. The Biological bulletin. Biology; Zoology; Biology; Marine Biology. R66 financials. REPORT OF THE TREASURER The financial results for 2002 reflected the difficult operating environ- ment in a year where all non-profits were adversely affected by two major trends: the continued decline in the investment markets and a softening of philanthropic support. The Unrestricted Operating results showed a loss of $ million, which was a vast improvement over the $ million loss reported in 2001. This was due to a more rapid increase () in Unrestricted Operating Support when compared to Operat
. The Biological bulletin. Biology; Zoology; Biology; Marine Biology. R66 financials. REPORT OF THE TREASURER The financial results for 2002 reflected the difficult operating environ- ment in a year where all non-profits were adversely affected by two major trends: the continued decline in the investment markets and a softening of philanthropic support. The Unrestricted Operating results showed a loss of $ million, which was a vast improvement over the $ million loss reported in 2001. This was due to a more rapid increase () in Unrestricted Operating Support when compared to Operating Expense growth (). On the revenue side, Government Grants increased by , Lab Rental & Net Tuition increased by 12%, Fees for Conferences and Services rebounded from depressed levels in 2001 as a result of cancelled events due to September 11"\ and Investment and Other Revenues increased by 30%. On the expense side. Research activities represented two-thirds of the increase, growing by approximately $2 million () as the Laboratory added more than two dozen scientists mainly to gear up for expanded research programs in Scientific Aquaculture and Global Infectious Disease. As a result, grant applications hit an all-time high and grant dollars awarded increased almost 30% over 2001. Looking at the underlying components, double-digit increases were experienced in Salaries (), Fringe Benefits (), Supplies (), Utilities (), and Depreciation (). Philanthropic support fell dramatically from the unusually strong levels the Laboratory had experienced in the three previous years when the MBL received gifts exceeding $10 million each year. Total Contribu- tions including those to Plant were $ million, the lowest level since 1995. The long-term investment portfolio, however, performed quite competitively in a year when the average common stock mutual fund declined by 28%. The decline in market values was in the top quartile when
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Keywords: ., bookauthorlilliefrankrat, booksubjectbiology, booksubjectzoology
