Page 39 - RFCUNY Annual Report 2016

Activity with respect to Level 3 plan assets for the years ended June 30, 2016 and 2015 was as follows:

2016 2015
Balance at beginning of year $ 273,401 388,505
Purchases 710,874 53,634
Sales (531,019) (164,016)
Unrealized gain (loss) 13,437 (4,722)
Balance at end of year $ 466,693 273,401

(5) Deferred Revenue
At June 30, 2016 and 2015, cash advances for grants and contracts are for the following projects:

2016 2015
Research $ 16,950,409 14,584,304
Training 18,381,937 17,541,707
Academic development 38,750,204 37,107,972
Student services 9,847,511 11,124,743
Other 10,212,719 4,494,175
$ 94,142,780 84,852,901

(6) Commitments
(a) Rental Income under Operating Leases
Future minimum rental income under the LLC’s operating leases is as follows:

2017 $ 13,228,419
2018 13,189,871
2019 13,223,974
2020 13,760,995
2021 13,789,820
Thereafter 163,127,387
Total minimum rental payments $ 230,320,466

Pursuant to the individual tenant leases, the tenants pay their allocable share of the costs of operating
the Property, including real estate taxes, certain insurance premiums, and other expenses that are not
included above. CUNY’s portion of the above future minimum rent is approximately $199,000,000.

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