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Report of the Treasurer of the National Academy of Sciences for the Year Ended December 31, 2011 (2012)

Chapter: Independent Auditor's Report--Letter from KMPG

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Suggested Citation:"Independent Auditor's Report--Letter from KMPG." National Academy of Sciences. 2012. Report of the Treasurer of the National Academy of Sciences for the Year Ended December 31, 2011. Washington, DC: The National Academies Press. doi: 10.17226/13445.
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Independent Auditors’ Report

The Auditing Committee
National Academy of Sciences:

We have audited the accompanying statements of financial position of the National Academy of Sciences (NAS) as of December 31, 2011 and 2010, and the related statements of activities and cash flows for the years then ended. These financial statements are the responsibility of NAS’ management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of NAS’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide 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 NAS as of December 31, 2011 and 2010, and its changes in net assets and its cash flows for the years then ended in conformity with U.S. generally accepted accounting principles.

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June 1, 2012

Suggested Citation:"Independent Auditor's Report--Letter from KMPG." National Academy of Sciences. 2012. Report of the Treasurer of the National Academy of Sciences for the Year Ended December 31, 2011. Washington, DC: The National Academies Press. doi: 10.17226/13445.
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Report of the Treasurer of the National Academy of Sciences for the Year Ended December 31, 2011 Get This Book
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The income that supports the activities of the National Academy of Sciences (NAS) comes from two major sources: program revenue received from sponsors to pay for the myriad studies and other activities undertaken each year by the National Research Council (NRC), and a much smaller sum that is obtained from our endowment under the endowment spending policies adopted by the Council. The goal of the endowment is to provide stable support for the Academy's programs and activities. To achieve this goal, the Council, acting on the recommendations of the Finance Committee, has historically authorized spending from the portfolio at a rate designed to maintain the purchasing power of the endowment over time.

This Report of the Treasure of the National Academy of Sciences presents the financial position and results of operations as well as a review of the endowment, trust, and other long-term investments portfolio activities of our Academy for the year ended December 31, 2011. While this book provides essential financial summary to key personnel, it also serves as a vital informative resource for various members of the public, private, and governmental sectors.

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