Report of the Treasurer to the Council For the Six Months Ended December 31, 1998 (1999) / Chapter Skim
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III. Financial Condition
III. Financial Condition
Pages 39-51
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From page 39... ...
IlI. Financial Condition 39
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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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We believe that our audit provides a reasonable basis for · ~ our oplmon. 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 December 3l, 199S, and its changes in net assets and its cash flows for the six months then ended in conformity with generally accepted accounting principles.
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Endowment and Trust Investment Pool (note 3) Total Assets LIABILITIES AND NET ASSETS Current Liabilities Accounts payable and accrued expenses Deferred revenue (note 6)
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$ 241 $ (721) Net assets at beginning of the year Net assets at end of the year See accompanying notes to the financial statements.
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EXHIBIT C Statement of Cash Flows of the National Academy of Sciences Six Months Ended December 3l, 1998 CASH FLOWS FROM OPERATING ACTIVITIES Change in net assets Adjustments to reconcile change in net assets to net cash provided by operating activities Depreciation and amortization Gain on sale of securities Unrealized loss on securities Loss on sale of property and equipment Increase in accounts receivable - U.S. government Increase in other receivables Increase in inventories of publications and supplies Decrease in prepaid expenses and other current assets Increase in other assets Increase in accounts payable and accrued expenses Decrease in other current liabilities Increase in deferred revenue Increase in other liabilities Net cash provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property and 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 decrease in cash and cash equivalents Cash and cash equivalents at beginning of the year Cash and cash equivalents at end of the year Supplemental data Interest paid on obligations See accompanying notes to the financial statements.
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The financial activity and results of the NAE are not included in the NAS financial statements. National Academy of Engineering Fund The National Academy of Engineering Fund (NAEF)
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When a donor restriction expires, temporarily restricted net assets are reclassified as unrestricted net assets. Unrestricted: Net assets arising from exchange transactions and unexpended contributions that are not subject to donor-imposed stipulations.
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NOTE 3: INVESTMENTS Short-term investments and endowment and trust investments consisted of the following as of December 31, 1998: Short-term investments Investments reported at fair value: Vanguard Admiral Fund Vanguard Fixed-Income Securities NASA Federal Credit Union Endowment and trust investments Investments reported at fair value: Cash equivalents Bonds and notes Equity securities Real estate mortgage - at cost ($ in thousands) $ 7,477 73,405 164,502 $245,384 1 1,790 $257,174 Vanguard equity funds comprise approximately $110 mil -- -O ~ - - -1 -- - -.~ lion of the total equity securities funds.
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$69,345 3,312 $72,657 Program expenses for the six months ended December 31, 1998 are summarized as follows: Scientific arid Engineering Personnel Transportation Research Board Institute of Medicine Engineering arid Technical Systems Behavioral arid Social Sciences and Education Geosciences, Environment, and Resources Physical Sciences, Mathematics, and Applications International Affairs :ommlss~on on Life Sciences Science, Mathematics, arid Engineering Education Policy Division National Sciences Resource Center National Academy of Engineering Board on Agriculture and Natural Resources Other NOTE 9: INDIRECT COSTS ($ in thousands) $22,592 19,810 8,321 5,915 7,519 5,225 5,990 3,127 15,546 1,775 1,604 455 1,520 503 446 $100,348 The NAS received fixed indirect cost rates for the six months ended December 31, 1998, on its federal contracts and grants.
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31, 1998 $604 Funded Status: Benefit obligation Plan assets Unrecognized transition obligation Unrecognized net actuarial gain Accrued benefit cost Components of net periodic cost Service cost Interest cost Amortization of unrecognized transition obligation Expected return on plan assets ($ in thousands) Life InsuranceHealth BenefitsBenefitsTotal $531$9,656$10,187 144147 362382 142215 (315)
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It is calculated on an actuarially determined basis over the years the employees become eligible and is recorded in accrued employee benefits on the statement of financial position. The total postemployment benefit expense for the six months ended December 31, 1998, was approximately $77,000.
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Klein William Rutter Paul A Samuelson Frederick Seitz TOM Representative: Gail Warden BUDGET AND INTERNAL AFFAIRS COMMITTEE Ronald Graham, Chair Marye Anne Fox Ralph E
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