BBSR 2002 Annual Report - Bermuda Institute of Ocean Sciences

STATEMENT OF ACTIVITIESYEAR ENDED DECEMBER 31, 2001UnrestrictedProperty and Total Temporarily Permanently TotalOperating Equipment Unrestricted Restricted Restricted 2001Revenue and other supportContributions $ ,789,778 $0, $ ,789,778 $2,521,883 $ ,106,785 $03,418,446Grants and contractsU.S. government and corporations 3,374,556 3,374,556 ,015,000 3,389,556Bermuda government ,791,605 ,791,605 ,791,605Tuition, guest services and other income 1,720,263 1,720,263 ,012,522 1,732,785Investment return (Note 8) ,0(8,132) ,0 (8,132) ,0(7,223) ,0(15,355)Net assets released from restrictions 1,434,159 1,434,159 (1,434,159)Total revenue and other support 8,102,229 8,102,229 1,108,023 ,106,785 9,317,037ExpensesProgram servicesScientific research 5,134,112 ,460,789 5,594,901 5,594,901Education 1,551,113 ,044,281 1,595,394 1,595,394Total program services 6,685,225 ,505,070 7,190,295 7,190,295Development and public relations ,530,444 ,028,854 ,559,298 ,559,298Management and general ,085,533 ,197,279 ,282,812 ,282,812Total expenses 7,301,202 ,731,203 8,032,405 8,032,405Change in net assets $ 0,801,027 $0,(731,203) ,069,824 1,108,023 ,106,785 1,284,632Net assets at beginning of year 2,484,805 2,278,926 4,085,648 8,849,379Net assets at end of year $2,554,629 $3,386,949 $4,192,433 $10,134,011See accompanying notes to financial statements.26