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Notes to Consolidated Financial Statements
(continued)
June 30, 2011 and 2010
2010
Fair Value
Level 1
Level 2
Level 3
Debt securities:
Fixed income mutual fund
$ 5,405,936 5,405,936
— —
Corporate bonds
2,379,852
— 2,379,852
—
U.S. government obligations
1,451,248
— 1,451,248
—
Foreign bonds
159,913
— 159,913
—
Other
60,865
— — 60,865
Total debt securities
9,457,814 5,405,936 3,991,013
60,865
Equity securities:
Equity mutual funds
25,152,162 25,152,162
— —
U.S. common stock
4,378,105 4,378,105
— —
Nonpublic equity funds
2,909,212
— — 2,909,212
American Depositary Receipts
1,506,855 1,506,855
— —
Other
619,895
619,895
— —
Total equity securities
34,566,229 31,657,017
— 2,909,212
Short-term investments
1,962,188
— 1,962,188
—
$ 45,986,231 37,062,953 5,953,201 2,970,077
Activity with respect to Level 3 plan assets for the year ended
June 30 was as follows:
2011
2010
Balance at beginning of year
$2,970,077
121,970
Purchases
44,849
3,210,579
Sales
(40,967)
(271,970)
Unrealized gain (loss)
827,707
(90,502)
Balance at end of year
$3,801,666
2,970,077
(5) Deferred Revenue
At June 30, 2011 and 2010, cash advances for grants and con-
tracts are for the following projects:
2011
2010
Research
$12,012,270
11,969,473
Training
14,406,250
17,466,951
Academic development
27,681,678
26,487,214
Student services
7,413,414
6,939,089
Other
4,647,424
4,924,023
$66,161,036
67,786,750
(6) Commitments
(a) Rental Expenses under Operating Leases
During 2005, the Foundation relocated its headquarters from
555 West 57th Street to 230 West 41st Street. The Foundation
also sublet at a lower rate than its contractual lease rate, the
leased space at 555 West 57th Street to CUNY until the lease
terminated in June 2010. The net rent expense for the years ended
June 30, 2011 and 2010 was $0 and $232,051, respectively.
(b) Rental Income under Operating Leases
Future minimum rental income under the LLC’s operating leases
is as follows:
2012
$ 7,723,269
2013
7,561,190
2014
7,174,657
2015
6,507,060
2016
6,089,997
Thereafter
11,144,749
Pursuant to the individual tenant leases, the tenants pay their
allocable share of the costs of operating the Property, including
real estate taxes, certain insurance premiums, and other expenses
that are not included above.
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