BBSR 2002 Annual Report - Bermuda Institute of Ocean Sciences

STATEMENTS OF FINANCIAL POSITIONDECEMBER 31, 2002 AND 2001ASSETS2002 2001Cash and cash equivalents $ 1,988,601 $ 1,341,662Grants and accounts receivable ,502,509 ,417,310Contributions receivable, net (Note 9) 2,100,280 1,583,905Inventory and prepaid expenses ,048,953 , 43,144Investments (Note 4) 3,799,286 3,993,323Property and equipment, net (Note 5) 4,482,561 4,793,071$12,922,190 $12,172,415LIABILITIES AND NET ASSETSLiabilitiesAccounts payable and accrued expenses $00,402,750 $00,268,108Grants and other advances ,169,434 ,137,761Annuities payable , 21,368 , 29,361Loan payable (Note 6) 1,623,317 1,603,174Total liabilities 2,216,869 2,038,404Net assetsUnrestricted 2,467,524 2,554,629Temporarily restricted (Note 10) 3,896,786 3,386,949Permanently restricted (Note 10) 4,341,011 4,192,433Total net assets 10,705,321 10,134,011$12,922,190 $12,172,41524See accompanying notes to financial statements.