends, and philanthropic organizations helps the Academies address emerging, cutting-edge issues, launch new programs and policy studies, and undertake new initiatives that are at the core of the organization's mission. Gifts and grants were received for both unrestricted and restricted purposes to fund numerous projects and activities.
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The Science and Entertainment Exchange, a program that connects entertainment industry professionals with top scientists and engineers to bring more realistic and positive portrayals of scientists and engineers to film and television received $625,000 from Google, Inc., the Tides Foundation upon the recommendation of the Google K-12 Education Outreach Fund, and the Downey Unified School District to provide a mentorship program for students. The National Academy of Medicine received $685,000 to support Vital Directions in Health and Health Care, a project to provide advice to the new U.S.
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The study, Financing Early Care and Education with a Highly Qualified Workforce, received philanthropic support of $300,000 from the W.K. Kellogg Foundation, $150,000 from the Foundation for Child Development, $150,000 from the Bill and Melinda Gates Foundation, and $150,000 from the Heising-Simons Foundation.
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As in many universities and nonprofit institutions, indirect cost expenditures provide necessary support services and should be kept in reasonable proportion to program expenditures. Historically, NRC management has successfully maintained a relatively constant relationship between program and support costs, i.e., the growth rate of indirect costs has been approximately equal to the growth rate of direct costs.
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Financial information for the NAEF is available on request from the NAE Finance Office; information for TNAC is available from the NAS Controller's Office. Overall Financial Condition The main reason for the increase in net assets during 2016 is the increase in market value of the investment portfolio.
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