. The Biological bulletin. Biology; Zoology; Biology; Marine Biology. Report of the Treasurer 5 CURRENT UNRESTRICTED FUND 1991 RESULTS (000) $200- $100- FROM QUASI ENDOW- MENT $ H HOUSING RESERVE -$100- -$200 - OPERATIONS HOUSING BEFORE DEPRECIATION AND REPAYMENT OF PRINCIPAL Figure 2 The balance sheet shows that we ended 1991 with continued excellent liquidity as cash and short term investments accounted for approximately two-thirds of current assets. Land, buildings, and equipment, net of accumulated depreciation, grew by $ million due primarily to the beginning of construction of
. The Biological bulletin. Biology; Zoology; Biology; Marine Biology. Report of the Treasurer 5 CURRENT UNRESTRICTED FUND 1991 RESULTS (000) $200- $100- FROM QUASI ENDOW- MENT $ H HOUSING RESERVE -$100- -$200 - OPERATIONS HOUSING BEFORE DEPRECIATION AND REPAYMENT OF PRINCIPAL Figure 2 The balance sheet shows that we ended 1991 with continued excellent liquidity as cash and short term investments accounted for approximately two-thirds of current assets. Land, buildings, and equipment, net of accumulated depreciation, grew by $ million due primarily to the beginning of construction of the Marine Resources Center. When completed, this project is expected to total $9 million. Investments for endowment and deferred support (gifts we have received for expenditure over multiple years) grew by approximately $1, due primarily to excellent capital appreciation of our portfolios. The steady growth of our Endowment Funds (Fig. 3) has improved the capitalization of the Laboratory, but the level is still modest for an institution of our size. TOTAL ENDOWMENT FUND BALANCE MILLIONS $20 MBL ENDOWMENT FUNDS MILLIONS. RESTRICTED UNRESTRICTED 815- '£."•;' Illlllll 1984 1985 1986 1987 1988 1989 1990 1991 Figure 3 TRUE ENDOWMENT OUASI-ENDOWMENT Figure 4 Our Endowment funds are denned in terms of the degree of discretion which the Laboratory may exercise with respect to them (Fig. 4). There are two principles of classification—whether principal may or may not be used ("Quasi" and "True" Endowment) and the degree of discretion the MBL may exercise in spending income (or for Quasi-Endowment. principal as well). Restricted Endowment constitute funds for which donors have specified activities or classes of activity. Unrestricted Endowment constitutes money for which the MBL may apply at its discretion. The lesson of Figure 4 is that the funds over which the MBL has the most discretion— Unrestricted Quasi-Endowment—are very slim. We intend to
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Keywords: ., bookauthorlilliefrankrat, booksubjectbiology, booksubjectzoology
