BBSR 2002 Annual Report - Bermuda Institute of Ocean Sciences

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7. Sponsored ProjectsNOTES TO FINANCIAL STATEMENTS CONTINUEDApproximately 44% and 45% of the Station’s operation revenues in 2002 and 2001, respectively, were awards for sponsored projects. The awardsprovide for recovery of both direct and indirect costs. The indirect costs covered by the awards are generally determined as a negotiated or agreeduponpercentage of direct costs with certain exclusions. Indirect costs recovered from all sponsored projects during 2002 and 2001 were $841,489and $992,274, respectively. These recoveries reduced management and general expenses as reported in the statement of activities.8. Investment Return and Spending PolicyThe Station’s Board of Trustees has authorized a policy of permitting a spending rate of up to 5% of the average market value of its portfolio at theprevious three fiscal year ends. This policy is designed to provide a predictable flow of funds to support operations. In 2002 and 2001 investmentreturns of $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, 2002 and 2001:2002TemporarilyUnrestricted Restricted TotalInterest and dividends $ ,245,988 $ , 66,944 $ ,112,932Net depreciation in fair value of 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 of 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, 2002 and 2001 are expected to be collected as follows:2002 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 2002 and2001) to present value ,(218,018) , (63,623)$2,100,280 $1,583,90530
10. Restrictions on the Use of Net AssetsTemporarily Restricted Net AssetsTemporarily restricted net assets were available for the following purposes at December 31, 2002 and 2001:2002 2001Scientific research $ ,981,172 $ ,943,495Education ,223,433 ,101,893Capital improvements 2,505,362 1,884,038Future periods (general operations) ,186,819 ,457,523$3,896,786 $3,386,949Net Assets Released from RestrictionsNet assets released from restriction consist of revenue from various purpose restricted net assets expended as follows:2002 2001Scientific research $1,126,454 $1,037,774Education ,143,003 ,150,145Capital improvements ,165,661 , 32,670Management and general ,395,458 ,213,464$1,830,576 $1,434,053Permanently Restricted Net AssetsPermanently restricted net assets at December 31, 2002 and 2001 are restricted to investment in perpetuity, with investment return available tosupport the following activities:2002 200111. Pension PlanNOTES TO FINANCIAL STATEMENTS CONTINUEDScientific research $1,990,295 $1,989,945Education 1,292,464 1,148,768General operations 1,058,252 1,053,720$4,341,011 $4,192,433The Station maintains a contributory pension plan for full-time employees who are between the ages of 23 and 65. Each participating employeemay contribute up to 10% of gross salary. For the years ended December 31, 2002 and 2001, the Station matched 3% and 2%, respectively, of grosssalary in accordance with the plan documents and the Bermudian Occupational Pensions Act 1998. Participation in the plan is mandatory forBermudians and voluntary for Non-Bermudians. Pension expense for the years ended December 31, 2002 and 2001 was $80,513 and $43,026,respectively.12. Statement of Cash Flows2002 2001Net change in operating assets and liabilities(Increase) decrease inGrants and accounts receivable $ (85,199) $ ,314Contributions receivable (670,770) (276,192)Inventory and prepaid expenses (5,809) 1,148Increase (decrease) inAccounts payable and accrued expenses 134,642 (247,205)Grants and other advances 31,673 (96,761)Annuities payable (7,993) (1,088)Net change in operating assets and liabilities $ (603,456) $ (619,784)Supplemental disclosure of cash flow information:Cash paid during the year for interest $ 92,127 $ 151,005Noncash transactionsEquipment donated to Station $ 12,995 $ 24,40031
Page 1 and 2: The Bermuda Biological Station for
Page 3 and 4: 2 4 68 10 12TABLE OF CONTENTSFrom t
Page 5 and 6: This report outlines BBSR’s advan
Page 7 and 8: previous two decades. Research cond
Page 9 and 10: BATS have documented a rise in ocea
Page 11 and 12: scallop larval rearing. Since the s
Page 13 and 14: The resulting libraries of bacteria
Page 15 and 16: The Risk Prediction Initiative: A S
Page 17 and 18: HONOR ROLL OF DONORSTHE ASSOCIATES
Page 19: HONOR ROLL OF DONORSTHE ASSOCIATES
Page 22 and 23: Matching GiftsHONOR ROLL OF DONORSO
Page 24 and 25: FINANCIAL OVERVIEWOperating Revenue
Page 26 and 27: STATEMENTS OF FINANCIAL POSITIONDEC
Page 28 and 29: STATEMENT OF ACTIVITIESYEAR ENDED D
Page 30 and 31: 1. OrganizationNOTES TO FINANCIAL S
Page 34 and 35: Air Quality ProgramDr JAK Simmons,
Page 36 and 37: GRADUATE RESEARCH PROGRAMSAssembly
Page 38 and 39: Neuer, S, R Davenport, T Freudentha
Page 40 and 41: 2002VOLUNTEERSLore AyoubSandra Blaj
Page 42 and 43: ScientistsSenior ScientistsNicholas
Page 44 and 45: Bermuda Biological Stationfor Resea

BBSR 2002 Annual Report - Bermuda Institute of Ocean Sciences

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