Basic HTML Version
Consolidated Statements of Activities
Years ended June 30, 2011 and 2010 (with consolidating information for the year ended June 30, 2011)
2011
Foundation
230 West
41st Street
LLC
Grants-
Plus
Elimina
tions
Total
2010
Consolidating information
Grants and contracts administered for others:
Revenue:
Governmental
$ 266,203,341
— — — 266,203,341
261,936,458
Private
105,202,792
— — — 105,202,792
98,586,260
Total grants and contracts revenue
371,406,133
— — — 371,406,133
360,522,718
Expenses:
Research
(130,453,272)
— — — (130,453,272)
(122,359,213)
Training
(91,641,639)
— — — (91,641,639)
(95,204,593)
Academic development
(97,547,254)
— — — (97,547,254)
(98,446,915)
Student services
(40,815,016)
— — — (40,815,016)
(35,599,223)
Other
(10,948,952)
— — — (10,948,952)
(8,912,774)
Total grants and contracts expenses
(371,406,133)
— — — (371,406,133)
(360,522,718)
Administrative services:
Revenue:
Administrative fees
27,183,236
— 80,963 (52,000) 27,212,199
25,508,847
Investment return (note 3)
451,144
7,563
— — 458,707
456,741
Rental income (note 6)
— 11,843,083
— (2,535,373)
9,307,710
9,402,016
Donated services
— — 28,226 (28,226)
—
—
Other
180,261 162,263 70,200
— 412,724
190,966
Total administrative revenue
27,814,641 12,012,909 179,389 (2,615,599) 37,391,340
35,558,570
Expenses:
Management and general
(22,813,849)
— — 2,535,373 (20,278,476)
(19,162,096)
Postretirement credit (cost) (note 4)
3,336,537
— — — 3,336,537
(1,380,518)
Grants to CUNY for central research
initiatives (note 9)
(2,300,000)
— — — (2,300,000)
(2,300,000)
Investment return allocated to individual
colleges
(210,599)
— — — (210,599)
(582,915)
Operating expenses of 230 West 41st
Street LLC (note 10)
— (4,299,109)
— — (4,299,109)
(4,259,713)
Interest expense
— (3,874,725)
— — (3,874,725)
(3,927,313)
Real estate taxes (note 11)
— (876,361)
— — (876,361)
(992,787)
Depreciation and amortization
(371,949) (2,513,929)
— — (2,885,878)
(2,943,343)
Donated expenses (note 9)
— — (28,226)
28,226
—
—
Other (note 9)
— (469,673) (151,058)
52,000
(568,731)
(269,354)
Total administrative expenses
(22,359,860) (12,033,797) (179,284) 2,615,599 (31,957,342)
(35,818,039)
Excess (deficiency) of revenue over
expenses before other changes
5,454,781
(20,888)
105
— 5,433,998
(259,469)
Other changes:
Change in Foundation investment in
230 West 41st Street LLC
(1,720,888)
— — 1,720,888
—
—
Change in Foundation investment in
GrantsPlus
105
— — (105)
—
—
230 West 41st Street LLC distribution to
Sole Member
1,700,000 (1,700,000)
— —
—
—
Gain (loss) not yet recognized as compo-
nent of net periodic postretirement benefit
cost (note 4)
20,029,258
— — — 20,029,258
(1,552,809)
Increase (decrease) in net assets
25,463,256 (1,720,888)
105 1,720,783 25,463,256
(1,812,278)
Net assets (deficit) at beginning of year
(28,569,106) 6,225,790 22,027 (6,247,816) (28,569,105)
(26,756,828)
Net assets (deficit) at end of year
$ (3,105,850) 4,504,902 22,132 (4,527,033) (3,105,849)
(28,569,106)
See accompanying notes to consolidated financial statements.
The Research Foundation of the City University of New York
The Research Foundation of The City University of New York