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Consolidated Balance Sheets June 30, 2010 and 2009 (with consolidating information as of June 30, 2010)

2010

Foundation

230 West 41st Street LLC

Grants Plus

Elimina­

tions Total 2009

Assets Consolidating Information

Cash and cash equivalents $ 78,850,491 1,201,325 261,993 — 80,313,809 75,011,038 Restricted cash (notes 2(k) , 8 and 9) — 3,367,051 — — 3,367,051 3,391,924 Grants, contracts, and accounts receivable (net of allow­

ance of $6,400,000 in 2010 and $4,500,000 in 2009) 68,909,890 — 6,724 (961,406) 67,955,208 50,359,450 Loan receivable (note 11) — — — — — 2,014,066 Rent receivable — 1,036,919 — — 1,036,919 86,684 Prepaid expenses and other assets 456,089 100,825 6,935 — 563,849 638,804 Investments, at fair value (note 3) 63,148,552 222,263 — — 63,370,815 64,148,719 Investment in Grants Plus 22,027 — — (22,027) — — Investment in 230 West 41st Street LLC 6,225,789 — — (6,225,789) — — Deferred rent receivable — 4,532,207 — (1,034,211) 3,497,996 3,522,507 Value of in-place leases (net of accumulated amortiza­

tion of $5,282,244 in 2010 and $4,990,303 in 2009) — 1,670,011 — — 1,670,011 1,961,952 Above-market leases (net of accumulated amortization

of $2,401,902 in 2010 and $2,257,754 in 2009) — 1,176,830 — — 1,176,830 1,320,978 Deferred costs (net of accumulated amortization of

$1,543,774 in 2010 and $1,299,260 in 2009) — 1,172,848 — — 1,172,848 1,435,347 Fixed assets:

 Rental property, net (note 7) — 53,038,597 — — 53,038,597 54,869,191  Furniture, fixtures, and equipment (net of accumulated depreciation of $2,755,616 in 2010 and $2,523,519 in

2009) 610,801 — — — 610,801 874,648  Leasehold improvements (net of accumulated amorti­

zation of $181,727 in 2010 and $145,827 in 2009) 284,971 — — — 284,971 320,871    Total assets $218,508,610 67,518,876 275,652 (8,243,433) 278,059,705 259,956,179

Liabilities and Net Assets (Deficit)

Accounts payable and accrued expenses $ 44,133,765 534,322 10,590 (94,000) 44,584,677 44,901,404 Deferred revenue (note 5) 67,661,121 — 125,629 — 67,786,750 57,836,614 Grants payable to CUNY (note 9) 1,997,412 — — — 1,997,412 1,485,651 Revolving credit loan payable (note 11) — — — — — 1,698,218 Due to Sole Member — 750,000 117,406 (867,406) — — Deferred rent payable 1,034,211 — — (1,034,211) — — Security deposits payable — 475,021 — — 475,021 590,915 Deposits held in custody for CUNY colleges 79,397,566 — — — 79,397,566 69,770,779 Below-market leases (net of accumulated amortization

of $255,344 in 2010 and $233,152 in 2009) — 80,394 — — 80,394 102,586 Deposits held in custody for tenant (note 9) — 298,025 — — 298,025 439,898 Postretirement benefits payable (note 4) 52,853,641 — — — 52,853,641 49,920,311 Mortgage loan payable (note 8) — 59,155,325 — — 59,155,325 59,966,631    Total liabilities 247,077,716 61,293,087 253,625 (1,995,617) 306,628,811 286,713,007 Commitments and contingencies (notes 6 and 10) Net assets (deficit):  Unrestricted:

  Postretirement benefits (52,853,641) — — — (52,853,641) (49,920,311)   230 West 41st Street LLC 6,225,789 6,225,789 — (6,225,789) 6,225,789 7,772,976   Grants Plus 22,027 — 22,027 (22,027) 22,027 21,935   Other 18,036,719 — — — 18,036,719 15,368,572    Total net assets (deficit) (28,569,106) 6,225,789 22,027 (6,247,816) (28,569,106) (26,756,828)    Total liabilities and net assets (deficit) $218,508,610 67,518,876 275,652 (8,243,433) 278,059,705 259,956,179

See accompanying notes to consolidated financial statements.