The firm of Mayer Hoffman McCann P.C., Certified Public Accountants, conducted the audit of the American Academy鈥檚 statements of financial position for the fiscal year 2021 (July 1, 2020鈥揓une 30, 2021). 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 below. A copy of the audited financial statements is available on the Academy鈥檚 website and upon request from the Academy鈥檚 Business Office.
In spite of the ongoing 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 2021, total assets increased by 36 percent, from $85.8 million to $116.9 million, as a result of major gifts and market gains. Total liabilities decreased from $3.1 million to $3.0 million. The operating budget experienced a modest surplus for the year due primarily to the limitations on travel and lower meeting expenses.
As of June 30, 2021, the investment portfolio had a fair market value of $85.7 million, an increase of $18.3 million, which includes an investment return of 30.6 percent. The Investment Committee continues to review and make recommendations related to the Academy鈥檚 investment goals, asset allocation, and performance objectives by which the organization鈥檚 assets are managed.
I would like to thank the members of the Audit Committee, Investment Committee, and Finance Committee for stewarding the Academy鈥檚 resources.
Members of the Audit Committee include Larry Jay Shapiro (Chair), Richard Cavanagh, Frances D. Fergusson, Antonia Hern谩ndez, and Patti B. Saris.
Members of the Investment Committee include Arthur Gelb (Chair), Nancy C. Andrews, Ernest Cockrell, Alan M. Dachs, D. Ronald Daniel, Stephen B. Heintz, Martin Leibowitz, Suzanne Nora Johnson, David W. Oxtoby, Carl H. Pforzheimer III, Chandrika K. Tandon, and David C. Weinstein.
Members of the Finance Committee include Carl H. Pforzheimer III (Chair), Nancy C. Andrews, Alan M. Dachs, Arthur L. Goldstein, Stephen B. Heintz, Cherry Murray, Venkatesh Narayanamurti, David W. Oxtoby, James M. Stone, Marcelo M. Su谩rez-Orozco, Shirley M. Tilghman, and Pauline Yu.
