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Treasurer's Statement
Pages 1-8

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From page 1...
... , and a much smaller sum that we withdraw from our own NAS endowment under the endowment spending policies adopted by the Council. With respect to amounts withdrawn annually from the NAS endowment, a number of restricted fund accounts support specific programs and awards, while a much smaller number of fund accounts provide unrestricted support for our mission.
From page 2...
... The NAS Endowment & Other Long-Term Investments Pool outperformed its reference portfolio primarily due to strong performance by private equity and venture funds. It should be noted that the reference portfolio is a "reference" and not a "benchmark" that we wish to achieve: its historical volatility is generally higher than we wish to accept, even at the cost of our foregoing some excess returns in "up" years.
From page 3...
... : Revenues: Expenses: Endowment Draw From Funds Governance $ 2,326 Without Donor Restrictions $ 4,890 Administration 929 Annual Giving from Members 876 Membership 1,198 Membership Dues 428 Development Office 1,230 Indirect Cost Reimbursement for NAS Program Activity 546 Allowable Expenditures 3,754 International Activity 341 Total Revenue $ 9,948 NAS Contribution to Restoration Fund 470 Shared NRC Expenses 746 Total Expenses $ 7,786 Surplus $ 2,162 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 $11.6 million on December 31, 2021, to which the 2021 surplus will be added.
From page 4...
... is a separately incorporated tax-exempt organization established by NAE to raise funds to support its goals.) The generous support of members, friends, and organizations helps the National Academies address critical societal and global issues by inspiring bold scientific investigation, synthesizing data-driven evidence, and providing authoritative advice.
From page 5...
... Every gift helps the Academies provide independent, objective advice to inform policy with evidence, spark progress and innovation, and confront challenging issues for the benefit of society. NRC Highlights NRC program activities are often referred to as "NASEM" (National Academies of Sciences, Engineering, and Medicine)
From page 6...
... Agency for International Development $ 10,297 Department of Agriculture 1,037 Department of Commerce 6,210 Department of Defense: Defense Threat Reduction Agency 676 Department of the Air Force 8,910 Department of the Army 6,626 Department of Defense 2,996 Department of the Navy 12,848 Department of Education 1,301 Department of Energy 7,000 Department of Health and Human Services 23,517 Department of Homeland Security 1,547 Department of Housing and Urban Development 49 Department of the Interior 1,369 Department of Labor 446 Department of State 2,171 Department of Transportation 71,499 Department of Treasury 19 Department of Veterans Affairs 2,564 Environmental Protection Agency 2,899 Executive Office of the President 489 Federal Reserve System 1 Government Accountability Office 206 General Services Administration 53 National Aeronautics and Space Administration 8,594 National Endowment for the Humanities 100 National Science Foundation 11,723 Office of the Director of National Intelligence 2,721 Social Security Administration 3,196 The White House 169 Adjustment to Indirect Cost Receivable & Other (16,707) Total U.S.
From page 7...
... Indirect Expenses As in many universities and nonprofit institutions, indirect cost expenditures provide necessary support services and must be kept in reasonable proportion to program expenditures. Historically, NRC management has maintained a relatively constant relationship between program and support costs, i.e., the growth rate of indirect costs has been approximately equal to the growth rate of direct costs.
From page 8...
... Conclusion I thank the members of the Council, its Committee on Budget and Internal Affairs, the Investment Committee, and the Academies' leadership for their continued involvement. Also, special thanks are extended to the Office of the Chief Financial Officer, led by Mary "Didi" Salmon, our CFO, for their professionalism 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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