Report of the Treasurer for the Year Ended December 31, 2011 (2012) / Chapter Skim
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Notes to Financial Statements
Notes to Financial Statements
Pages 45-62
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From page 45... ...
IOM was established as a Permanently restricted – Net assets subject to doseparate membership organization within NAS. The nor-imposed stipulations that they be maintained in 45
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From page 46... ...
When a donor NAEF are included in other current liabilities in the restriction expires, temporarily restricted net assets are statements of financial position reclassified to unrestricted net assets.
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From page 47... ...
NAS recognizes the effect of Investment pool, including endowment assets: income tax positions only if those positions are more Cash equivalents $ 28,429 $ 6,381 likely than not of being sustained. NAS does not believe Bonds and notes 38,902 38,775 its financial statements include any uncertain tax posi Equity securities 173,972 263,900 tions.
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From page 48... ...
In addition, the disclosed fair value Investment income is reported net of investment expenses may not be realized in the immediate settlement of the of approximately $599,000 and $446,000 for the years financial asset. Furthermore, the disclosed fair values do ended December 31, 2011 and 2010, respectively, and is not reflect any premium or discount that could result from comprised of the following (in thousands)
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From page 49... ...
are determined using pricing models based on observable market data such as prices of instruments with similar Fair value of alternative investments including private maturities and characteristics, interest rate yield curves, equity securities and hedge funds is based on the alterna- and measures of interest rate volatility. The value was tive investment fund managers' net asset value (NAV)
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From page 50... ...
stocks (developed countries) 232 232 - Total deferred compensation assets 1,931 1,931 - Total financial assets $ 472,748 $ 330,615 $ 97,630 $ 44,503 Financial Liabilities: Funds held on behalf of others $ 9,185 $ 6,293 $ 1,731 $ 1,161 Deferred compensation liability 1,931 1,931 - Interest rate swaps 14,109 - 14,109 Total financial liabilities $ 25,225 $ 8,224 $ 15,840 $ 1,161 The following table presents NAS' fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis at December 31, 2010 (in thousands)
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From page 51... ...
57,054 57,054 - Real estate stocks 11,938 11,938 - Hedge funds Fund of fund – multi-strategies 27,104 - 27,104 Multi-strategies/multi-vehicle 11,028 - - 11,028 Fixed income single strategy 1,185 - 1,185 Long/short equity 15,986 - 2,500 13,486 Private equity Asia 12,725 - - 12,725 Global 4,840 - - 4,840 Domestic 2,005 - - 2,005 Total short-term and long-term investments 479,839 373,806 61,949 44,084 Deposit with trustee: Bonds and notes U.S treasuries/government bonds 47,216 47,216 - Total deposit with trustee 47,216 47,216 - Charitable gift annuity assets: Cash equivalents 56 56 - Bonds and notes U.S treasuries/government bonds 66 66 - Mortgage-backed securities 376 376 - Corporate bonds 86 86 - Equity securities U.S. small/mid cap 1,475 1,475 - Total charitable gift annuity assets 2,059 2,059 - Deferred compensation assets: Cash equivalents 13 13 - Bonds and notes U.S.
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From page 52... ...
The following table presents the nature and risk of assets with fair values estimated using NAV held at December 31, 2011 (in thousands) : Unfunded Redemption Fair value Commitments Redemption Frequency Notice Period Fund of hedge funds – multi-strategies (a)
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From page 53... ...
capital funds, leveraged buyout funds, mid-stage growth Asset classes include domestic and international market- capital funds, and international private equity funds. able equity securities, hedged equity, real estate, natural These investments are focused on several industries resource, fixed income, and private equity and absolute including, but not limited to, insurance, services, and return strategies, primarily focused in the United States.
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From page 54... ...
Woods Hole facility 277 372 Total temporarily restricted net assets $ 33,948 $ 38,138 released from restriction (7) DEFERRED REVENUE Deferred revenue consisted of the following as of (10)
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The remaining Total equity 66 portion of donor-restricted endowment funds that are not classified as permanently restricted are classified as U.S. fixed/cash 9 temporarily restricted net assets until those amounts are Non-U.S.
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Deficiencies of this nature are Engineering and Physical Sciences 20,380 18,250 reported as unrestricted net assets. At December 31, Behavioral and Social Sciences and 2011, there were three endowment funds with a fair Education 11,775 12,042 value below the original value of the gift.
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From page 57... ...
Building Project Revenue Bonds Total bonds, at face value 180,095 182,095 In January 1999, the District of Columbia issued Series Plus unamortized premium 1,108 1,244 1999A, Series 1999B, and Series 1999C tax-exempt revenue bonds on behalf of NAS. Proceeds from the Total bonds payable 181,203 183,339 sale of the revenue bonds financed the cost of the Less current portion (included in other acquisition of 44,250 square feet of land and related current liabilities)
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From page 58... ...
NAS Thereafter 163,730 minimizes the credit risk in derivative instruments by entering into transactions with high-quality counterpar $ 180,095 ties. In May 2009, NAS entered into an additional swap The carrying value of bonds payable in the financial agreement as a result of a counterparty exercising a statements was approximately $2.5 million less than fair swaption related to the Series 1999A Revenue Bonds.
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From page 59... ...
Prior service cost 722 932 Unrecognized net initial obligation 64 90 (c) Postretirement and Postemployment Benefits Total $ 8,227 $ 4,769 NAS provides certain health and life insurance benefits for employees retired due to length of service.
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From page 60... ...
(1,328) Recognized prior service cost 210 210 The following table presents the fair value hierarchy for Recognized actuarial loss 214 190 the postretirement benefit plan assets at December 31, Recognized net initial obligation 26 26 2011 (in thousands)
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From page 61... ...
: The healthcare cost trend rate assumption has a significant impact on the postretirement benefit costs and obligations. The effect of a 1% change in the Fair Fair value measurements using Value Level 1 Level 2 Level 3 assumed healthcare cost trend rate at December 31, Financial Assets: 2011, would have resulted in an estimated $3.1 million Retiree Welfare Benefit Plan investments: increase or $2.5 million decrease in the postretirement Cash equivalents $ 1,034 $ 1,034 $ - $ - benefit obligation and an estimated $252,000 increase or Bonds and notes $205,000 decrease in the 2011 benefit expense.
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From page 62... ...
Years ending December 31: (19) SUBSEQUENT EVENT 2012 $ 2,234 2013 422 2014 435 NAS has evaluated subsequent events from the state ment of financial position date through June 1, 2012, the 2015 448 date at which the financial statements were available to 2016 113 be issued, and determined that there are no other items $ 3,652 to disclose.
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