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

Chapter: Statements of Financial Position

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Suggested Citation:"Statements of Financial Position." National Academy of Sciences. 2012. Report of the Treasurer 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 Financial Position
December 31, 2011 and 2010
(In thousands)

Assets 2011 2010
Current assets:
Cash and cash equivalents $ 1,433 $ 1,522
Short-term investments (note 3 and 4) 54,312 56,777
Contracts receivable 92,410 58,426
Contributions and other receivables, net (note 6) 9,579 12,922
Bond proceeds held with trustee (note 4 and 13) 22,512 47,216
Other current assets 7,584 5,828
Total current assets 187,830 182,691
Other assets (notes 2, 13, 15, and 17) 6,965 7,468
Long-term investments (note 3 and 4) 392,025 423,062
Contributions receivable, net (note 6) 20,902 22,235
Property and equipment, net (notes 5 and 16) 159,651 134,953
Einstein Memorial 1,723 1,723
Total assets $769,096 $ 772,132
Liabilities and Net Assets
Liabilities:
Current liabilities:
Accounts payable and accrued expenses $ 59,192 $ 47,116
Deferred revenue (notes 7 and 12) 33,097 28,007
Line of credit (note 8) 20,885 10,000
Other current liabilities (notes 13 and 14) 4,330 4,776
Total current liabilities 117,504 89,899

Bonds payable (note 13)

178,962 181,202
Funds held on behalf of others (note 3 and 4) 9,185 9,918
Accrued employee benefits (note 15) 7,665 4,618
Other long-term liabilities (notes 2, 13, and 16) 15,516 13,370
Total liabilities 328,832 299,007
Net assets:
Unrestricted 83,259 89,054
Temporarily restricted (note 9) 235,004 265,702
Permanently restricted (note 10) 122,001 118,369
Total net assets 440,264 473,125
Commitments and contingencies (notes 3, 12, 13, 15, 18, and 19)
Total liabilities and net assets 769,096 $ 772,132

See accompanying notes to financial statements.

Suggested Citation:"Statements of Financial Position." National Academy of Sciences. 2012. Report of the Treasurer for the Year Ended December 31, 2011. Washington, DC: The National Academies Press. doi: 10.17226/13445.
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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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