Report of the Treasurer for the Year Ended December 31, 2018 (2019) / Chapter Skim
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Treasurer's Statement
Treasurer's Statement
Pages 1-8
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In order to improve returns, the Finance Committee believes that the investment strategy needs to move further away from traditional equity and fixed income investments and toward alternative investments such as multi-strategy and private equity funds. By wise selection of alternative investments and of managers, the Finance Committee can minimize volatility and achieve risk-adjusted returns which are better than the public equity markets.
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The NAS Endowment & Trust Pool outperformed the reference portfolio primarily due to higher investment returns for hedge funds compared to the market. It should be noted that the reference portfolio is a "reference" and not a "benchmark" that we wish to achieve: It's historical volatility is significantly higher than we wish to accept, even at the cost of our foregoing some excess returns in "up" years.
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: Revenues: Expenses: Endowment Draw From Funds Governance $ 2,516 Without Donor Restrictions $ 5,013 Administration 1,839 Annual Giving from Members 685 Membership 1,373 Membership Dues 495 Development Office 2,051 Annual Meeting 287 NAS Program Activity 309 Indirect Cost Reimbursement for International Activity 628 Allowable Expenditures 3,708 NAS Contribution to Restoration Fund 470 Total Revenue $ 10,188 Shared NRC Expenses 615 Total Expenses $ 9,801 Surplus $ 387 Any surplus in the 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. The Reserve had a market value of $6.8 million on December 31, 2018, to which the 2018 surplus will be added.
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The selected gifts described below highlight some of the philanthropic support received during 2018: • In May 2018, the NAS exceeded the $10 million challenge goal from the Simons Foundation to support The Ralph J and Carol M
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This 100% participation is an important benchmark that will help the NAS leverage giving from other donors. • The NAS received $350,000 from the Gordon and Betty Moore Foundation to assist in funding "The Science Behind It" – a new interactive online NAS outreach program designed to engage the public about the importance of science.
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The Gulf Research Program started in 2013, with a mandated 30-year duration, and is working to enhance oil system safety and the protection of human health and the environment in the Gulf of Mexico and other U.S. outer continental shelf areas by seeking to improve understanding of the region's interconnecting human, environmental, and energy systems and fostering application of these insights to benefit Gulf communities, ecosystems, and the Nation.
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Indirect Expenses As in many universities and nonprofit institutions, indirect cost expenditures provide necessary support services for all programs and should be kept in reasonable proportion to program expenditures. Historically, NRC management has maintained a relatively constant relationship between program and support costs, i.e., the growth rate of indirect costs has been approximately equal to the growth rate of direct costs.
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