Page 33 - RFCUNY-2010AnnualReport

Grants and contracts administered for others: Revenue:

Governmental $ 261,936,458 — — — 261,936,458 244,965,972 Private 98,586,260 — — — 98,586,260 93,652,066 Total grants and contracts revenue 360,522,718 — — — 360,522,718 338,618,038 Expenses:

Research (122,359,213) — — — (122,359,213) (104,936,360) Training (95,204,593) — — — (95,204,593) (97,581,267) Academic development (98,446,915) — — — (98,446,915) (91,532,401) Student services (35,599,223) — — — (35,599,223) (35,149,989) Other (8,912,774) — — — (8,912,774) (9,418,021) Total grants and contracts expenses (360,522,718) — — — (360,522,718) (338,618,038) Administrative services: Revenue:

Administrative fees 25,483,618 — 119,229 (94,000) 25,508,847 23,868,089 Investment return (note 3) 456,741 — — — 456,741 2,306,237 Rental income (note 6) — 11,937,389 — (2,535,373) 9,402,016 9,597,781 Donated services — — 76,997 (76,997) — — Other 190,966 — — — 190,966 182,846 Total administrative revenue 26,131,325 11,937,389 196,226 (2,706,370) 35,558,570 35,954,953 Expenses:

Management and general (21,697,469) — — 2,535,373 (19,162,096) (17,790,419) Postretirement cost (note 4) (1,380,518) — — — (1,380,518) (105,838) Grants to CUNY for central research initiatives

(note 9) (2,300,000) — — — (2,300,000) (2,300,000) Investment return allocated to individual colleges (582,915) — — — (582,915) (1,110,535) Operating expenses of 230 West 41st Street LLC

(note 10) — (4,259,713) — — (4,259,713) (4,362,815) Interest expense — (3,927,313) — — (3,927,313) (3,986,202) Real estate taxes (note 12) — (992,787) — — (992,787) (557,263) Depreciation and amortization (382,797) (2,560,546) — — (2,943,343) (3,150,854) Donated expenses (note 9) — — (76,997) 76,997 — — Other (note 9) — (244,217) (119,137) 94,000 (269,354) (430,407) Total administrative expenses (26,343,699) (11,984,576) (196,134) 2,706,370 (35,818,039) (33,794,333) (Deficit) excess of revenue over expenses

before other changes (212,374) (47,187) 92 — (259,469) 2,160,620 Other changes:

Change in Foundation investment in 230 West

41st Street LLC (1,547,187) — — 1,547,187 — — Change in Foundation investment in Grants Plus 92 — — (92) — — 230 West 41st Street LLC distribution to

Sole Member 1,500,000 (1,500,000) — — — — Loss not yet recognized as component of net

periodic postretirement benefit cost (note 4) (1,552,809) — — — (1,552,809) (10,488,617) (Decrease) increase in net assets (1,812,278) (1,547,187) 92 1,547,095 (1,812,278) (8,327,997) Net assets (deficit) at beginning of year (26,756,828) 7,772,976 21,935 (7,794,911) (26,756,828) (18,428,831) Net assets (deficit) at end of year $ (28,569,106) 6,225,789 22,027 (6,247,816) (28,569,106) (26,756,828)