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Consolidated Balance Sheets
June 30, 2011 and 2010 (with consolidating information as of June 30, 2011)
2011
Foundation
230 West
41st Street
LLC
Grants-
Plus
Elimina
tions
Total
2010
Assets
Consolidating information
Cash and cash equivalents
$ 77,976,554 694,422 208,662
— 78,879,638
80,313,809
Restricted cash (notes 2(k), 8, and 9)
— 3,388,168
— — 3,388,168
3,367,051
Grants, contracts, and accounts receivable
(net of allowance of $3,300,000 in 2011 and
$6,400,000 in 2010)
55,667,613
— 2,648 (924,774) 54,745,487
67,955,208
Rent receivable
— 1,098,858
— — 1,098,858
1,036,919
Prepaid expenses and other assets
683,704 580,388 9,336
— 1,273,428
563,849
Investments, at fair value (note 3)
75,624,790
— — — 75,624,790
63,370,815
Investment in GrantsPlus
22,132
— — (22,132)
—
—
Investment in 230 West 41st Street LLC
4,504,902
— — (4,504,902)
—
—
Deferred rent receivable
— 4,406,283
— (941,190) 3,465,093
3,497,996
Value of in-place leases (net of accumulated
amortization of $1,498,582 in 2011 and
$5,282,244 in 2010)
— 1,454,599
— — 1,454,599
1,670,011
Above-market leases (net of accumulated
amortization of $969,907 in 2011 and
$2,401,902 in 2010)
— 1,037,639
— — 1,037,639
1,176,830
Deferred costs (net of accumulated amortiza-
tion of $1,860,317 in 2011 and $1,543,774
in 2010)
— 967,618
— — 967,618
1,172,848
Fixed assets:
Rental property, net (note 7)
— 51,513,753
— — 51,513,753
53,038,597
Furniture, fixtures, and equipment (net of
accumulated depreciation of $3,084,888 in
2011 and $2,755,616 in 2010)
312,751
— — — 312,751
610,801
Leasehold improvements (net of accumulated
amortization of $217,627 in 2011 and
$181,727 in 2010)
249,071
— — — 249,071
284,971
Total assets
$215,041,517 65,141,728 220,646 (6,392,998) 274,010,893
278,059,705
Liabilities and Net Assets (Deficit)
Accounts payable and accrued expenses
(notes 4 and 6)
$ 47,085,149 746,351 25,765
— 47,857,265
44,584,677
Deferred revenue (note 5)
66,063,061
— 97,975
— 66,161,036
67,786,750
Grants payable to CUNY (note 9)
2,107,190
— — — 2,107,190
1,997,412
Due to Sole Member
— 850,000 74,774 (924,774)
—
—
Deferred rent payable
941,190
— — (941,190)
—
—
Security deposits payable
— 475,021
— — 475,021
475,021
Deposits held in custody for CUNY colleges
72,462,930
— — — 72,462,930
79,397,566
Below-market leases (net of accumulated
amortization of $277,505 in 2011 and
$255,344 in 2010)
— 58,233
— — 58,233
80,394
Deposits held in custody for tenant (note 9)
— 215,609
— — 215,609
298,025
Postretirement benefits payable (note 4)
29,487,846
— — — 29,487,846
52,853,641
Mortgage loan payable (note 8)
— 58,291,612
— — 58,291,612
59,155,325
Total liabilities
218,147,366 60,636,826 198,514 (1,865,964) 277,116,742
306,628,811
Commitments and contingencies (notes 6
and 10)
Net assets (deficit):
Unrestricted:
Postretirement benefits
(29,487,846)
— — — (29,487,846)
(52,853,641)
230 West 41st Street LLC
4,504,902 4,504,902
— (4,504,902) 4,504,902
6,225,789
GrantsPlus
22,132
— 22,132 (22,132)
22,132
22,027
Other
21,854,963
— — — 21,854,963
18,036,719
Total net assets (deficit)
(3,105,849) 4,504,902 22,132 (4,527,034) (3,105,849)
(28,569,106)
Total liabilities and net assets (deficit)
$215,041,517 65,141,728 220,646 (6,392,998) 274,010,893
278,059,705
See accompanying notes to consolidated financial statements.
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