BBSR 2002 Annual Report - Bermuda Institute of Ocean Sciences
BBSR 2002 Annual Report - Bermuda Institute of Ocean Sciences
BBSR 2002 Annual Report - Bermuda Institute of Ocean Sciences
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7. Sponsored ProjectsNOTES TO FINANCIAL STATEMENTS CONTINUEDApproximately 44% and 45% <strong>of</strong> the Station’s operation revenues in <strong>2002</strong> and 2001, respectively, were awards for sponsored projects. The awardsprovide for recovery <strong>of</strong> both direct and indirect costs. The indirect costs covered by the awards are generally determined as a negotiated or agreeduponpercentage <strong>of</strong> direct costs with certain exclusions. Indirect costs recovered from all sponsored projects during <strong>2002</strong> and 2001 were $841,489and $992,274, respectively. These recoveries reduced management and general expenses as reported in the statement <strong>of</strong> activities.8. Investment Return and Spending PolicyThe Station’s Board <strong>of</strong> Trustees has authorized a policy <strong>of</strong> permitting a spending rate <strong>of</strong> up to 5% <strong>of</strong> the average market value <strong>of</strong> its portfolio at theprevious three fiscal year ends. This policy is designed to provide a predictable flow <strong>of</strong> funds to support operations. In <strong>2002</strong> and 2001 investmentreturns <strong>of</strong> $235,015 and $215,081, respectively, were spent for operations in accordance with this policy.The following summarizes the Station’s investment return and spending for the years ended December 31, <strong>2002</strong> and 2001:<strong>2002</strong>TemporarilyUnrestricted Restricted TotalInterest and dividends $ ,245,988 $ , 66,944 $ ,112,932Net depreciation in fair value <strong>of</strong> investments ,(122,261) ,(310,958) ,(433,219)Net loss on investments $ , (76,273) $ ,(244,014) $ ,(320,287)Investment return spent on operations $ , 90,883 $ ,144,132 $ ,235,0152001TemporarilyUnrestricted Restricted TotalInterest and dividends $ , 53,815 $ , 70,094 $ ,123,909Net depreciation in fair value <strong>of</strong> investments , (61,947) , (77,317) ,(139,264)Net loss on investments $ , (8,132) $ , (7,223) $ , (15,355)Investment return spent on operations $ , 91,188 $ ,123,893 $ ,215,0819. Contributions ReceivableContributions receivable at December 31, <strong>2002</strong> and 2001 are expected to be collected as follows:<strong>2002</strong> 2001Amount expected to be collected in:One year or less $1,074,131 $ ,762,861Years two through five 1,126,667 ,874,667Thereafter ,117,500 ,010,0002,318,298 1,647,528Less discount (5% in <strong>2002</strong> and2001) to present value ,(218,018) , (63,623)$2,100,280 $1,583,90530
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