The firm of Mayer Hoffman McCann P.C., Certified Public Accountants, conducted the audit of the American Academy’s statements of financial position for the fiscal year 2020 (July 1, 2019–June 30, 2020). I am pleased to report the auditors found the consolidated financial statements present fairly, in all material respects, the financial position of the Academy, and the auditors have issued an unqualified report. The consolidated statement of activities and financial position may be found on pages 12–13. A copy of the audited financial statements is available on the Academy’s website and upon request from the Academy’s Business Office.
In spite of the challenges associated with the COVID-19 pandemic, the financial stability of the Academy continues to be strong due to the generous financial support from members, foundations, and affiliates. For the fiscal year 2020, total assets decreased by less than 0.8 percent, from $86.5 million to $85.8 million. Total liabilities decreased from $3.2 million to $3.1 million. The operating budget was maintained at an approximate break-even level as in years past.
As of June 30, 2020, the investment portfolio had a fair market value of $67.4 million, a decrease of $3.4 million for the year as a result of a declining market and the release of purpose restricted funds, such as grants and prior gifts. The Investment Committee continues to review and make recommendations related to the Academy’s investment goals, asset allocation, and performance objectives by which the organization’s assets are managed.
I would like to thank the members of the Audit Committee, Investment Committee, and Finance Committee for stewarding the Academy’s resources.
Members of the Audit Committee include Larry J. Shapiro (Chair), Richard E. Cavanagh, William F. Pounds, and Patti B. Saris.
Members of the Investment Committee include Arthur Gelb (Chair), Nancy C. Andrews, Ernest Cockrell, Alan M. Dachs, D. Ronald Daniel, Martin Leibowitz, David W. Oxtoby, Carl H. Pforzheimer III, and David C. Weinstein.
Members of the Finance Committee include Carl H. Pforzheimer III (Chair), Nancy C. Andrews, Alan M. Dachs, Arthur L. Goldstein, Cherry A. Murray, Venkatesh Narayanamurti, David W. Oxtoby, James M. Stone, and Pauline Yu.