Report of the Treasurer to the Council 1997-1998 (1998) / Chapter Skim
Currently Skimming:
III. Financial Condition
III. Financial Condition
Pages 39-51
The Chapter Skim interface presents what we've algorithmically identified as the most significant single chunk of text within every page in the chapter.
Select key terms on the right to highlight them within pages of the chapter.
From page 39... ...
IlI. Financial Condition
|
From page 40... ...
The independent accountants have completed their audit of the financial statements and have submitted their report, a copy of which is attached, concerning financial statements to which they refer. The Auditing Committee has reviewed the report and recommends its acceptance in compliance with the governing bylaw and that the opinion of the independent accountants be published with the report of the Treasurer.
|
From page 41... ...
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.
|
From page 42... ...
Total Assets LIABILITIES AND NET ASSETS Current Liabilities Accounts payable and accrued expenses Deferred revenue (note 6) Other liabilities $ 1,723 16,961 6,202 263,193 $ 1,723 15,514 5,659 231,848 $356,875 $317,612 $ 16,016 20,428 1,722 $ 15,853 13,368 3,638 Total Current Liabilities$ 38,166$ 32,859 Long-Term Liabilities Funds held on behalf of others (note 3)
|
From page 43... ...
Changein net assets $ 7,001 $19,978 $ 1,411 $ 28,390 $ 80,260 Net assets at beginning of the year 117,185 75,659 71,005 263,849 183,589 Net assets at end of the year $124,186 $95,637 $72,416 $292,239 $263,849 See accompanying notes to the financial statements.
|
From page 44... ...
decrease in other receivables Increase in inventories of publications and supplies Increase in prepaid expenses and other current assets Increase in other assets Increase in accounts payable and accrued expenses Increase in other current liabilities Increase in deferred revenue (Decrease) increase in other liabilities Net cash provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property and equipment Proceeds from sale of equipment Sale or maturity of investments Purchase of investments Net cash used by investing activities CASH FLOWS USED BY FINANCING ACTIVITIES Payments on financing agreement Net increase (decreased in cash and cash equivalents Cash and cash equivalents at beginning of the year Cash and cash equivalents at end of the year Supplemental data Interest paid on obligations See accompanying notes to the financial statements.
|
From page 45... ...
To respond effectively to both the disciplinary concerns of the research community and the complex interdisciplinary problems facing American society, the NRC is organized into 10 major units that are responsible for most study activities Commission on Behavioral and Social Sciences and Education; Commission on Engineering and Technical Systems; Commission on Geosciences, Environment, and Resources; Commission on Life Sciences; Commission on Physical Sciences, Mathematics and Applications; Office of International Affairs; Office of Scientific and Engineering Personnel; Board on Agriculture; Transportation Research Board; and Center for Science, Mathematics, and Engineering Education. The financial activity and results of the NRC are included in the NAS's financial statements.
|
From page 46... ...
Cash and Cash Equivalents The NAS considers excess cash that is invested in overnight government-backed repurchase agreements and demand deposits to be cash equivalents. Investments The NAS's equity and certain debt securities are reported at their fair values, based on quoted market prices.
|
From page 47... ...
Vanguard Admiral Fund Vanguard Fixed-Income Securities NASA Federal Credit Union Endowment and trust investments Investments reported at fair value: Cash equivalents Bonds and notes Equity securities Real estate mortgage $16,958 17,016 100 $34,074 ($ in thousands) $ 2,624 67,247 181,089 $250,960 12,233 $263,193 Vanguard equity funds comprise approximately $120 million of the total equity securities funds.
|
From page 48... ...
As of June 30, 1998, the NAS held the following permanently restricted net assets, classified by the purpose for which the income is to be used: Programs Prizes and awards NOTE 8: PROGRAM EXPENSES ($ in thousands) $69,104 3,312 $72,416 Program expenses for 1998 are summarized as follows: Scientific and Engineering Personnel Transportation Research Board Institute of Medicine Engineering and Technical Systems Behavioral and Social Sciences and Education Geosciences, Environment, and Resources Physical Sciences, Mathematics, and Applications International Affairs Commission on Life Sciences Science, Mathematics, and Engineering Education Policy Division National Sciences Resource Center National Academy of Engineering Board on Agriculture Other NOTE 9: INDIRECT COSTS ($ in thousands)
|
From page 49... ...
The trend rates for growth in health care costs used in calculating the accumulated Postretirement benefit obligation were 11.1 % for employees under age 65 and 9.8% for employees 65+ in fiscal year 1998, declining gradually to 5.8% for both employee groups. The health care cost trend rate assumption has a significant impact on the Postretirement benefit cost and obligation.
|
From page 50... ...
NOTE If: [INK OF CREDIT The NAS has a $5.0 million unsecured line of credit from NationsBank with an interest rate at prime of 6%. As of June 30,1998, the outstanding balance on the line of credit was $1.5 million, which is included in other current liabilities in the accompanying statement of financial position.
|
From page 51... ...
Klein William Rutter Paul A Samuelson TOM Representative: Gail Warden BUDGET AND INTERNAL AFFAIRS COMMITTEE Ronald Graham, Chair Marye Anne Fox Ralph E
|
Key Terms
This material may be derived from roughly machine-read images, and so is provided only to facilitate research.
More
information on Chapter Skim is available.