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Suggested Citation:"Statements of Cash Flows." 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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NATIONAL ACADEMY OF SCIENCES
Statements of Cash Flows
Years ended December 31, 2011 and 2010
(In thousands)

  2011 2010

Cash flows from operating activities:

Change in net assets

$ (32,861) $ 43,158

Adjustments to reconcile change in net assets to net cash used in operating activities:

Depreciation and amortization

  6,759   7,595

Loss on disposal of property and equipment

  -   140

Bad debt expense

  104   439

Net loss/(gain) on investments

  36,264   (49,231)

Net loss/(gain) on investments held on behalf of others

  951   (1,174)

Amounts collected on behalf of others

  (3,828)   (4,293)

Amounts remitted on behalf of others

  3,791   4,352

Change in value of interest rate swap

  3,752   1,510

Change in value of split-interest agreements

  (65)   56

Contributions restricted for construction or endowment

  (5,665)   (3,031)

(Increase) decrease in assets:

Other receivables

  4,572   7,161

Contracts receivable

  (33,984)   (11,399)

Other current assets

  (1,756)   (1,201)

Other assets

  587   586

Increase (decrease) in liabilities:

Accounts payable and accrued expenses

  12,076   5,052

Deferred revenue

  5,090   (4,073)

Other current liabilities

  (225)   216

Funds held on behalf of others

  (733)   1,124

Other long-term liabilities

  (1,438)   (2,019)

Accrued employee benefits

  3,047   15

Net cash used in operating activities

  (3,562)   (5,017)

Cash flows from investing activities:

Additions to property and equipment

  (31,594)   (13,968)

Sales or maturities of investments

  288,233   167,159

Purchases of investments

  (291,726)   (171,368)

Net cash used in investing activities

  (35,087)   (18,177)

Cash flows from financing activities:

Contributions restricted for construction or endowment

  5,665   3,031

Proceeds from line of credit

  147,518   173,182

Payments on line of credit

  (136,633)   (163,182)

Payments on bank note

  (694)   (756)

Proceeds from bond issue

  -   59,550

Payments on bond principal

  (2,000)   (1,280)

Increase in bond proceeds held by trustee

  - (47,216)

Decrease in bond proceeds held by trustee

  24,704   -

Net cash provided by financing activities

  38,560   23,329

Net (decrease) increase in cash and cash equivalents

  (89)   135

Cash and cash equivalents, beginning of year

  1,522   1,387

Cash and cash equivalents, end of year

$               1,433 $               1,522

Supplemental disclosure of cash flow information: Interest paid

$               5,429 $               3,751
Suggested Citation:"Statements of Cash Flows." 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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