2019 Financial Report – Noble Research Institute

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

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