Page 26 - RFCUNY Annual Report 2016

Research Foundation of The City University of New York and Related Entities

Consolidated Balance Sheets
June 30, 2016 and 2015 (with consolidating information as of June 30, 2016) 2016
Consolidating Information
Foundation 230 West 41st GrantsPlus Eliminations Total 2015
Street LLC
Assets
Cash and cash equivalents $ 135,521,366 11,345,694 390,141 — 147,257,201 137,510,298
Restricted cash (note 8) — 1,585,148 — — 1,585,148 849,206
Grants, contracts, and accounts receivable (net of allowance of $3,000,000 in 2016 and $3,800,000 in 2015) 74,883,520 — 805 (99,500) 74,784,825 66,169,359
Rent receivable — 343,310 — — 343,310 947,094
Prepaid expenses and other assets 1,737,857 821,118 8,668 — 2,567,643 2,900,132
Investments, at fair value (note 3) 47,825,533 — — — 47,825,533 47,494,271
Investment in GrantsPlus 33,303 — — (33,303) — —
Investment in 230 West 41st Street LLC 5,972,114 — — (5,972,114) — —
Deferred rent receivable — 11,568,372 — (265,036) 11,303,336 8,017,455
Value of in-place leases (net of accumulated amortization of $2,320,843 in 2016 and $2,188,877 in 2015) — 632,338 — — 632,338 764,304
Above-market leases (net of accumulated amortization of $1,531,832 in 2016 and $1,432,462 in 2015) — 475,714 — — 475,714 575,084
Deferred costs (net of accumulated amortization of $3,677,638 in 2016 and $3,371,064 in 2015) — 2,610,995 — — 2,610,995 2,866,730
Fixed assets:
Rental property, net (note 7) — 44,370,383 — — 44,370,383 45,155,538
Furniture, fixtures, and equipment (net of accumulated depreciation of $3,263,891 in 2016
and $3,198,848 in 2015) 206,391 — — — 206,391 172,442
Leasehold improvements (net of accumulated amortization of $722,014 in 2016 and $607,415 in 2015) 150,005 — — — 150,005 264,604
Total assets $ 266,330,089 73,753,072 399,614 (6,369,953) 334,112,822 313,686,517
Liabilities and Net Assets
Liabilities:
Accounts payable and accrued expenses (notes 4 and 6) $ 61,143,334 839,192 79,781 — 62,062,307 56,971,888
Deferred revenue (note 5) 93,902,173 53,577 187,030 — 94,142,780 84,852,901
Grants payable to CUNY (note 9) 1,713,656 — — — 1,713,656 2,115,835
Due to Foundation (note 9) — — 99,500 (99,500) — —
Deferred rent payable 265,036 — — (265,036) — —
Tenant security deposits payable — 314,939 — — 314,939 334,403
Deposits held in custody for CUNY colleges 76,819,311 — — — 76,819,311 70,962,198
Postretirement benefits payable (note 4) 723,266 — — — 723,266 625,853
Mortgage loan payable, net (note 8) — 66,573,250 — — 66,573,250 67,662,271
Total liabilities 234,566,776 67,780,958 366,311 (364,536) 302,349,509 283,525,349
Commitments and contingencies (notes 6 and 10)
Net assets:
Unrestricted:
Postretirement benefits (723,266) — — — (723,266) (625,853)
230 West 41st Street LLC 5,972,114 5,972,114 — (5,972,114) 5,972,114 4,524,391
GrantsPlus 33,303 — 33,303 (33,303) 33,303 22,294
Other 26,481,162 — — — 26,481,162 26,240,336
Total net assets 31,763,313 5,972,114 33,303 (6,005,417) 31,763,313 30,161,168
Total liabilities and net assets $ 266,330,089 73,753,072 399,614 (6,369,953) 334,112,822 313,686,517
See accompanying notes to consolidated financial statements.

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