Report for the academic year - Libraries - Institute for Advanced Study

K. FUNCTIONAL EXPENSES
Institute for advanced study
The Institute provides academic services to a community of scholars, including permanent
faculty and visiting memhers. Expenses related to providing these services are as follows:
Expenses incurred were for:
Salaries, wages, and benefits
Stipends
Honoraria
Grants to other organizations
Supplies and travel
Services and professional fees
Depreciation
Interest
Total expenses
L. DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS
2000
$15,062,320
5,055,930
154,597
692,414
1,778,899
2,982,519
1,409,506
1,142,684
$28,278,869
The Institute is required by SFAS No. 107, "Disclosure About Fair Value of Financial
Instruments," to disclose the estimated fair value of financial instruments, both assets and
liabilities recognized and not recognized in the balance sheet, for which it is practicable to
estimate fair value.
The estimated fair value amounts in the following disclosure have been determined by the
Institute using available market information and appropriate valuation methodologies.
The estimates are not necessarily indicative of the amounts the Institute could realize in a
current market exchange, and the use of different market assumptions or methodologies
could have a material effect on the estimated fair value amounts.
June 30, 2000
Assets:
Cash
Investments
Grant/Contributions Receivable
Liabilities:
Long-term debt
Note payable
Reported
Amount
The fair value of investments is based on fair market prices. The fair market valuat ion d
grant/contributions receivable was estimated based on past cash collection experience. For
long-term debt, the fail value- are estimated using the interest rates currently ottered for
debt with Bimilar terms and remaining maturities. The estimated fail value of mortgages
tor faculty and atari i- based upon similar terms at which similar institutions would provide