Fall 2023 Bulletin: Annual Report

Financial Statements

American Academy of Arts and Sciences and Affiliates Consolidated Statement of Financial Position as of June 30, 2023

Current Assets  
Cash $4,307,093
Accounts receivable     $109,773
Current portion of grants and pledges receivable   $5,411,144
Other current assets     $305,386
Total current assets
Grants and Pledges Receivable, net $7,761,545
Investments   $79,980,946
Beneficial Interest in Perpetual Trust for Science $2,692,655
Right-of-Use Asset–Operating Lease   $438,383
Property and Equipment, net       $11,701,796
Total assets     $112,708,721
Current Liabilities  
Current portion of note payable   $200,424
Accounts payable and accrued expenses  $1,663,926
Total current liabilities 
Note Payable, net of current portion    $1,598,999
Total liabilities 
Net Assets  
Without donor restrictions  
Operating $2,601,964
Board designated $13,921,137
Property and equipment   $10,340,756
Total unrestricted 
With donor restrictions $82,381,515
Total net assets  $109,245,372
Total liabilities and net assets $112,708,721

AAFCPAs conducted the audit of the Academy’s statements of financial position for the fiscal  year 2023 (July 1, 2022–June 30, 2023). A copy of the audited financial statements is available on the Academy’s website and upon request.

American Academy of Arts and Sciences and Affiliates Consolidated Statement of Activities and Changes in Net Assets For the Year Ended June 30, 2023

Gifts and grants $4,641,547
Investment return designated for operations  $3,302,801
Annual appeal $2,527,151
University affiliates $1,660,000
Membership dues $1,221,291
Other revenue $150,797
Income distribution from Permanent Science Fund $120,000
Norton’s Woods events revenue $195,893
Less: Norton’s Woods events expenses ($382,084)
Norton’s Woods events, net ($186,191)
Total revenues $13,437,396
Program services $9,745,224
Support services $6,230,415
Forum for the Future of Higher Education $1,004,342
Total expenses $16,979,981
Changes in net assets from operations ($3,542,585)
Investment returns $3,817,957
Less–spending policy ($3,302,801)
Contributions to endowment $2,605,265
Increase (Decrease) in beneficial interest in perpetual trust $8,244
Total other revenues (expenses)   $3,128,665
Changes in net assets   ($413,920)
Beginning of year $109,659,292
End of year $109,245,372