Page 41 - RFCUNY Annual Report 2016

At June 30, 2016, future minimum principal payments are as follows:

2017 $ 1,187,576
2018 1,245,230
2019 1,305,684
2020 1,369,072
2021 1,435,538
Thereafter 61,244,156
$ 67,787,256

Included in restricted cash in the accompanying consolidated balance sheets are balances in escrow
accounts, including interest earned, of approximately $1,270,000 and $508,000 as of June 30, 2016
and 2015, respectively. Under the terms of the loan, the LLC is required to deposit annual payments of
$500,000 beginning on May 15, 2015 through May 15, 2019 and an additional payment of $198,515 on
May 15, 2020 into an escrow account maintained by the mortgage bank for future tenant improvements
related to CUNY’s extended lease.
(9) Related-Party Transactions
The Foundation entered into an agreement with CUNY, a tenant in the building, to sublease 66,867 of
CUNY’s 179,901 square feet of space. The CUNY lease agreement was extended in 2014 and expires
in June 2034. The Sole Member’s sublease is subject to all terms and conditions of the CUNY lease
agreement. For the years ended June 30, 2016 and 2015, rental revenue from CUNY were $4,794,972
and $4,596,945, respectively, net of sublease expense of $2,764,761 and $2,697,328, respectively.
In fiscal years 2016 and 2015, the Foundation approved grants to CUNY for central research initiatives
of $2,300,000 annually.
Grants Plus provides administrative services with respect to grants and contracts received by sev-
eral not-for-profit organizations. Those grants and contracts administered by Grants Plus, as agent for
not-for-profit organizations, in fiscal years 2016 and 2015 approximated $2,793,524 and $2,471,979,
respectively.
The Foundation paid the operating costs of Grants Plus, which totaled $29,000 in 2016 and 2015.
These costs are reflected as donated services and expenses in the consolidated statements of activities,
before elimination, and they consist of the following:

Personal services $ 27,800
Supplies, telephones, and communications 1,200
$ 29,000

In 2016 and 2015, Grants Plus accrued a management fee of $99,500 and $95,000, respectively,
payable to the Foundation for services rendered, which is eliminated in consolidation.

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