Report of the Treasurer to the Council 1996-1997 (1997) / Chapter Skim
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III. Financial Condition
III. Financial Condition
Pages 39-51
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From page 39... ...
:ITI. Financial Condition
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From page 40... ...
The independent accountants have completed their audit of the financial statements and have submitted their report, a copy of which is attached, concerning financial statements to which they refer. The Auditing Committee has reviewed the report and recommends its acceptance in compliance with the governing bylaw and that the opinion of the independent accountants be published with the report of the Treasurer.
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From page 41... ...
We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the National Academy of Sciences as of June 30, 1997, and its changes in net assets and its cash flows for the year then ended in conformity with generally accepted accounting .
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From page 42... ...
Total Net Assets 117,185 75,659 71,005 79,954 33,475 70,160 263,849 183,589 Total Liabilities and Net Assets $ 317,612 $ 233,048 See accompanying explanatory notes to the financial statements.
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From page 43... ...
25,703 18,353 44,0568,944 Change in net assess37,231 42,18484580,26017,554 Net assets at beginning of the year79,954 33,47570,160183,589166,035 Net assets at end of year$117,185 75,65971,005263,849183,589 See accompanying explanatory notes to the financial statements.
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From page 44... ...
in advances on U.S. government contracts Increase in deferred revenue Increase in other liabilities Net cash provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property and equipment Proceeds from sale of equipment Sale or maturity of investments Purchase of investments Net cash used by investing activities CASH FLOWS USED BY FINANCING ACTIVITIES Payments on financing agreement Net increase (decrease)
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From page 45... ...
National Research Council Most of the activities undertaken by the NAS are carried out through the Commissions, Offices, and Boards of the National Research Council, which draw upon a wide cross-section of the nation's leading scientists and engineers for advisory services to government agencies and the Congress. To respond effectively to both the disciplinary concerns of the research community and the complex interdisciplinary problems facing American society, the National Research Council is organized into 10 major units, which are responsible for most study activities Commission on Behavioral and Social Sciences and Education; Commission on Engineering and Technical Sys tems; Commission on Geosciences, Environment, and Resources; Commission on Life Sciences; Commission on Physical Sciences, Mathematics, and Applications; Office of International Affairs; Office of Scientific and Engineering Personnel; Board on Agriculture; Transportation Research Board; Center for Science, Mathematics, and Engineering Education.
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From page 46... ...
The NAS's obligation to TNAC for these funds held in trust, which total $10.6 million as of June 30, 1997, is reported as funds held on behalf of others on the statement of financial position. NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Net Asset Classif cation Net assets and revenues, expenses, gains and losses are classified based on the existence or absence of donorimposed restrictions.
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From page 47... ...
The Einstein Memorial sculpture is not depreciated. Comparative Financial Statements The financial statements include certain prior year summarized comparative information in total but not by net asset Vanguard equity funds comprise approximately $101 million of the total equity securities funds.
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From page 48... ...
The discount rate used to project present value of cash out flow is based on the Internal Revenue Service discount rate applicable at the date of the gift. NOTE 7: RESTRICTED NETASSETS Temporarily restricted net assets are available for the following purposes as of June 30, 1997: ($ in thousands)
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From page 49... ...
The related obligation is included in the accrued employee benefits on the statement of financial position. Postretirement Benefit ts The NAS provides certain health care and life insurance benefits for retired employees.
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The trend rates for growth in health care costs used in calculating the accumulated postretirement benefit obligation were 12.1% for employees under age 65 and 10.6% for employees 65+ in fiscal year 1995, declining gradually to 5.8% for both employee groups. The health care cost trend rate assumption has a significant impact on the postretirement benefit cost and obligation.
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From page 51... ...
Simmons, Jr. BUDGETAND INTERNAL AFFAIRS COMMITTEE Ronald Graham, Chair Ellis B
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