. The Biological bulletin. Biology; Zoology; Biology; Marine Biology. 1?« Report of the Treasurer The financial results for the year 2001 were mixed. Operating results and investment portfolio results were disappointing. On the other hand, our diversified portfolio enabled us to perform better than the market. Also philanthropic support was strong last year, and we were able to make significant improvements to the Laboratory's physical plant, including the completion of the new Starr Environmental Sciences building. The Unrestricted Operating results showed a decline in revenues whil
. The Biological bulletin. Biology; Zoology; Biology; Marine Biology. 1?« Report of the Treasurer The financial results for the year 2001 were mixed. Operating results and investment portfolio results were disappointing. On the other hand, our diversified portfolio enabled us to perform better than the market. Also philanthropic support was strong last year, and we were able to make significant improvements to the Laboratory's physical plant, including the completion of the new Starr Environmental Sciences building. The Unrestricted Operating results showed a decline in revenues while expenses grew by As a consequence, the Laboratory reported a $3 million operating loss. All revenue categories showed a decline except for Unrestricted Contributions, which were up and Government Grants, which grew a modest , compared to double-digit growth in the previous three years. Net Assets Released from Restrictions had the greatest decline (35%), resulting in part from the correction of a premature release of restricted funds. Also Investment Income declined and Rental Income declined due to a reduction in the space used by the Boston University Marine Program. Another cause of the overall decline was due to September 11 when the Laboratory lost over $250 thousand in revenues as a result of cancelled fall Conferences. On the expense side, increases in Equipment purchases (51%), Utilities (26%), Professional Services (22%-), and Subcontracts (13%) were the major contributors to the growth. Salaries and Fringe Benefits grew a modest , but even that was overstated due to an accounting adjustment to the Fringe that added $290 thousand in adjustments to 2001 results. Our accrual for Depreciation rose $250 thousand as a result of the plant improvements. We also funded less Depreciation from operations due to the slowing in indirect recoveries from research grants and because of a one-half percent reduction in the annual draw from our Long-Te
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Keywords: ., bookauthorlilliefrankrat, booksubjectbiology, booksubjectzoology
