Report of the Treasurer for the Year Ended December 31, 2011 (2012) / Chapter Skim
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Treasurer's Statement
Treasurer's Statement
Pages 1-6
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When the endowment declined signifi- lower than the relevant benchmark return of -4.9%. The cantly in 2008, the Council made the prudent decision to portfolio was helped greatly by the performance of its hold spending to 4% and to avoid spending whenever private equity and venture capital investments in China possible from endowments with value below the original and India.
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: years ended December 31, 2011 and 2010, are displayed in the following chart (in thousands) : Revenues: Unrestricted Endowment $ 4,101 2011 2010 Annual Giving from Members 285 Cash and Fixed-Income Securities $ 67,331 $ 45,156 Membership Dues 230 Equity Securities 284,845 338,773 Annual Meeting 155 $ 352,176 $ 383,929 Total Other 17 $ 4,788 Total Revenue For the five years ending December 31, 2011, the Expenses: Portfolio return is 0.8%, which equaled the market Development Office $ 1,054 composite benchmark of 0.8% and, for the ten years Member Services: ending December 31, 2011, the Portfolio return was 5.9% Annual Meeting 665 compared with the market composite benchmark of 4.3%.
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NAS owns the following facilities: Development Office Programs Keck Center of the National Academies at 500 Fifth • St., NW in Washington, D.C. The NAS is grateful for the generous support of members, National Academy of Sciences Building at 2101 friends, and philanthropic organizations in 2011.
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• The Committee on Human Rights of the NAS, IOM and National Academy of Engineering (NAE) reIn 2011, the NAS and IOM received more than $1.2 ceived $309,000 in gifts including support from 136 million in unrestricted expendable support.
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Historically, NRC management has Institute of Museum and Library Services 151 successfully maintained a relatively constant relationship Marine Mammal Commission 74 between program and support costs, i.e., the growth rate National Aeronautics and Space Administration 9,177 of indirect costs has been approximately equal to the National Geospatial-Intelligence Agency 334 growth rate of direct costs. In 2011, total indirect National Science Foundation 18,602 expenses were $74.4 million compared to an approved National Security Agency 209 budget of $77.0 million and NAS recovered $6.2 million National Transportation Safety Board 22 more from sponsors than was spent.
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While the program level Conclusion has been healthy, the NAS Endowment, trust, and other long term investments portfolio experienced a decline, I would like to thank the members of the Council, the along with the broader market. This decline in the Committee on Budget and Internal Affairs, the Finance portfolio is the main reason for the 2011 decrease in net Committee, and the NRC leadership for their continued assets, as shown below (in millions)
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