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Summary Financial Highlights
December 31, 2004 and 2003 The financial standing of the Bermuda Biological Station for Research, Inc. (BBSR) continued its positive trend of the past few years and improved again in 2004. Total assets grew
substantially, financed in part by current revenue and expense activities, and in part by debt. Although there were fluctuations in individual revenue and expense categories, the increase in Net Assets was very much in
line with the budget. Also, the operating working capital improved by $253,000 in 2004. The significant changes in corporate assets were led by the $1,585,000 or 34.8 percent increase in Investments, and the
$3,521,000 increase in Property and Equipment. The increase in investments resulted from a 14.6 percent return on investments in the Multi-Asset Fund managed by The Investment Fund for Foundations (TIFF); end of the
year contributions of securities to BBSR; and contribution and pledge payments to the Endowment Funds. The increase in the Property and Equipment account represented the completion of the new laboratory building
construction and the purchase of scientific equipment through grant support. Furthermore, Loans Payable increased by $2,069,000, due to the borrowing against future pledge payments to pay for the construction. As
reported in the Statement of Activities in the audited report, 2004 unrestricted contributions reached $1,078,000 as compared to $894,000 in 2003. However, the restricted contributions received in 2004 trailed 2003 by
$1,511,000. The contributions in 2003 included pledges and contributions restricted for the new laboratory building. Additionally, BBSR celebrated its 100-year anniversary in 2003, and consequently, the increased
financial support contributed to a stronger fundraising profile in that year. Combined funding from U.S. agencies and institutions and the Bermuda Government was $5,342,000 in 2004, as compared to
$4,702,000 in 2003. Some of the grants contributing to the increase include Air Quality Monitoring supported by the Bermuda Government, Weatherbird II
Ship Operations, Bermuda Atlantic Time-series Study, Enhanced New Production During Winter Mixing, an Expanded Seawater Facility, and Marine Microbial Imaging. Total Revenue and Support was $10,982,000 in 2004, as compared to $12,162,000 in the previous year.
Management and general expenses were netted by the recovery of indirect cost (overhead) from government grants and flow-through contracts of $1,244,000 in 2004, against $1,057,000 in 2003. Total expenses were
$8,917,000 in 2004, very much in line with the previous year's total expenses. As noted in this report, a full copy of the audited financial report can be obtained Jay Saadian, CPA
Download the 2004 Summary Financial Highlights (PDF format)
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