Annual Financial Report of the National Academy of Sciences (as of Year Month Day)

Key Chapter Title List

1. Treasurer's Statement
2. Investment Operations
3. Private Donations
4. Financial Condition
5. Audit Committee Report
6. Independent Auditor's Report
7. Statement of Financial Position
8. Statement of Activities
9. Statement of Cash Flows
10. Notes to Financial Statements
11. Related Entities
12. Conclusion

Document Introduction

This report is the official financial disclosure document issued by the Treasurer of the National Academy of Sciences (NAS) for the fiscal year 2023 (ended December 31, 2023). It comprehensively presents the Academy's financial condition, operational results, and long-term investment portfolio activities. As a core financial report of a leading U.S. scientific and academic institution, its data and analysis provide an authoritative reference for understanding the funding mechanisms, resource allocation logic, and sustainable development strategies of research institutions.

The report clarifies the Academy's two primary revenue sources: first, project revenue from government and other sponsors, used to support a large volume of annual research and related activities; second, funds drawn from its own endowment, supplemented by unrestricted revenue from membership dues and annual giving. In 2023, the Academy achieved significant post-pandemic recovery, with project revenue exceeding 2019 levels for the first time. Growth in direct personnel, travel, and meeting costs drove substantial expansion in project scale.

The investment section is one of the report's core components, detailing the management of the endowment and other long-term investment portfolios. As of the end of 2023, the market value of this portfolio grew from $641.9 million at the beginning of the year to $697.7 million, achieving an annual return of 10.5%. Asset allocation spans public equity, hedge funds, private equity, venture capital, and other areas. The report also explains the endowment spending rule set by the Council, with the spending rate maintained at 4.0% for 2021-2023 to ensure the fund's long-term purchasing power and sustainability.

The private donations section records charitable support from members, institutions, and partners, including donations for specific projects, awards, and emergency funds. For example, the "Safe Passage Fund" established for Ukrainian scholars in exile had raised over $11 million by the end of 2023. The financial condition chapter, through audited financial statements, notes, and related analyses, comprehensively presents key financial information such as the asset-liability structure, revenue and expenses, indirect cost composition, and transactions with related entities, providing stakeholders with transparent and traceable financial data support.

This report is not only a systematic summary of the Academy's annual financial operations but also provides detailed case data for researchers in fields such as research management, academic institution governance, and philanthropic giving. Its rigorous financial disclosure and long-term strategic perspective hold significant reference value.