Page 27 - RFCUNY Annual Report 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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