JAMES A. MICHENER ART MUSEUM

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1 FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31, 2010

2 CONTENTS INDEPENDENT AUDITOR'S REPORT 1 FINANCIAL STATEMENTS Statement of Financial Position 2 Statement of Activities 3 Statement of Functional Expenses 4 Statement of Cash Flows 5 Notes to Financial Statements 6

3 INDEPENDENT AUDITOR'S REPORT Board of Trustees James A. Michener Art Museum Doylestown, Pennsylvania We have audited the accompanying statement of financial position of James A. Michener Art Museum (a non-profit organization) as of December 31, 2010, and the related statements of activities, functional expenses, and cash flows for the year then ended. These financial statements are the responsibility of the Museum's management. Our responsibility is to express an opinion on these financial statements based on our audit. The prior-year summarized comparative information has been derived from the Museum's 2009 financial statements and, in our report dated June 17, 2010, we expressed an unqualified opinion on those financial statements. We conducted our audit in accordance with U.S. generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of James A. Michener Art Museum as of December 31, 2010, and the changes in its net assets and its cash flows for the year then ended in conformity with U.S. generally accepted accounting principles. Philadelphia, Pennsylvania June 20, 2011

4 STATEMENT OF FINANCIAL POSITION December 31, 2010 with comparative totals for ASSETS Cash $ 1,161,934 $ 681,317 Contributions receivable Facilities 2,779,800 2,793,700 Capital campaign 2,290,266 2,523,248 Other 407, ,144 Inventory - Museum gift shop 88,684 96,714 Prepaid expenses and other 52,760 51,976 Investments 14,781,712 13,961,272 Property and equipment, net 10,691,434 10,917,683 Beneficial interest in perpetual trust 1,011, ,186 Beneficial interest in remainder trust 130, ,225 Cash value of life insurance policies 31,135 28,346 Collections - - Total assets $ 33,427,721 $ 32,595,811 LIABILITIES Line of credit $ 350,000 $ 1,515,000 Accounts payable and accrued expenses 211, ,709 Advances and deferred revenue 27,050 27,500 Charitable gift annuity obligations 84,226 92,260 Mortgage notes payable 467, ,647 Total liabilities 1,139,650 2,386,116 NET ASSETS Unrestricted Operating 67, ,487 Board designated Endowment/Project 9,296,108 8,477,801 Replacement reserve 744, ,000 Plant 3,112,351 3,314,763 13,219,481 12,704,051 Temporarily restricted 11,882,223 10,760,139 Permanently restricted 7,186,367 6,745,505 Total net assets 32,288,071 30,209,695 Total liabilities and net assets $ 33,427,721 $ 32,595,811 See accompanying notes -2-

5 STATEMENT OF ACTIVITIES Year ended December 31, 2010 with comparative totals for 2009 Unrestricted Board Designated Endowment/ Replacement Operating Project Reserve Plant Total SUPPORT Grants and contributions $ 354,042 $ 375,000 $ - $ - $ 729,042 In-kind contribution - facilities Total support 354, , ,042 REVENUE Admission fees 178, ,478 Memberships 251, ,436 Museum shop 163, ,670 Program fees 167, ,162 Miscellaneous income 197, ,399 Total revenue 958, ,145 NET ASSETS RELEASED FROM RESTRICTIONS 1,075, ,075,101 Total support, revenue and net assets released 2,387, , ,762,288 EXPENSES Museum services 2,751, ,751,830 Supporting services General and administrative 463, ,061 Fund-raising 345, ,452 Total expenses 3,560, ,560,343 CHANGE IN NET ASSETS BEFORE OTHER CHANGES (1,173,055) 375, (798,055) OTHER CHANGES Change in net assets not capitalized Collection items purchased (61,922) (61,922) Loss on disposal of property and equipment (1,747) (1,747) Investment income 50,647 1,017, ,068,516 Change in value of split interest agreements Transfers: Property and equipment additions (2,939) - - 2,939 - Principal payments on mortgage notes payable (36,497) ,497 - Endowment transfer 783,200 (474,562) ,638 Replacement reserve addition - (100,000) 100, Depreciation 240, (240,101) - Total other changes 972, , ,000 (202,412) 1,313,485 CHANGE IN NET ASSETS (200,465) 818, ,000 (202,412) 515,430 NET ASSETS Beginning of year 267,487 8,477, ,000 3,314,763 12,704,051 End of year $ 67,022 $ 9,296,108 $ 744,000 $ 3,112,351 $ 13,219,481 See accompanying notes -3-

6 Temporarily Permanently Totals Restricted Restricted $ 1,987,798 $ 9,300 $ 2,726,140 $ 1,746, , , ,000 2,189,898 9,300 2,928,240 1,949, , , , , , , , , , , ,145 1,002,780 (1,075,101) ,114,797 9,300 3,886,385 2,952, ,751,830 3,065, , , , , ,560,343 3,820,440 1,114,797 9, ,042 (867,889) - - (61,922) (60,348) - - (1,747) (510,216) - 685,363 1,753,879 2,667,944 7,287 54,837 62, , (308,638) , ,562 1,752,334 2,212,233 1,122, ,862 2,078,376 1,344,344 10,760,139 6,745,505 30,209,695 28,865,351 $ 11,882,223 $ 7,186,367 $ 32,288,071 $ 30,209,695

7 STATEMENT OF FUNCTIONAL EXPENSES Year ended December 31, 2010 with comparative totals for 2009 Supporting Services Total Expenses Museum General and Services Administrative Fund-raising Salaries and fringe benefits $ 1,096,016 $ 173,105 $ 154,491 $ 1,423,612 $ 1,601,801 Advertising 52, ,242 79,167 Depreciation 424,982 67,122 59, , ,982 General operating expenses 58,526 15,731 25, , ,241 Insurance 35,960 8, ,670 48,002 Interest 16,838 23,489-40,327 75,391 Museum store purchases 75, ,067 81,564 Postage 16,762 2,842 4,502 24,106 27,368 Printing 46,141-5,903 52, ,740 Professional services 353,060 46,316 42, , ,519 Property maintenance 51,964 45,273 6, , ,644 Real estate taxes - 15,616-15,616 25,444 Rent-in-kind 166,295 26,265 23, , ,000 Temporary exhibition expenses 176, , ,956 Telecommunications 8, ,142 11,728 Utilities 149,977 31,529 21, , ,454 Miscellaneous 23,605 6, ,340 12,439 $ 2,751,830 $ 463,061 $ 345,452 $ 3,560,343 $ 3,820,440 See accompanying notes -4-

8 STATEMENT OF CASH FLOWS Year ended December 31, 2010 with comparative totals for 2009 CASH FLOWS FROM OPERATING ACTIVITIES Change in net assets $ 2,078,376 $ 1,344,344 Adjustments to reconcile change in net assets to net cash provided by (used for) operating activities Net realized and unrealized gain on investments (1,300,436) (2,226,846) Contributions restricted for long-term purposes - (10,000) Depreciation 552, ,982 Collection items purchased 61,922 60,348 Change in value of split interest agreements (68,216) (114,853) (Increase) decrease in Contributions receivable 303,868 3,013,320 Inventory - Museum gift shop 8,030 26,368 Prepaid expenses and other (784) 1,559 Increase (decrease) in Accounts payable and accrued expenses (36,485) (35,808) Advances and deferred revenue (450) 22,200 Charitable gift annuity obligations (8,034) (14,126) Net cash provided by operating activities 1,589,799 2,443,488 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of investments (1,318,650) (1,934,758) Proceeds from sale of investments 1,798,646 2,451,951 Acquisition of property and equipment (325,759) (3,527,061) Collection items purchased (61,922) (60,348) Net cash provided by (used for) investing activities 92,315 (3,070,216) CASH FLOWS FROM FINANCING ACTIVITIES Net borrowings (repayments) on credit line (1,165,000) 1,315,000 Repayment of mortgage notes payable (36,497) (34,795) Collections of contributions restricted for investment in endowment - 10,000 Net cash provided by (used for) financing activities (1,201,497) 1,290,205 Net increase in cash 480, ,477 CASH Beginning of year 681,317 17,840 End of year $ 1,161,934 $ 681,317 SUPPLEMENTAL DISCLOSURE Interest paid $ 40,327 $ 75,391 See accompanying notes -5-

9 NOTES TO FINANCIAL STATEMENTS December 31, 2010 (1) NATURE OF OPERATIONS The James A. Michener Art Museum ("Museum") is a not-for-profit organization located in Doylestown, Pennsylvania. The Museum's primary objectives are to collect, preserve, interpret and exhibit American art and to educate the community about the visual arts through a diverse program of activities which seeks to develop a lifelong involvement with the arts. (2) SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting The financial statements have been prepared on the accrual basis of accounting and, accordingly, reflect all significant receivables, payables and other liabilities. Financial Statement Presentation The Museum reports information regarding its financial position and activities according to the following three classes of net assets: Unrestricted net assets Net assets which are not subject to donor-imposed restrictions. The Museum has four classifications of unrestricted net assets. Operating net assets are net assets that are available for the general operations of the Museum. Endowment/Project unrestricted net assets have been restricted by the Board of Directors to function as an endowment or for specific projects. Replacement Reserve unrestricted net assets have been restricted by the Board of Directors for future repairs and/or replacement of property and equipment. Plant unrestricted net assets represent the Museum's unrestricted property and equipment less any related debt. Temporarily restricted net assets Net assets that are subject to donor-imposed restrictions that will be satisfied by actions of the Museum and/or the passage of time. When a restriction is satisfied, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of activities as "net assets released from restrictions." Permanently restricted net assets Net assets that are subject to donor-imposed restrictions that such assets be maintained indefinitely. Summarized Prior Year Information The financial statements include certain prior-year summarized comparative information in total but not by net asset class. Such information does not include sufficient detail to constitute a presentation in conformity with generally accepted accounting principles. Accordingly, such information should be read in conjunction with the Museum's financial statements for the year ended December 31, 2009, from which the summarized information was derived. Accounting Estimates In preparing financial statements in conformity with generally accepted accounting principles, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. -6-

10 NOTES TO FINANCIAL STATEMENTS December 31, 2010 Fair Value Measurements of Assets and Liabilities Generally accepted accounting principles ("GAAP") define fair value as the price that would be received to sell an asset or paid to transfer a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date. GAAP establishes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Museum. Unobservable inputs reflect the Museum's assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows: Level 1 Valuations based on quoted prices in active markets for identical assets or liabilities that the Museum has the ability to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these assets and liabilities does not entail a significant degree of judgment. Level 2 Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3 Valuations based on inputs that are unobservable, that is, inputs that reflect the Museum's own assumptions. Inventory Inventory in the Museum's gift shops is stated at the lower of cost or market value, using the first-in, first-out method. Investments and Investment Income Investments in equity securities with readily determinable fair values and all investments in debt securities are reported at fair value with gains and losses included in the statement of activities. Dividend and interest income is recorded as earned. Restricted investment income whose restrictions are satisfied in the same period are reported as unrestricted. Donated investments are recorded at fair value at the date of receipt. The Museum invests in a professionally-managed portfolio that contains various types of securities (See Note 5). Such investments are exposed to market and credit risks. Due to the level of risk associated with such investments, and the level of uncertainty related to changes in the value of such investments, it is at least reasonably possible that changes in the near term would materially affect investment balances and the amounts reported in the financial statements. Property and Equipment The Museum capitalizes all expenditures for property and equipment in excess of $500. Property and equipment are carried at cost. Depreciation is computed on the straight-line basis over estimated useful lives of three to ten years for furniture and equipment, twenty-five to thirty years for the leasehold improvements and building, and ten years for the permanent exhibits. Works of art acquired either through purchase or donation are not capitalized. Accordingly, the cost of collection items purchased is reported as a decrease in net assets and proceeds from the sale of collection items are reported as an increase in net assets. -7-

11 NOTES TO FINANCIAL STATEMENTS December 31, 2010 Beneficial Interest in Perpetual Trust The beneficial interest in perpetual trust is reported at fair value and is equal to the Museum's share of the assets in the trust. Contributions and Grants Contributions and grants are recorded as unrestricted, temporarily restricted or permanently restricted net assets depending on the absence or existence and nature of any donor restrictions. Donor-restricted contributions and grants whose restrictions are satisfied in the same period are reported as unrestricted. Contributions and grants that must be used to acquire property and equipment are reported as increases in restricted net assets. It is the Museum's policy to imply a time restriction, based on the assets' estimated useful lives for such contributions. Accordingly, these contributions are recorded as increases in temporarily restricted net assets and the Museum reclassifies temporarily restricted net assets to unrestricted net assets each year for the amount of depreciation expense relating to the property and equipment. Unconditional contributions and grants are recognized as revenue when the related promise to give is received. Conditional contributions and grants are recognized as revenue when the conditions are satisfied. Conditional contributions and grants received prior to satisfying the conditions are included in "advances and deferred revenue" in the accompanying statement of financial position. Contributed Services The Museum receives significant amounts of time from individuals who perform various functions for the Museum without compensation. The financial statements do not reflect the value of these contributed services since the services do not meet the criteria for recognition. Functional Allocation of Expenses The costs of providing the program and supporting services have been summarized on a functional basis in the statement of activities. Accordingly, certain costs have been allocated among the program and supporting services benefited, primarily based upon the relative time spent by Museum employees on each function. Income Tax Status The Museum is exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code. However, income from certain activities not directly related to the Museum's tax-exempt purpose is subject to taxation as unrelated business income. In addition, the Museum qualifies for the charitable contribution deduction under Section 170(b)(1)(A) and has been classified as an organization other than a private foundation under Section 509(a)(1). Effective January 1, 2009, the Museum adopted a new accounting standard regarding uncertain tax positions. The new standard prescribes a minimum recognition threshold that a tax position is required to meet in order to be recognized in the financial statements. The Museum believes that it had no uncertain tax positions as defined in the standard and, as a result, the adoption of the new standard had no impact on the Museum's financial statements. Concentration of Credit Risk Financial instruments which potentially subject the Museum to concentration of credit risk are cash and contributions receivable. The Museum maintains its cash at various high-quality financial institutions. At times, such deposits may exceed federally-insured limits. The composition of contributions receivable is more fully described in Note

12 NOTES TO FINANCIAL STATEMENTS December 31, 2010 Reclassifications Certain items in the 2009 comparative information have been reclassified in order to conform to the 2010 presentation. (3) CONTRIBUTIONS RECEIVABLE, FACILITIES In July 2007, the Museum entered into an agreement with the County of Bucks pursuant to which the Museum leases 12,000 square feet in Doylestown, Pennsylvania for a museum facility and administrative offices. The agreement requires the Museum to pay rent of $1 per year until its expiration on May 31, This agreement terminated a previous agreement dated June 1, In connection with this agreement, the Museum has reflected the following amounts in the accompanying financial statements based upon the estimated fair market value of the leased space. Statement of Financial Position Contributions receivable Gross $ 6,320,000 $ 6,536,000 Discount to present value (3,540,200) (3,742,300) $ 2,779,800 $ 2,793,700 Statement of Activities Contributions Amortization of discount $ 202,100 $ 203,000 (4) CONTRIBUTIONS RECEIVABLE, CAPITAL CAMPAIGN AND OTHER Other contributions receivable consisted of the following at December 31, 2010 and 2009: Unrestricted $ 40,358 $ 72,844 Restricted for endowment campaign 400, ,000 Restricted for future exhibitions and other purposes 157, ,600 Capital campaign 2,399,266 2,913,748 2,996,824 3,582,192 Less discount to net present value (249,400) (294,800) Less allowance for uncollectible promises (50,000) (300,000) Net unconditional promises to give $ 2,697,424 $2,987, Amount due in: Less than one year $ 1,352,364 $1,930,292 One to five years 1,294,460 1,251,900 Thereafter 350, ,000 $ 2,996,824 $3,582,192-9-

13 NOTES TO FINANCIAL STATEMENTS December 31, 2010 (5) INVESTMENTS Investments consisted of the following at December 31, 2010 and 2009: Money market funds $ 71,766 $ 178,521 Certificate of deposits 260, ,110 U.S. Treasury Securities and obligations of U.S. Government Agencies 379, ,111 Corporate bonds 706, ,784 Marketable equity securities 1,689,566 1,521,611 Mutual funds Equity 8,237,529 7,274,964 Fixed Income 3,311,306 3,526,655 Exchange traded funds Equity 88,063 59,886 Fixed income 36,878 34,630 $ 14,781,712 $ 13,961,272 Investment income was comprised of the following: Net realized and unrealized gain $ 1,300,436 $2,226,846 Interest and dividends 405, ,579 Distributions from perpetual trust 47,859 42,519 $ 1,753,879 $2,667,944 (6) PROPERTY AND EQUIPMENT Property and equipment consisted of the following at December 31, 2010 and 2009: Leasehold improvements $ 12,549,843 $ 12,524,409 Furniture and equipment 783, ,114 Permanent exhibits 676, ,425 Rental real estate Land 602, ,918 Buildings 775, ,002 Construction in progress 293,737-15,680,974 15,355,868 Less accumulated depreciation (4,989,540) (4,438,185) Total $ 10,691,434 $ 10,917,683 In order to obtain space for future expansion, the Museum has purchased three properties adjacent to its facilities. The purchase price of these properties was $1,377,920, of which $602,918 was allocated to the land and $775,002 was allocated to the buildings. The buildings are currently being used as residential rental property. Rental income, which is included in "miscellaneous income" in the accompanying statement of activities, was $93,000 and $90,370 for 2010 and 2009, respectively. Rental expenses, which are included in "general and administrative expenses" in the accompanying statement of activities, were $93,216 and $78,195 for 2010 and 2009, respectively, of which $23,489 and $25,191 was attributable to interest expense. -10-

14 NOTES TO FINANCIAL STATEMENTS December 31, 2010 (7) BENEFICIAL INTEREST IN PERPETUAL TRUST The Museum has been named as income beneficiary of a bank-administered perpetual trust. The principal portion of the trust is permanently restricted and income distributions are restricted for collection care and acquisition. (8) LINE OF CREDIT The Museum has a $3,500,000 bank revolving line-of-credit used to finance construction that expires July Advances under this line are secured by a portion of the Museum's securities and bear interest at 4.25%. Advances outstanding under this line were $350,000 at December 31, 2010 and $1,515,000 at December 31, (9) MORTGAGE NOTES PAYABLE In connection with the purchase of two properties adjacent to its facilities (See Note 6), the Museum has issued two mortgage notes payable, which are secured by the land and building comprising the adjacent properties and currently bear interest at 4.75% and adjust to the prime rate every five years. The first note requires monthly principal and interest payments through September 2018 and had an outstanding balance of $207,693 at December 31, 2010 and $229,547 at December 31, The second note requires monthly principal and interest payments through July 2023 and had an outstanding balance of $259,457 at December 31, 2010 and $274,100 at December 31, The mortgage notes payable mature as follows: Year ending December 31, 2011 $ 38, , , , ,455 Thereafter 255,732 $467,150 (10) TEMPORARILY RESTRICTED NET ASSETS Temporarily restricted net assets are available for the following purposes and periods: Released Balance from Balance December 31, 2009 Additions Transfers Restrictions December 31, 2010 Purpose restrictions Exhibits $ 35,000 $ 16,000 $ - $ (21,000) $ 30,000 Capital Campaign 302,260 1,806,500 (324,567) (168,314) 1,615,879 Publication 48, (26,000) 22,000 Other 37,391 95,698 - (96,480) 36,609 Time restrictions Donated facilities 2,793, ,100 - (216,000) 2,779,800 Long-lived assets 7,099, ,567 (311,907) 7,111,933 Operating expenses 444,515 76,887 - (235,400) 286,002 $10,760,139 $2,197,185 $ - $ (1,075,101) $11,882,

15 NOTES TO FINANCIAL STATEMENTS December 31, 2010 (11) PERMANENTLY RESTRICTED NET ASSETS Permanently restricted net assets consist of the following: Endowments $6,174,406 Beneficial interest in perpetual trust 1,011,961 $7,186,367 Permanently restricted net assets include two endowment funds to be held indefinitely. The income from one endowment is available for general operating expenses and the income from the other endowment is restricted for collection care and acquisition. (12) ENDOWMENT FUNDS In August 2008, a new accounting standard was issued which provides guidance on the net asset classification of donor-restricted endowment funds for a nonprofit organization that is subject to an enacted version of the Uniform Prudent Management of Institutional Funds Act ("UPMIFA"). The Museum is not subject to this guidance since Pennsylvania has not enacted a version of UPMIFA. The standard also requires additional disclosures about an organization's endowment funds (both donor-restricted endowment funds and boarddesignated endowment funds) whether or not the organization is subject to UPMIFA. In accordance with Pennsylvania statutes, the Museum has adopted investment and spending policies for its endowment assets that attempt to provide a predictable stream of funding to programs supported by its endowments while seeking to maintain the purchasing power of these endowment assets over the long-term. The Museum's spending and investment policies work together to achieve this objective. The investment policy establishes an achievable return objective through diversification of asset classes. The spending policy calculates the amount of money annually distributed from the permanently restricted endowment fund to support various programs. The current spending policy is to distribute an amount equal to 5.5% of a moving three-year average of the fair value of the endowment fund. Total Board Permanently Endowment Designated Restricted Assets Endowment net assets, beginning of year $ 8,477,801 $ 5,788,319 $ 14,266,120 Additions and other changes 375,000 9, ,362 Investment income 240, , ,796 Realized and unrealized gain 777, ,282 1,300,436 Transfer to replacement reserve (100,000) - (100,000) Spending policy distribution (474,562) (308,638) (783,200) Endowment net assets, end of year $ 9,296,108 $ 6,174,406 $ 15,470,514 (13) RETIREMENT PLAN The Museum has a defined contribution plan covering substantially all eligible employees. The provisions of the plan permit the employees to contribute from 1% to 7% of their salary to the plan. The Museum has agreed to match 100% of the employees' contributions. The Museum's contributions were $60,968 and $71,739 for 2010 and 2009, respectively. -12-

16 NOTES TO FINANCIAL STATEMENTS December 31, 2010 (14) GRANT FROM COMMONWEALTH OF PENNSYLVANIA In 2011, the state approved a commitment of $2,000,000 in Redevelopment Assistance Capital Program funding for the Museum. This amount will be recognized in the 2011 financial statements. (15) ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS The following is a summary of assets and liabilities measured at fair value on a recurring basis and the valuation inputs used to value them: Quoted Prices in Significant Other Significant Balance Active Markets Observable Inputs Unobservable Description December 31, 2010 (Level 1) (Level 2) Inputs (Level 3) Assets Contributions receivable $ 5,477,224 $ - $ 5,477,224 $ - Investments 14,781,712 13,435,108 1,346,604 - Beneficial interest in perpetual trust 1,011,961-1,011,961 - Beneficial interest in remainder trust 130, ,877 - $ 21,401,774 $ 13,435,108 $ 7,966,666 $ - Liabilities Charitable gift annuity obligations $ 84,226 $ - $ 84,226 $ - (16) SUBSEQUENT EVENTS Management has evaluated subsequent events through June 20, 2011, the date on which the financial statements were available to be issued. Except for the grant from the Commonwealth of Pennsylvania, no material subsequent events have occurred since December 31, 2010 that required recognition or disclosure in the financial statements. -13-

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