360 



22 



Smithsonian Institution 



Report of the Chief Financiai Officer 



SMITHSONIAN INSTITUTION 



Notes to Financial Statements 



September 30, 2000 



($ millions) 



(m) Annual Leave 



The Smithsonian's civil service and trust employees earn annual leave in accordance with federal 

 laws and regulations and internal policies, respectively. Annual leave for all employees is 

 recognized as expense when earned. 



(n) Sponsored Projects 



The Smithsonian receives grants and enters into contracts with the U.S. Government and state 

 and local governments, which generally provide for cost reimbursement to the Smithsonian. 

 Revenues under these agreements are recognized as reimbursable expenditures are incurred. 

 These revenues include recoveries of facilities and administrative costs which are generally 

 determined as a negotiated or agreed-upon percentage of direct costs, with certain exclusions. 



(o) Advancement 



The Smithsonian raises private financial support from individual donors, corporations and 

 foundations to fund programs and other initiatives. Funds are also generated through numerous 

 membership programs. Fund-raising costs are expensed as incurred and reported as 

 advancement expenses in the statement of financial activity. Fundraising expenses for fiscal 

 year 2000 were $11.4. 



(3) Receivables and Advances 



Receivables and advances consisted of the following at September 30, 2000: 



Trust Federal 



Trade receivables, net of $ 1 . 1 in allowances 

 Contributions receivable, net 

 Grants and contracts 

 Accrued interest and dividends 

 Advance payments 

 Charitable trust 



Total receivables and advances 



Total 



17.1 





17.1 



191.7 



— 



191.7 



10.7 



— 



10.7 



1.7 



— 



1.7 



0.8 



9.2 



10.0 



1.7 



— 



1.7 



223.7 



9.2 



232.9 



