Statement of Financial Position
WHOI continues to have a strong balance sheet. At December 31, 2009, WHOI’s total assets were $480 million, total liabilities were $199 million and total net assets were $281 million.
Net assets represent the accumulated financial strength of a not for profit organization and are an important gauge of its ability to carry out its mission. Included in the liabilities is the Massachusetts Health and Educational Facilities Authority bond debt of $63.4 million.
The endowment, $310 million represents 65% of the total assets at December 31, 2009.
Statement of Activities
WHOI’s total operating revenues increased by $3 million: from $169 million in 2008 to $172 million in 2009.
$15.3 million of endowment income and appreciation was distributed to operations as follows:
WHOI paid $5.1 million in interest during 2009 and $.7 million in principal payments on the $63.4 million outstanding debt in 2009. The Federal government allows us to include interest and depreciation in our overhead rates and will reimburse us for these expenses.
The Institution’s commitment to understanding the oceans is unchanged; however, the federal funding environment continues to challenge our investigators. WHOI has responded by finding new funding sources in other government agencies and in industry. We are also continuing the process of evaluating our administrative systems and allocating resources to support an evolving strategic plan.