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Report of the Treasurer to the Council For the Six Months Ended December 31, 1998 (1999) / Chapter Skim
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Treasurer's Statement
Pages 1-6

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From page 1...
... The current recommendation, which was approved by the NAS Council in fiscal year 1993, limits annual expenditures to 5% of the Endowment and Trust Investment Funds, averaged over the preceding three years. Included in the total market value of the Endowment and Trust Investment Pool as of December 31, 1998, are the amounts of $41.8 million, $19.9 million, and $6.5 million for the IOM, TNAC, and Woods Hole Endowment Funds, respectively.
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From page 2...
... The development office serves the needs of the Academies in developing private support from individuals, corporations, and foundations to build endowment, sustain and increase project support, and provide unrestricted contributions for core needs and independent studies of the NAS, NAE, IOM, and NRC. The Elkan Blout Society was created in 1993 to recognize members and friends of the NAS who make planned gifts to the NAS to help build future endowment resources for the organization.
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From page 3...
... Planned gifts to the IOM through charitable bequests, trusts, annuities, and life insurance and current gifts of assets such as appreciated real estate, securities, and personal property endow ongoing independent work of the IOM that enhances the nation's health and wellbeing.
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From page 4...
... GOVERNMENT AGENCIES (GRANTS AND CONTRACTS) Agency for International Development Department of Defense Department of the Air Force Department of the Army Defense Logistics Agency Defense Supply Service Defense Special Weapons Agency Defense Technical Information Center Department of the Navy Department of Commerce Department of Health and Human Services Department of Energy Department of Labor Department of Transportation Department of Education Environmental Protection Agency Executive Office of the President Federal Emergency Management Agency General Services Administration Department of the Interior Department of Justice National Aeronautics arid Space Administration Nuclear Regulatory Commission National Security Agency National Science Foundation Smithsonian Institution Social Security Administration Department of State U.S.
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From page 5...
... These expenditures include such items as Academysponsored initiatives, expenses of Academy members and officers not allowable as indirect costs, fundraising activities, contract and grant overruns, costs disallowed by federal auditors, and expenses associated with the annual meeting of the Academy. To meet these budgeted expenditures, interest earnings on short-term investments and an allocation from the unrestricted endowment pool are used.
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Key Terms

  • market value
  • investment pool
  • indirect cost
  • beckman center
  • finance committee

  • woods hole
  • six months
  • investment funds
  • nas council
  • spending rate

  • management review
  • program expense
  • agency defense
  • periodically reviews
  • committee periodically

  • direct program
  • financial activity
  • elkan blout
  • unrestricted endowment
  • engineering fund

  • real estate
  • academy complex
  • financial information
  • rate policy
  • planned gifts

  • cost pool
  • funded activities
  • total direct
  • cost rate
  • blout society


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