National Academies Press: OpenBook

Report of the Treasurer for the Year Ended December 31, 2020 (2021)

Chapter: Statements of Cash Flows

« Previous: Statements of Activities
Suggested Citation:"Statements of Cash Flows." National Academy of Sciences. 2021. Report of the Treasurer for the Year Ended December 31, 2020. Washington, DC: The National Academies Press. doi: 10.17226/26227.
×
Page 49

Below is the uncorrected machine-read text of this chapter, intended to provide our own search engines and external engines with highly rich, chapter-representative searchable text of each book. Because it is UNCORRECTED material, please consider the following text as a useful but insufficient proxy for the authoritative book pages.

NATIONAL ACADEMY OF SCIENCES Statements of Cash Flows For the years ended December 31, 2020 and 2019 (in thousands) 2020 2019 CASH FLOWS FROM OPERATING ACTIVITIES Change in net assets $ 126,941 $ 98,722 Adjustments to reconcile change in net assets to net cash provided by (used in) operating activities Depreciation and amortization 6,550 6,623 Loss on disposal of property and equipment 0 102 Bad debt expense 227 2,348 Net gain on investments (136,335) (130,736) Net gain on investments held on behalf of others (1,383) (1,646) Change in value of interest rate swap 193 163 Change in value of split-interest agreements (833) (857) Contributions restricted for endowment (2,835) (4,962) Decrease (increase) in assets: Other receivables 1,289 (1,524) Contracts receivable 14,551 (5,261) Other current assets 5,568 (873) Other assets (5,812) (3,965) Increase in liabilities: Accounts payable and accrued expenses 2,840 2,683 Deferred revenue and advances 4,124 5,398 Other current liabilities 159 1,002 Funds held on behalf of others 630 919 Accrued employee benefits 450 354 Other long-term liabilities 1,214 3,054 Net cash provided by (used in) operating activities 17,538 (28,456) CASH FLOWS FROM INVESTING ACTIVITIES Additions to property and equipment (244) (1,959) Sales or maturities of investments 506,673 347,193 Purchases of investments (473,698) (326,488) Net cash provided by financing activities 32,731 18,746 CASH FLOWS FROM FINANCING ACTIVITIES Contributions restricted for endowment 2,835 4,962 Payments on bond principal (4,465) (4,345) Net cash (used in) provided by financing activities (1,630) 617 Net increase (decrease) in cash and cash equivalents 48,639 (9,093) Cash and cash equivalents, beginning of year 10,378 19,471 Cash and cash equivalents, end of year $ 59,017 $ 10,378 Supplemental disclosure of cash flow information: Interest paid $ 3,664 $ 5,139 The accompanying notes are an integral part of these financial statements. 49

Next: Notes to the Financial Statements »
Report of the Treasurer for the Year Ended December 31, 2020 Get This Book
×
MyNAP members save 10% online.
Login or Register to save!
Download Free PDF

The income that supports the activities of the National Academy of Sciences(NAS) comes from two major sources: program revenue received from government and other sponsors to pay for the large number of studies and other activities undertaken each year by the National Research Council (NRC), and a much smaller sum that we withdraw from our own endowment under the endowment spending policies adopted by the Council.

This last year presented many challenges for the institution, as the COVID-19 pandemic began to effect operations in March 2020. At that time, the NAS/NRC decided to move to remote work for all staff and virtual meetings for committee and other convening activities. The move to virtual activity has been more successful than envisioned, with each part of the institution being able to operate surprisingly efficiently and effectively in such an environment. During the period from March through December 2020, the institution held hundreds of virtual webinars, workshops, lectures, and symposia, some with attendance into the thousands. The NRC released approximately 200 consensus studies, proceedings, and other publications during this period.

This Report of the Treasurer of the National Academy of Sciences presents the financial position and results of operations as well as a review of the endowment and other long-term investments portfolio activities of our Academy for the year ended December 31, 2020.

  1. ×

    Welcome to OpenBook!

    You're looking at OpenBook, NAP.edu's online reading room since 1999. Based on feedback from you, our users, we've made some improvements that make it easier than ever to read thousands of publications on our website.

    Do you want to take a quick tour of the OpenBook's features?

    No Thanks Take a Tour »
  2. ×

    Show this book's table of contents, where you can jump to any chapter by name.

    « Back Next »
  3. ×

    ...or use these buttons to go back to the previous chapter or skip to the next one.

    « Back Next »
  4. ×

    Jump up to the previous page or down to the next one. Also, you can type in a page number and press Enter to go directly to that page in the book.

    « Back Next »
  5. ×

    To search the entire text of this book, type in your search term here and press Enter.

    « Back Next »
  6. ×

    Share a link to this book page on your preferred social network or via email.

    « Back Next »
  7. ×

    View our suggested citation for this chapter.

    « Back Next »
  8. ×

    Ready to take your reading offline? Click here to buy this book in print or download it as a free PDF, if available.

    « Back Next »
Stay Connected!