Statement of Financial Position
| ASSETS | As of Dec. 31, 2019 | As of Dec. 31, 2018 |
| Cash | $2,400,877 | $6,452,299 |
| Accounts receivable and other assets | 4,442,091 | 2,412,675 |
| Prepaid expenses | 1,766,181 | 1,040,329 |
| MARKETABLE SECURITIES, AT FAIR VALUE | ||
| U.S. government securities | 13,240,409 | 21,043,680 |
| Corporate securities | 26,048,641 | 35,831,133 |
| Mutual and commingled funds | 8,596,143 | 8,144,994 |
| Total marketable securities | 47,855,193 | 65,019,807 |
| Property and equipment, net of accumulated depreciation | 94,799,567 | 97,275,245 |
| TOTAL ASSETS | $151,293,909 | $172,200,355 |
| LIABILITIES | ||
| Accounts payable and accrued expenses | $4,195,175 | $3,934,759 |
| Notes payable | 990,000 | 1,100,000 |
| Liability for pension and post-retirement medical benefits | 4,177,272 | 11,265,223 |
| TOTAL LIABILITIES | 9,362,447 | 16,299,982 |
| NET ASSETS | ||
| Net assets without donor restrictions | 141,931,462 | 155,900,373 |
| TOTAL NET ASSETS | 141,931,462 | 155,900,373 |
| TOTAL LIABILITIES AND NET ASSETS | $151,293,909 | $172,200,355 |
Statements of Activities and Change in Net Assets
| NET ASSETS WITHOUT DONOR RESTRICTIONS | Year Ended 2019 | Year Ended 2018 |
| Revenues, gains and losses: | ||
| Interest and dividends | $293,547 | $354,159 |
| Net realized gain on investments, net of investment expenses | 1,484,222 | 80,865 |
| Net unrealized gain/(loss) on investments | 2,613,133 | (86,907) |
| Grant and contribution revenue | 26,455,000 | 201,000 |
| Other miscellaneous program income | 7,368,502 | 6,349,483 |
| TOTAL REVENUES, GAINS AND LOSSES | 38,214,404 | 6,898,600 |
| PROGRAM SERVICE EXPENSES | ||
| Research | 54,563,482 | 47,211,738 |
| Consultation and education | 12,847,798 | 11,191,306 |
| Total program service expenses | 67,411,280 | 58,403,044 |
| SUPPORT SERVICE EXPENSES | ||
| Fundraising | 176,781 | — |
| Operational support | 5,702,596 | 3,815,107 |
| Total support service expenses | 5,879,377 | 3,815,107 |
| Provision for federal and state taxes | (8,290) | (117,066) |
| TOTAL EXPENSES | 73,282,367 | 62,101,085 |
| Expenses in excess of revenues, gains and losses | (35,067,963) | (55,202,485) |
| Gain on involuntary conversion | 11,072,235 | 34,292,781 |
| Pension and postretirement medical related changes other than net periodic costs | 10,026,817 | 9,523,712 |
| CHANGE IN NET ASSETS | (13,968,911) | (11,385,992) |
| NET ASSETS, BEGINNING OF YEAR | 155,900,373 | 167,286,365 |
| NET ASSETS, END OF YEAR | $141,931,462 | $155,900,373 |
