| PART VI, SECTION A, LINES 6, 7A AND 7B GOVERNANCE |
THE ORGANIZATION IS A PRIVATE MEMBERSHIP ORGANIZATION. THE NAS CONSTITUTION PROVIDES THAT THE ACADEMY SHALL CONSIST OF MEMBERS, MEMBERS EMERITI AND FOREIGN ASSOCIATES. MEMBERS OF NAS ARE ELECTED BY THE MEMBERS IN RECOGNITION OF THEIR DISTINGUISHED AND CONTINUING ACHIEVEMENTS IN ORIGINAL RESEARCH. THE OFFICERS OF THE ACADEMY ARE CHOSEN FROM THE MEMBERSHIP, AND AMENDMENTS TO THE ORGANIZATION'S CONSTITUTION AND BYLAWS, AND ELECTION OF NEW MEMBERS, OFFICERS, AND COUNCIL MEMBERS REQUIRE A VOTE OF THE MEMBERS. THE OFFICERS OF THE ORGANIZATION, TOGETHER WITH TWELVE MEMBERS TO BE ELECTED, SHALL CONSTITUTE THE NATIONAL ACADEMY OF SCIENCES (NAS) COUNCIL FOR THE TRANSACTION OF SUCH BUSINESS AS MAY BE ASSIGNED TO IT BY THE CONSTITUTION, BYLAWS, OR THE MEMBERSHIP. THE NAS COUNCIL HAS GENERAL SUPERVISION OVER THE ELECTION OF THE OFFICERS OF THE ORGANIZATION, AND SHALL SET THE DATE FOR ELECTION AND APPOINTING NOMINATING COMMITTEES. THE NAS COUNCIL MAY DELEGATE ITS AUTHORITY TO APPROPRIATE OFFICIALS OF THE ORGANIZATION EXCEPT WITH RESPECT TO THOSE AUTHORITIES CONCERNING MEMBERSHIP AFFAIRS. |
| Part VI, Section B, Line 11 Policies |
The Draft 990 is prepared by the Office of the Chief Financial Officer. It is reviewed by the Office of General Counsel and an external tax advisor before being reviewed by the auditing committee. The final form is then provided to the full NAS Council prior to its submission. |
| Part VI, Section B, Lines 12b, 12c Policies |
ANNUALLY, THE GENERAL COUNSEL LEADS A DISCUSSION AT A MEETING OF OFFICERS AND DIRECTORS AT WHICH THE CONFLICT OF INTEREST POLICY IS REVIEWED. ALL OFFICERS/DIRECTORS ARE ASKED ABOUT ANY CURRENT CONFLICTS AND REQUIRED TO SIGN A STATEMENT THAT THEY UNDERSTAND AND WILL ABIDE BY ALL CONFLICT OF INTEREST POLICIES AND PROCEDURES. OFFICERS, COUNCIL MEMBERS, AND KEY EMPLOYEES ARE ALSO ASKED TO COMPLETE AN ANNUAL QUESTIONNAIRE REGARDING CERTAIN BUSINESS TRANSACTIONS THAT COULD POTENTIALLY RESULT IN A CONFLICT OF INTEREST. |
| Part VI, Section B, Line 15 |
COMPENSATION DECISIONS FOR ALL DISQUALIFIED PERSONS AS DEFINED IN IRC SECTION 4958 ARE MADE ANNUALLY BY AN EXECUTIVE COMPENSATION COMMITTEE COMPOSED OF INDEPENDENT DIRECTORS ON THE BASIS OF EXECUTIVE COMPENSATION COMPATIBILITY DATA, INCLUDING A MARKET COMPENSATION SURVEY CONDUCTED BY THE OFFICE OF HUMAN RESOURCES THAT REVIEWS THE COMPENSATION OF THE HEADS OF THE LEADING UNIVERSITIES AND CHIEF EXECUTIVE OFFICERS OF SIMILAR ORGANIZATIONS. THERE IS A RECORD OF THE EXECUTIVE COMPENSATION COMMITTEE'S DELIBERATIONS AND DECISIONS. COMPENSATION DECISIONS ARE MADE ANNUALLY FOR OTHER KEY AND HIGH PAID EMPLOYEES BY A COMMITTEE OF SENIOR STAFF ON THE BASIS OF COMPARIBILITY DATA. |
| Part VI, Section C Disclosure, Line 17 |
NAS files returns in the states listed on the 990 Part VI Section C Line 17. In addition, NAS files charitable solicitation registrations with a 990 attached in the following states: AL, AK, AR, CO, FL, GA, HI, KY, ME, MA, MI, MN, MS, NH, NJ, NM, ND, OH, OK, PA, RI, TN, UT, WA, WV, WI. |
| Part VI, Section C Disclosure, Line 19 |
NAS makes its governing documents, conflict of interest policy, and financial statements available to the public upon request. THE GOVERNING DOCUMENTS AND ANNUAL FINANCIAL STATEMENTS ARE ALSO AVAILABLE ON THE ORGANIZATION'S WEBSITE. |
| Part XI, Line 9 |
Amount consists of (589,485) of unrealized loss on derivatives and unrealized loss on charitable gift annuities. |
| GULF RESEARCH PROGRAM: SIGNIFICANT INCREASE IN NET ASSETS & REVENUE |
PART X BALANCE SHEET LINES 3 & 28 THE US GOVERNEMENT ANNOUNCED IN 2012 AND EARLY 2013 TWO SETTLEMENT AGREEMENTS CONCERNING THE 2010 DEEPWATER HORIZON DISASTER, ONE WITH BP EXPLORATION AND PRODUCTION INC (BP) AND THE OTHER WITH TRANSOCEAN DEEPWATER, INC (TRANSOCEAN). AS PART OF THESE SETTLEMENT AGREEMENTS, NAS WILL RECEIVE $500 MILLION OVER A 5-YEAR PERIOD TO ESTABLISH A NEW 30-YEAR PROGRAM ON HUMAN HEALTH AND ENVIRONMENTAL PROTECTION IN THE GULF OF MEXICO. BP WILL PAY $350 MILLION OVER 5-YEARS AND TRANSOCEAN WILL PAY $150 MILLION OVER 4-YEARS UNDER THE TERMS OF THE RESPECTIVE SETTLEMENT AGREEMENTS, WHICH AMOUNTS WILL BE INVESTED AND WILL BE FULLY EXPENDED BY THE END OF THE 30-YEAR PERIOD. PRESENT VALUE OF THE BALANCE OF THESE PAYMENTS IS $452.9 MILLION AS OF DECEMBER 31, 2014. THE UNPAID BALANCE DUE FOR EACH AGREEMENT IS REFLECTED IN PLEDGES AND GRANTS RECEIVABLE, NET. |
Attach to Form 990 or 990-EZ.