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Schedule of Operating Income
Years ended June 30, 2011 and 2010
(unaudited)
2011
2010
Revenues collected from:
Administrative fees:
Administrative fees—standard & CAB
$ 22,317,565
21,676,400
Administrative fees—non-standard
1,756,556
1,827,092
ARRA
1,079,531
616,903
Direct fees
605,394
719,223
Summer salary reimbursed to OUA
1,150,752
—
PSC-CUNY
282,422
362,296
Accrual of administrative fee revenue
(60,984)
184,704
Administrative fee income from RF affiliates—230 W 41st Street, LLC
1,700,000
1,500,000
Administrative fee income from RF affiliates—GrantPlus
52,000
97,000
Total administrative fees
28,883,236
26,983,618
Interest income
487,160
498,899
Net (depreciation) appreciation in fair value of investments
(36,016)
(42,157)
Miscellaneous income
180,261
190,968
Total income
29,514,641
27,631,328
Revenues allocated to:
Initial allocations:
RFCO expenses
(20,979,279)
(19,995,769)
ARRA expenses
—
(44,824)
Central allocation budget reserve
(2,128,000)
(2,166,112)
Contingency fund reserve
(100,000)
(100,000)
Employee termination reserve
(100,000)
(100,000)
Legal reserve
(300,000)
(350,000)
Foundation working capital reserve
(750,000)
(750,000)
Support for University-wide sponsored program insurance
(772,708)
(688,720)
Off-site recovery reserve
(25,000)
(25,000)
Reserve for pre-employment background checks
(200,000)
(200,000)
Pre-Award initiative reserve
(100,000)
(100,000)
HR/Payroll application replacement
(400,000)
(100,000)
Interest distributed to colleges
(210,600)
(100,000)
Interest distributed to RF
(15,000)
—
Interest reserved to offset administrative fee
(261,561)
(422,439)
Loss on investments
36,016
42,157
RFCO internal funds
(25,286)
(16,053)
Mid-year allocations:
Fund deficit of pre-employment background check
(100,710)
—
Transfer from operations to fund administrative fee
714,638
333
Field union settlement
(75,573)
—
Funding for loss on lease termination
—
(196,444)
Total deductions to administrative fee reserve
(25,793,063)
(25,312,871)
Increase to administrative fee reserve
3,721,578
2,318,457
Administrative fee reserve at beginning of year excluding direct fees and other entities
3,797,881
1,479,424
Administrative fee reserve at end of year including direct fees and other entities
$ 7,519,459
3,797,881
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