Report of the Treasurer for the Year Ended December 31, 2017 (2018) / Chapter Skim
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Treasurer's Statement
Treasurer's Statement
Pages 1-8
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The current spending rule caps annual spending at 5% of the trailing 12-quarter average market value of the portfolio. The Council limited spending to 4% from 2009 through 2013, increased spending to 4.25% in 2014, and increased it again to 4.5% from 2015 through 2018.
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The portfolio lagged the reference portfolio primarily due to alternative investments in general and hedge funds in particular trailing the strong public market returns. The rest of the portfolio performed in line with the relative indices.
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The 2017 NAS Indirect and General Funds activity is summarized as follows (in thousands) : Revenues: Expenses: Unrestricted Endowment Draw $ 4,996 Governance $ 2,542 Annual Giving from Members 580 Administration 1,219 Membership Dues 445 Membership 1,945 Annual Meeting 303 Development Office 1,486 Indirect Cost Reimbursement for NAS Program Activity 339 Allowable Expenditures 3,714 International Activity 620 Total Revenue $ 10,038 NAS Contribution to Restoration Fund 470 Shared NRC Expenses 595 Total Expenses $ 9,216 Surplus $ 822 Any surplus in the Indirect and General Funds Budget at the end of the year is added to the NAS Reserve; similarly, deficits are funded from the NAS Reserve, which is invested in the NAS Endowment and Trust Pool.
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is an integral part of the membership activities of the Academy, and as such, the revenue and expense totals shown below (in thousands) are part of the overall financial results of the total membership activities and the financial structure of the institution as a whole.
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The NAM participation rate for all giving increased to 29%. The Science and Entertainment Exchange, a program that connects entertainment industry professionals with top scientists and engineers to bring more realistic and positive portrayals of scientists and engineers to film and television received: $500,000 from the Alfred P
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Agency for International Development $ 16,508 Department of Agriculture 2,431 Department of Commerce 7,088 Department of Defense: Defense Threat Reduction Agency 361 Department of the Air Force 7,897 Department of the Army 9,206 Department of Defense 1,405 Department of the Navy 12,837 Department of Education 316 Department of Energy 7,761 Department of Health and Human Services 17,488 Department of Homeland Security 3,191 Department of Housing and Urban Development 79 Department of the Interior 2,691 Department of Justice 212 Department of Labor 276 Department of State 2,666 Department of Transportation 80,087 Department of Treasury 6 Department of Veterans Affairs 3,771 Environmental Protection Agency 5,191 Federal Reserve System 311 Government Accountability Office 313 General Services Administration 45 National Aeronautics and Space Administration 8,579 National Endowment for the Humanities 241 National Geospatial-Intelligence Agency 71 National Science Foundation 13,863 National Transportation Safety Board 34 Office of the Director of National Intelligence 3,889 Social Security Administration 2,882 Adjustment to Indirect Cost Receivable & Other 262 Total U.S. Government Agencies $ 211,958 Private/Nonfederal Contracts and Grants The other main source of funding for NRC activities is private/nonfederal contracts and grants.
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Conclusion I would like to thank the members of the Council, the Committee on Budget and Internal Affairs, the Finance Committee, and the NRC leadership for their continued support. Also, special thanks are extended to the Office of the Chief Financial Officer, led by Mary "Didi" Salmon, our CFO, for help in managing the Endowment and Trust Pool, providing steady oversight of the Academy's various budgets, and paying careful attention to the Academy's financial systems, records and reports.
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