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Notes to Consolidated Financial Statements
(continued)
June 30, 2011 and 2010
The Foundation paid the operating costs of GrantsPlus, which
totaled $28,226 in 2011 and $76,997 in 2010. These costs are
reflected as donated services and expenses in the consolidated
statements of activities, before elimination, and they consist of
the following:
2011
2010
Personal services
$27,026
—
Supplies, telephones, and
communications
1,200
10,963
Rent
—
56,034
Other
—
10,000
$28,226
76,997
In 2011 and 2010, GrantsPlus accrued a management fee of
$52,000 and $97,000, respectively, payable to the Foundation for
services rendered.
(10) Property Management Fees
In July 2004, the LLC entered into a management agreement with
GVA Williams (now Colliers International) to manage and provide
leasing services to the Property for one year, at which time it was
automatically renewed on a month-to-month basis until terminated
by either party giving prior written notice of termination. The
agreement provides that the LLC will pay a management fee of
$70,800 per year for years one through three and $73,200 per
year for years four through six. Such expenses are included in
operating expenses in the consolidated statements of activities.
Additionally, the LLC will pay the property manager a commission
in accordance with the terms of the management agreement if the
property manager procures a new lease or an extension, renewal,
or expansion of an existing lease for space in the Property during
the term of this agreement.
(11) Real Estate Tax Exemption
During fiscal years 2011 and 2010, the LLC obtained a real
estate tax reduction amounting to approximately $1,109,207 and
$1,030,320 relating to an exemption for the portion of the Property
used by CUNY as a not-for-profit, tax-exempt organization.
(12) Subsequent Events
The Organization evaluated events subsequent to June 30, 2010
and through November 11, 2011, the date on which the consoli-
dated financial statements were available to be issued, the result
of which had no impact on the Organization’s consolidated finan-
cial statements.
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