Report of the Treasurer for the Year Ended December 31, 2020 (2021) / Chapter Skim
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Treasurer's Statement
Treasurer's Statement
Pages 1-8
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During 2020, the virtual operations due to the pandemic allowed NAS to spend less than budgeted, again due to a sharp decrease in travel and meeting costs. NAS Highlights Endowment and Other Long-term Investments Portfolio As the chair of the NAS Investment Committee, I am responsible, along with the other committee members, for the prudent management of the endowment fund.
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The NAS Endowment & Other Long-Term Investments Pool underperformed the reference portfolio primarily due to alternative investment valuations, particularly in the quantitative and long equity strategies, which have lagged the strong equity and U.S. Treasury market returns.
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: Revenues: Expenses: Endowment Draw From Funds Governance $ 2,676 Without Donor Restrictions $ 5,388 Administration 1,344 Annual Giving from Members 672 Membership 1,357 Membership Dues 527 Development Office 1,201 Annual Meeting 1 NAS Program Activity 377 Indirect Cost Reimbursement for International Activity 301 Allowable Expenditures 3,795 NAS Contribution to Restoration Fund 470 Total Revenue $ 10,383 Shared NRC Expenses 692 Total Expenses $ 8,418 Surplus $ 1,965 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 Other Long-Term Investments Pool. The Reserve had a market value of $7.5 million on December 31, 2020, to which the 2020 surplus will be added.
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is an integral part of the membership activities of the Academy, and as such, the revenue and expense totals shown below (in thousands) are part of the overall financial results of the total membership activities and the financial structure of the institution as a whole.
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Every gift helps the Academies promote its core mission and provide independent, objective advice to inform policy with evidence, spark progress and innovation, and confront challenging issues for the benefit of society. NRC Highlights Although robust operations continued in a remote environment, the year showed a decrease in program level for the National Research Council (NRC)
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Agency for International Development $ 13,244 Department of Agriculture 417 Department of Commerce 7,237 Department of Defense: Defense Threat Reduction Agency 1,046 Department of the Air Force 10,489 Department of the Army 7,072 Department of Defense 1,082 Department of the Navy 12,958 Department of Energy 7,480 Department of Health and Human Services 20,685 Department of Homeland Security 1,912 Department of Housing and Urban Development 43 Department of the Interior 1,655 Department of Labor 1,036 Department of State 1,666 Department of Transportation 76,708 Department of Treasury 19 Department of Veterans Affairs 2,936 Environmental Protection Agency 1,709 Executive Office of the President 49 Federal Reserve System 351 Government Accountability Office 447 General Services Administration 97 National Aeronautics and Space Administration 6,517 National Endowment for the Humanities 127 National Science Foundation 12,728 Office of the Director of National Intelligence 2,425 Social Security Administration 4,075 Adjustment to Indirect Cost Receivable & Other (5,663) Total U.S.
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The Gulf Research program spent $21.5 million and $30.0 million in 2020 and 2019, respectively. Indirect Expenses As in many universities and nonprofit institutions, indirect cost expenditures provide necessary support services and should be kept in reasonable proportion to program expenditures.
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Conclusion I would like to thank the members of the Council, the Committee on Budget and Internal Affairs, the Investment Committee, and the NRC leadership for their continued support. Also, special thanks are extended to the Office of the Chief Financial Officer, led by Mary "Didi" Salmon, our CFO, for help in managing Academy resources, providing steady oversight of the Academy's various budgets, and paying careful attention to the Academy's financial systems, records and reports.
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