2010 Annual Report - Bermuda Institute of Ocean Sciences

December 31, 2010 anD 2009
L
ooking back on 2010, we realize that fundamentally BIOS is very strong. Science and education
programs continue to be our mainstay during these unpredictable economic times.
Revenues derived from Program Services [scientific research and education] amounted to
$9,361,000 in 2010, up $13,000 from 2009 which results are remarkable considering total revenues
were down $337,000 in the same period and the challenges that BIOS faced.
This increase came in spite of the disruptions experienced on campus resulting from the forced renovation
of the nautilus (previously Blue Building) staff apartment complex which disruption
caused significant revenue loss from educational courses and group business. Limited space yielded
limitations on program enrollments. Additionally, staff were housed off-campus for a while sending
those rents to others.
Total assets increased $500,000 from 2009 to 2010 as property and equipment increased $573,000.
Most of the increase in Property and equipment resulted from upgrades to the accommodations.
Investments continue to do well increasing by a net of $901,000. Receivables decreased as existing
$726,000 pledges were paid. Those pledge donations designated for the naess Laboratory
Building, built in 2004, were used to fully repay the construction debt on that building. Plus the
annual pledge payment for the ship purchase loan repaid a portion of that loan. In all $1,540,000
of long-term debt was repaid.
Development expenses were down as the new Development Officer started on September 1 filling
a vacancy created at the end of the prior year. Management & General expenses increased as we
embarked upon an aggressive maintenance program to restore and upgrade our facilities. new financing
was in progress as of year-end to provide much of the needed funding for this effort. As
has been the trend at BIOS, 88% of our expenses are for program related activities.
This report and the financial schedules herein are limited selected financial highlights and do not
purport to include all information and disclosures required in accordance with accounting principles
generally accepted in the u.S. A complete copy of the Financial Statements with the Independent
Auditors’ Report can be obtained by following the instructions below.
photos by Maureen Conte, Alex
Hunter and tiffany Wardman
Stephen M. Markman
Treasurer and controller
Financial statements with independent auditors’ report are available on our website at www.bios.edu
or by contacting Stephen M. Markman, Treasurer and Controller, telephone 441-297-1880 ext.109,
fax 441-297-2222 or email stephen.markman@bios.edu.
pg 8 Bermuda institute of ocean Sciences Annual Report 2010