Page 29 - RFCUNY Annual Report 2016

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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