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2019 Financial Report

Posted Aug. 20, 2020

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

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