Annual report : 2000 / Burroughs Wellcome Fund.

  • Burroughs Wellcome Fund
Date:
2000
Catalogue details

Licence: Attribution 4.0 International (CC BY 4.0)

Credit: Annual report : 2000 / Burroughs Wellcome Fund. Source: Wellcome Collection.

    28/88 (page 26)
    Property and Equipment Property and equipment is primarily comprised of a building, furniture, and computer equipment which are stated at cost less accumulated depreciation and are being depreciated over their estimated useful lives using the straight-line method. Ordinary maintenance and repair costs are expensed as incurred. Building 40 years Furniture and Fixtures 7 years Computer Equipment 3 years Transactions receivable and transactions payable, net These amounts represent the net receivable or payable resulting from investment transactions with trade dates prior to August 31 and settlement dates subsequent to August 31. Awards granted and unpaid awards Grants are expensed at their fair value in the year in which the award is granted. Grants payable over several years are expensed, and carried on the statements of financial position, at the present value of their estimated future cash flows, using a risk free discount rate determined at the time the award is granted. Functional allocation of expenses Costs of the Fund’s operations and activities have been summarized on a functional basis in the statement of activities. Estimated fair value of financial instruments Financial instruments include cash and cash equivalents, marketable securities, accrued interest and dividends receivable, accounts payable, and unpaid awards. All financial instruments are reported at their estimated fair value. The carrying values of accrued interest and dividends receivable, accounts payable, and unpaid awards approximate fair values based upon the timing of future expected cash flows. The estimated fair value of marketable securities is determined based upon the latest quoted sales price for such securities as of the balance sheet date. The Fund’s remaining assets and liabilities are not considered financial instruments. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Market Risk Market risk represents the risk of changes in value of a financial instrument, derivative or non-derivative, caused by fluctuations in interest rates, foreign exchange rates and equity prices. The Fund manages these risks by using derivative financial instruments in accordance with established policies and procedures. 2. Property and Equipment The Fund’s property and equipment consisted of the following: 2000 1999 Building $ 13,361 $ . Furniture and Fixtures W540 - Computer Equipment 615 = Construction in progress 2 11,998 ISLS) 11,998 Less: accumulated depreciation 617) - $ 14,999 $ 11,998