Page 28 - RFCUNY Annual Report 2016

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

Consolidated Statements of Activities
2016
June 30, 2016 and 2015 (with consolidating information as of June 30, 2016) Consolidating Information
Foundation 230 West 41st GrantsPlus Eliminations Total 2015
Street LLC
Grants and contracts administered for others:
Revenue:
Governmental $ 280,865,708 — — — 280,865,708 259,563,097
Private 131,264,411 — — — 131,264,411 124,372,042
Total grants and contracts revenue 412,130,119 — — — 412,130,119 383,935,139
Expenses:
Research (129,236,303) — — — (129,236,303) (120,643,979)
Training (114,766,282) — — — (114,766,282) (100,819,226)
Academic development (104,104,204) — — — (104,104,204) (106,608,837)
Student services (52,610,449) — — — (52,610,449) (45,690,460)
Other (11,412,881) — — — (11,412,881) (10,172,637)
Total grants and contracts expenses (412,130,119) — — — (412,130,119) (383,935,139)
Administrative services:
Revenue:
Administrative fees 28,552,406 — 127,279 — 28,679,685 27,565,528
Investment return (note 3) 296,690 7,101 — — 303,791 206,104
Rental income (notes 6 and 9) — 17,386,761 — (2,764,761) 14,622,000 14,483,156
Donated services — — 29,000 (29,000) — —
Other 165,786 27,358 — — 193,144 194,673
Total administrative revenue 29,014,882 17,421,220 156,279 (2,793,761) 43,798,620 42,449,461
Expenses:
Management and general (28,194,785) — (16,770) 2,764,761 (25,446,794) (23,395,149)
Postretirement credit (note 4) 10,830,433 — — — 10,830,433 10,660,492
Grants to CUNY for central research initiatives (note 9) (2,300,000) — — — (2,300,000) (2,300,000)
Investment return allocated to individual colleges (199,128) — — — (199,128) (224,815)
Operating expenses of 230 West 41st Street LLC (note 10) — (6,652,166) — — (6,652,166) (7,166,245)
Interest expense — (3,288,334) — — (3,288,334) (3,340,981)
Real estate taxes (note 11) — (I,182,387) — — (I,182,387) (1,146,573)
Depreciation and amortization (179,643) (2,850,610) — — (3,030,253) (2,962,338)
Donated expenses (note 9) — — (29,000) 29,000 — —
Total administrative expenses (20,043,123) (13,973,497) (45,770) 2,793,761 (31,268,629) (29,875,609)
Excess of revenue over expenses before other changes 8,971,759 3,447,723 110,509 — 12,529,991 12,573,852
Other changes:
Change in Foundation investment in 230 West 41st Street LLC 1,447,723 — — (1,447,723) — —
Change in Foundation investment in GrantsPlus 11,009 — — (11,009) — —
230 West 41st Street LLC distribution to Foundation 2,000,000 (2,000,000) — — — —
GrantsPlus distribution to Foundation (note 9) 99,500 — (99,500) — — —
Postretirement benefits changes other than net periodic benefit cost (note 4) (10,927,846) — — — (10,927,846) (11,704,285)
Increase in net assets 1,602,145 1,447,723 11,009 (1,458,732) 1,602,145 869,567
Net assets at beginning of year 30,161,168 4,524,391 22,294 (4,546,685) 30,161,168 29,291,601
Net assets at end of year $ 31,763,313 5,972,114 33,303 (6,005,417) 31,763,313 30,161,168
See accompanying notes to consolidated financial statements.

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