FINANCIAL STATEMENTS TOGETHER WITH REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS THE NEW YORK INSTITUTE FOR SPECIAL EDUCATION
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1 FINANCIAL STATEMENTS TOGETHER WITH REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS THE NEW YORK INSTITUTE FOR SPECIAL EDUCATION
2 C O N T E N T S Page Report of Independent Certified Public Accountants 1 Financial Statements: Statements of Financial Position as of 2 Statements of Activities for the Years Ended 3 Statements of Cash Flows for the Years Ended 4 Notes to Financial Statements 5-21
3 Audit Tax Advisory Grant Thornton LLP 666 Third Avenue, 13th Floor New York, NY T F REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS To the Board of Trustees of The New York Institute for Special Education: We have audited the accompanying statements of financial position of The New York Institute for Special Education (the Institute ) as of, and the related statements of activities and cash flows for the years then ended. These financial statements are the responsibility of the Institute s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America as established by the American Institute of Certified Public Accountants. 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 consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Institute s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide 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 The New York Institute for Special Education as of, and the changes in its net assets and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America. New York, New York October 22, 2009 Grant Thornton LLP U.S. member firm of Grant Thornton International Ltd
4 STATEMENTS OF FINANCIAL POSITION As of ASSETS Cash and cash equivalents $ 8,425,998 $ 11,925,992 Accrued investment income 139, ,627 Accounts receivable: Tuition 2,137, ,926 Grants 93, ,583 New York State Education Department 233, ,425 Other 497,526 31,899 Prepaid expenses 40,783 61,386 Deferred financing costs 139, ,053 Investments, at fair value (Note D) 83,625, ,712,495 Property, plant and equipment, net (Note F) 21,164,059 21,760,075 Total assets $ 116,496,239 $ 138,166,461 LIABILITIES AND NET ASSETS Liabilities: Accounts payable and accrued expenses $ 986,056 $ 927,607 Deferred revenues - 4,167,989 Conditional asset retirement obligation 1,299,772 1,245,161 Bond payable (Note G) 9,050,000 9,725,000 Postretirement benefit obligation (Note K) 9,047,021 5,125,874 Total liabilities 20,382,849 21,191,631 Commitments and contingencies (Note L) Net assets (Notes B and I): Unrestricted 95,552, ,394,759 Temporarily restricted 143, ,258 Permanently restricted 416, ,813 Total net assets 96,113, ,974,830 Total liabilities and net assets $ 116,496,239 $ 138,166,461 The accompanying notes are an integral part of these statements. -2-
5 STATEMENTS OF ACTIVITIES For the years ended Temporarily Restricted Permanently Temporarily Restricted Total Unrestricted Restricted Permanently Restricted Unrestricted Total Operating support and revenue: Tuition: New York State (Note J) $ 22,639,036 $ - $ - $ 22,639,036 $ 22,009,132 $ - $ - $ 22,009,132 Other 4, ,700 3, ,690 Grants 375, , , ,815 Investment income 1,083, ,083,968 1,500, ,500,134 Contributions and legacies 32,299 80, , ,944 55, ,079 Other government revenue 1,142, ,142,100 1,150, ,150,850 Net assets released from restrictions 99,766 (99,766) ,721 (44,721) - - Total operating support and revenue 25,377,087 (19,302) - 25,357,785 25,222,286 10,414-25,232,700 Operating expenses: Education 20,965, ,965,230 20,604, ,604,153 Residential 4,707, ,707,432 4,784, ,784,951 Program administration 1,006, ,006, , ,862 Management and general 2,769, ,769,429 2,744, ,744,122 Total operating expenses 29,449, ,449,008 29,112, ,112,088 Changes in net assets from operations (4,071,921) (19,302) - (4,091,223) (3,889,802) 10,414 - (3,879,388) Changes in net assets from nonoperating activities: Unrealized and realized depreciation in fair market value of investments (13,593,701) - - (13,593,701) (14,741,076) - - (14,741,076) Recovery from cost billing contracts 125, ,794 1,065, ,065,563 Pension-related changes other than net periodic pension cost (Note K) (3,302,310) - - (3,302,310) (1,775,704) - - (1,775,704) Decrease in net assets from nonoperating activities (16,770,217) - - (16,770,217) (15,451,217) - - (15,451,217) Changes in net assets (20,842,138) (19,302) - (20,861,440) (19,341,019) 10,414 - (19,330,605) Net assets, beginning of year 116,394, , , ,974, ,735, , , ,305,435 Net assets, end of year $ 95,552,621 $ 143,956 $ 416,813 $ 96,113,390 $ 116,394,759 $ 163,258 $ 416,813 $ 116,974,830 The accompanying notes are an integral part of these statements. -3-
6 STATEMENTS OF CASH FLOWS For the years ended Cash flows from operating activities: Changes in net assets $ (20,861,440) $ (19,330,605) Adjustments to reconcile changes in net assets to net cash (used in) provided by operating activities: Net realized and unrealized depreciation in investments 13,593,701 14,741,076 Accretion of interest on conditional asset retirement obligation 67,361 69,950 Cost of asset retirement obligation (12,750) (89,325) Depreciation 855,598 1,113,329 Amortization of deferred financing costs 15,045 15,405 Changes in assets and liabilities: Accrued investment income 51,457 (31,573) Accounts receivable (1,600,331) 124,259 Prepaid expenses 20,603 41,328 Accounts payable and accrued expenses 58,449 (498,712) Deferred revenues (4,167,989) 4,167,989 Postretirement benefit obligation 3,921,147 1,994,921 Net cash (used in) provided by operating activities (8,059,149) 2,318,042 Cash flows from investing activities: Purchases of property, plant and equipment (259,582) (183,622) Purchases of investments (27,193,554) (22,476,011) Proceeds from sales of investments 32,687,291 26,754,693 Net cash provided by investing activities 5,234,155 4,095,060 Cash flows from financing activities: Principal payments on bond payable (675,000) (650,000) (Decrease) increase in cash and cash equivalents (3,499,994) 5,763,102 Cash and cash equivalents, beginning of year 11,925,992 6,162,890 Cash and cash equivalents, end of year $ 8,425,998 $ 11,925,992 Supplementary cash flow information: Interest paid during the year (consists of cash paid directly by the New York State Education Department to the DASNY) $ 483,975 $ 500,850 The accompanying notes are an integral part of these statements. -4-
7 NOTES TO FINANCIAL STATEMENTS NOTE A - BUSINESS AND ORGANIZATION The New York Institute for Special Education (the Institute ) is a not-for-profit multipurpose school facility providing quality education, residential, training and related services to children between the ages of 3 and 21, whose disabilities include blindness and visual impairment, emotional disturbance, learning disabilities and developmental delays. In addition to the educational program, the Institute offers a wide range of related services to round the students educational experience and enhance their development. These services include speech therapy, music, art and special services for families. The Institute also sponsors a Cornerstone program based in Philadelphia, PA. This program is being developed to ensure that all children in school districts in which Cornerstone operates reach an acceptable level of literacy by third grade. The Institute is a not-for-profit educational organization classified by the Internal Revenue Service as a 501(c)(3) entity and is exempt from federal income taxes under Section 501(a) of the Internal Revenue Code and a similar provision of the New York State income tax law. NOTE B - BASIS OF PRESENTATION Net assets and revenues, expenses, gains and losses are classified based on the existence or absence of donor-imposed restrictions. Accordingly, the net assets of the Institute are classified and reported as follows: Unrestricted - Net assets that are not subject to donor-imposed restrictions and may be expended for any purposes in performing the primary objectives of the Institute. Of the amounts reflected as unrestricted net assets, the Institute s Board of Trustees has designated certain of their amounts for purposes of specific programmatic and capital initiatives. Temporarily Restricted - Net assets that are subject to donor-imposed restrictions that will be met either by actions of the Institute and/or the passage of time. As the restrictions are satisfied, temporarily restricted net assets are reclassified to unrestricted net assets and are reported in the statement of activities as net assets released from restrictions. Permanently Restricted - Net assets that are subject to donor-imposed restrictions that neither expire with the passage of time nor can be fulfilled or removed by actions of the Institute (see also Note E). -5-
8 NOTE B (continued) Unrestricted fund expenditures are summarized by function, consistent with criteria set forth by the New York State Education Department (the SED ), defined as follows: Education - Expenditures to provide the Institute s educational programs and related support, including library and media services; and costs of activities and services which contribute to the students emotional well-being, including guidance, therapy and health services. Residential - Expenditures to provide residential care and related activities for students including afterschool athletic and recreational programs. Program Administration - Expenditures for administration and indirect services, which can be directly charged to a specific program. Management and General - Expenditures for the general management and daily administration and operation of the Institute, including the offices of business, administration and executive director, fundraising and publicity and department heads whose responsibilities are primarily administrative in nature. Also included in management and general expenditures are research-related costs. NOTE C - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ( U.S. GAAP ), using the accrual basis of accounting. 1. Investments Investments in publicly traded equity and debt securities are recorded at fair market value generally determined on the basis of quoted market values. Investments in alternative investments that are not readily marketable are carried at fair value as determined by the respective investment manager. Purchases and sales of securities are reflected on a trade-date basis. Gains and losses on sales of securities are determined based on average cost method and are recorded in the statement of activities in the period in which the securities are sold. Dividends and interest are recognized as earned. -6-
9 NOTE C (continued) 2. Fair Value Measurements Effective July 1, 2008, the Institute adopted Statement of Financial Accounting Standards ( SFAS ) No. 157, Fair Value Measurements. SFAS No.157 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the inputs used to measure fair value and enhances disclosure requirements for fair value measurements. SFAS No. 157 maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from independent sources. Unobservable inputs reflect assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the transparency of inputs as follows: Level 1 - Quoted prices are available in active markets for identical assets or liabilities as of the measurement date. A quoted price for an identical asset or liability in an active market provides the most reliable fair value measurement because it is directly observable to the market. Level 2 - Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the measurement date. The nature of these securities include investments for which quoted prices are available but traded less frequently and investments that are fair valued using other securities, the parameters of which can be directly observed. Level 3 - Securities that have little to no pricing observability as of the measurement date. These securities are measured using management s best estimate of fair value, where the inputs into the determination of fair value are not observable and require significant management judgment or estimation. Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes observable requires significant judgment by the entity. The Institute considers observable data to be -7-
10 NOTE C (continued) market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Institute s perceived risk of that instrument. 3. Valuation of Investments Investments whose values are based on quoted market prices in active markets, and are therefore classified within Level 1, include active listed equities, certain U.S. government and sovereign obligations, and certain money market securities. The Institute does not adjust the quoted price for such instruments, even in situations where the Institute holds a large position and a sale could reasonably impact the quoted price. Investments that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. Investments typically classified as Level 2 include certain U.S. government and sovereign obligations (not classified as Level 1), most government agency securities, investmentgrade corporate bonds, certain mortgage products, certain bank and bridge loans, less liquid listed equities, state, municipal and provincial obligations, most physical commodities and certain loan commitments. As Level 2 investments include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or nontransferability, which are generally based on available market information. Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. Level 3 instruments include limited partnership investments and hedge funds. As of June 30, 2009, alternative investments classified within Level 3 represent hedge fund ad limited partnership interests held by the Institute in funds that invest in public and private securities (long/short), bank debt, trade claims and partnerships. The estimated fair value of these alternative investments is based on valuations provided by the external investment managers as of December 31 st of each year, adjusted for cash receipts, cash disbursements, securities distributions and changes in market values through June 30 th. Because the alternative investments are not readily marketable, their estimated value is subject to uncertainty and therefore may differ from the value that would have been used had a ready market for such investments existed. Such difference could be material. However, the risk to the Institute, with respect to its ownership interests, is limited to the amount of the Institute s investment in each of the respective funds. -8-
11 NOTE C (continued) 4. Cash and Cash Equivalents The Institute considers all highly liquid financial instruments with original maturities of three months or less from the date of purchase to be cash equivalents. The Institute s cash and cash equivalents were classified as Level 1 within the fair value hierarchy of SFAS No. 157 as of June 30, Property, Plant and Equipment, Net Property, plant and equipment are carried at cost, or at fair market value if received as a gift at the date of donation, less accumulated depreciation. Depreciation on physical plant and equipment is computed using the straight-line method over the estimated useful lives of the assets, which for buildings and improvements range from 20 to 50 years and for equipment from 4 to 20 years. Leasehold improvements are amortized over the lesser of the life of the lease or the economic life of the asset. 6. Government Grants The Institute recognizes revenues under its executed grant agreements as qualifying program expenditures are incurred. Amounts expended in excess of reimbursements are reported as tuition and grants receivable. 7. Deferred Revenues Deferred revenues consist of tuition support received from the SED in advance for programs to be provided in the subsequent fiscal year. Such amounts are reflected as revenues when the related services are performed. 8. Concentration of Market and Credit Risks Financial instruments that potentially subject the Institute to concentrations of credit risk consist principally of cash, cash equivalents and investments. The Institute maintains its cash and cash equivalents in various bank deposit accounts that may exceed federally insured limits at times. To minimize risk, the Institute s cash accounts are placed with high-credit quality financial institutions; the Institute s investment portfolio is diversified with several investment managers in a variety of asset classes. The Institute regularly evaluates its depository arrangements and investments, including performance thereof. -9-
12 NOTE C (continued) In general, investment securities are exposed to various risks, such as interest rate, credit and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and such changes could materially affect the amounts reported in the accompanying financial statements. 9. Contributions and Legacies The Institute records contributions of cash and other assets when an unconditional promise to give is received from a donor. Contributions are recorded at the fair value of the assets received and are classified as either permanently restricted, temporarily restricted or unrestricted, based upon donorimposed restrictions, if any. The Institute reports pledges expected to be collected within one year at their net realizable value. Pledges to be paid to the Institute over a period of years are recorded at the present value of their estimated future cash flows using a credit adjusted discount rate assigned in the year the pledge originates. 10. Conditional Asset Retirement Obligation In March 2005, the Financial Accounting Standards Board ( FASB ) issued Interpretation No. 47, Accounting for Conditional Asset Retirement Obligations ( FIN 47 ), an Interpretation of Statement of Financial Accounting Standards ( SFAS ) No. 143, Accounting for Asset Retirement Obligations. FIN 47 clarifies that the term conditional asset retirement obligation, as described by SFAS No. 143, includes a legal obligation associated with the retirement of a tangible long-lived asset in which the timing and/or method of settlement is conditional on a future event that may or may not be within the control of the entity. An entity is required to recognize a liability for the fair value of a conditional asset retirement obligation if the fair value of the liability can be reasonably estimated, even if conditional on a future event. The Institute has conditional asset retirement obligations primarily associated with the eventual remediation and abatement of asbestos located within the construct of certain buildings on campus which were identified following a campus-wide survey performed by a third party. The Institute adopted FIN 47 in fiscal year 2006 and recognized an initial liability of $1,136,125 related to future asbestos abatement. For the years ended, the accretion of interest related to this obligation totaled $67,361 and $69,950, respectively. Abatement costs incurred for the years ended, totaled $12,750 and $89,325, respectively, which reduced the conditional asset retirement obligation. -10-
13 NOTE C (continued) 11. Operating Measure The Institute classifies its statement of activities into operating and nonoperating activities. Operating activities include all income and expenses related to carrying out the Institute s mission. Nonoperating activities are limited to resources that generate income from investments, pension related changes other than net periodic pension cost, and other activities considered to be of a more unusual or nonrecurring nature, if any. 12. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant management estimates and assumptions relate to the determination of allowances for doubtful accounts for accounts receivable; postretirement benefit obligations; year-end operating accruals; estimated useful lives assigned to fixed assets; conditional asset retirement obligations; and the reported fair values of certain of the Institute s assets, particularly limited partnership interests, and liabilities. Actual results could differ from those estimates. 13. Income Taxes In July 2006, the Financial Accounting Standards Board ( FASB ) issued FASB Interpretation No. 48 ( FIN 48 ), Accounting for Uncertainty in Income Taxes - an Interpretation of FASB Statement 109. FIN 48, which clarifies FASB Statement No. 109, establishes the criterion that an individual tax position has to meet for some or all the benefits of that position to be recognized in the entity s financial statements. FIN 48 was effective for the Institute on July 1, 2007, and has no material impact on the Institute s financial statements. The Institute has processes presently in place to ensure the maintenance of its tax-exempt status; to identify and report unrelated income; determine its filing and tax obligations in jurisdictions for which it has nexus; and to review other matters that may be considered tax positions. -11-
14 NOTE D - INVESTMENTS Investments, at fair value, as of consisted of the following: U.S. government obligations $ 5,831,739 $ 5,755,333 Equity investments 57,036,794 75,058,754 Hedge fund 7,008,881 6,278,586 Limited partnership interests 13,747,643 15,619,822 $ 83,625,057 $ 102,712,495 Certain amounts totaling $15,139,972 presented above in the 2008 chart have been reclassed from limited partnership interests to hedge fund and equity investments to conform with the 2009 presentation. Certain of the Institute s limited partnership and hedge fund investments enter into various financial transactions involving financial instruments with off-balance-sheet risks, including both market and credit risks, in order to achieve their investment objectives. Risks to such funds arise from the possible adverse changes in the market value of such interests and from the potential inability of counterparties to perform pursuant to contractual commitments. However, in the opinion of Institute management, they do not anticipate nonperformance by the counterparties to these arrangements. The following table summarizes investments by SFAS No. 157 Levels as of June 30, 2009: Level 1 Level 2 Level 3 Total U.S. government obligations $ 5,831,739 $ - $ - $ 5,831,739 Equity investments 49,336,834 7,699,960-57,036,794 Hedge fund - - 7,008,881 7,008,881 Limited partnership interests ,747,643 13,747,643 $ 55,168,573 $7,699,960 $ 20,756,524 $ 83,625,057 The following table summarizes the changes in fair market values associated with the Institute s SFAS No. 157 Level 3 investments: Balance as of June 30, 2008 $ 21,898,408 Sales, net (87,102) Unrealized and realized losses, net (1,054,782) Balance as of June 30, 2009 $ 20,756,524 All losses in the table above are reflected in the accompanying 2009 statement of activities. -12-
15 NOTE D (continued) Investment management fees totaled $480,688 and $658,309 in fiscal years 2009 and 2008, respectively, and are netted against investment income on the accompanying statements of activities. NOTE E - ENDOWMENT During the year ended June 30, 2009, the Institute adopted FASB Staff Position No , Endowments of Not-for-Profit Organizations. The Institute s endowment includes only donor-restricted endowment funds. As required by U.S. GAAP, net assets associated with endowment funds are classified and reported based on the existence or absence of donor-imposed restrictions. In accordance with New York State law, as interpreted by the Institute, the appropriation and spending of net investment gains earned on permanently restricted net assets, absent donor-imposed stipulations, is subject to a standard of prudence. Investment return (losses) resulting from invested permanently restricted endowment funds are added to the unrestricted net asset fund. The following summarizes the Institute s donor-restricted endowment net asset composition as of June 30, 2009 and 2008: Unrestricted 2009 Permanently Restricted Total Donor-restricted endowment funds $ (93,515) $ 416,813 $ 323,298 Unrestricted 2008 Permanently Restricted Total Donor-restricted endowment funds $ (45,077) $ 416,813 $ 371,
16 NOTE E (continued) The following table summarizes the changes in the Institute s endowment net assets for the fiscal years ended : Unrestricted 2009 Permanently Restricted Endowment net assets, beginning of year $ (45,077) $ 416,813 $ 371,736 Appropriation of endowment assets for expenditure (3,862) - (3,862) Interest and dividends 3,862-3,862 Investment loss (48,438) - (48,438) Endowment net assets, end of year $ (93,515) $ 416,813 $ 323,298 Total Unrestricted 2008 Permanently Restricted Endowment net assets, beginning of year $ - $ 416,813 $ 416,813 Appropriation of endowment assets for expenditure (4,587) - (4,587) Interest and dividends 4,587-4,587 Investment loss (45,077) - (45,077) Endowment net assets, end of year $ (45,077) $ 416,813 $ 371,736 From time to time, the fair value of assets associated with individual donor-restricted endowment funds may fall below the level the donor requires the Institute to retain as a fund of perpetual duration. In accordance with U.S. GAAP, cumulative deficiencies of this nature that have been charged to unrestricted net assets totaled $93,515 and $45,077, respectively at. These deficiencies generally resulted from unfavorable market fluctuations. Fundraising expense for the years ended totaled $47,737 and $34,696, respectively. Total -14-
17 NOTE F - PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment, net, as of consisted of the following: Land $ 582,758 $ 582,758 Buildings and improvements 31,530,297 31,298,167 Equipment 1,637,382 1,609,929 33,750,437 33,490,854 Less - Accumulated depreciation (12,586,378) (11,730,779) Property, plant and equipment, net $ 21,164,059 $ 21,760,075 Included in buildings is a capitalized conditional asset retirement obligation at a cost of $194,131 at June 30, 2009 and 2008, with accumulated depreciation of $174,717 and $169,864 at, respectively. NOTE G - BOND PAYABLE In March 2000, the Institute began a construction and renovation project, which was completed in fiscal year The construction was related principally to the buildings utilized in the SED 4201 program but also included other enhancements to the campus. To the extent construction was related to the SED 4201 program, it was financed through the Dormitory Authority of the State of New York ( DASNY ) Series 1998 Bonds (the Bonds ). As construction progressed, the Institute was reimbursed for construction costs through a drawdown of its share of the Bonds, which upon completion of construction aggregated $13,874,125. The Institute also recorded deferred financing costs in conjunction with the bond offering which totaled $292,700 and are being amortized over the life of the Bonds on a straight-line basis which does not materially differ from using the effective interest method. The Bonds are repayable in installments, as indicated in the schedule below. As the Bonds are due, the SED will finance the repayment to DASNY equal to the payment due which the Institute records as other government revenue and a reduction of its bond payable balance. The special distribution is over and above the annual budget determined by the SED for the operation of the SED 4201 program by the Institute. As of June 30, 2009 and 2008, the Institute recognized a receivable totaling $233,550 and $250,425, respectively, representing amounts payable to bond holders for interest through June 30, to be funded in the subsequent fiscal year by -15-
18 NOTE G (continued) the SED. Such amounts are recorded as accounts receivable in the accompanying statements of financial position. Management anticipates that the SED will continue to make principal and interest payments until the debt is fully paid. Should the SED discontinue funding of future payments, the Institute would make such payments. The aggregate outstanding debt is payable in installments through July 1, 2018 as follows: 2010 $ 710, , , , ,000 Thereafter 5,095,000 $ 9,050,000 NOTE H - LINE OF CREDIT The Institute entered into a revolving $4,000,000 line of credit agreement with its investment custodian effective December Interest on amounts outstanding accrue at a rate of prime less 25 basis points. There were no borrowings on this line of credit during fiscal year Subsequent to June 30, 2009, the Institute borrowed $4,000,000 on its line of credit to support operations while awaiting the collection of state receivables. Borrowings under the line of credit are collateralized by securities held by the investment custodian. -16-
19 NOTE I - RESTRICTED NET ASSETS Temporarily restricted net assets as of are available for the following purposes: G. Dewey Scholarship Fund $ 102,285 $ 106,035 Readiness Program Yearbook Fund - 5,054 Library Fund - 3,114 J. Rhodes Fund 11,875 11,875 Athletics Program 29,796 36,963 $ 143,956 $ 163,258 Income from permanently restricted net assets is available to support the general operations of the Institute. Temporarily restricted net assets totaling $99,766 and $44,721 during fiscal years 2009 and 2008, respectively, were released from donor restrictions for program initiatives or due to the passage of time. NOTE J - TUITION SUPPORT The Institute currently receives tuition support from the SED under two Aid to Education programs (the 4201 program and the 4410 program ). Tuition support for the 4201 program is based on a certificate of approval, which is approved by the SED annually. Tuition support for the 4410 program is based on an approved reimbursement rate for each week a child attends. NOTE K - RETIREMENT PLANS Certain Institute employees are included in the New York State Employees Retirement System ( NYSERS ). The Institute pays the contribution, and the SED reimburses the Institute an annual amount as determined by the NYSERS. The contributions paid by the Institute totaled $1,022,034 and $1,180,758 for the years ended, respectively, and are included in the accompanying statements of activities as unrestricted revenues (tuition, state and other) and expenditures. -17-
20 NOTE K (continued) The Institute has also provided its employees with the option to enroll in various defined contribution plans. Plan contributions by participants are made on a tax-deferred basis under an agreement for salary reduction in accordance with either Section 403(b) (a tax-sheltered annuity) or Section 457(b) (deferred compensation) of the Internal Revenue Code. Employee balances in these plans are fully vested at all times. The Institute has no obligation under these plans to fund participants accounts. The Institute also has a defined benefit pension plan, which was closed to new participants in 1992, for those employees not covered by the NYSERS. Net periodic benefit cost for fiscal 2009 and 2008 was $829,147 and $559,071, respectively, relating to this plan. In September 2006, the FASB issued Statement No. 158, Employers Accounting for Defined Benefit Pension and Other Postretirement Plans ( SFAS No. 158 ). SFAS No. 158 required the Institute to recognize the funded status of its pension plan ( Plan ) in its statement of financial position. The Institute adopted the recognition provisions of SFAS No. 158 in fiscal year The following presents details of the Institute s postretirement benefits plan. The actuarial present value of benefit obligations recognized in the accompanying statements of financial position at were as follows: Change in benefit obligation: Benefit obligation, beginning of year $ 18,611,034 $ 17,195,024 Service cost 534, ,751 Interest cost 1,091,136 1,018,851 Actuarial loss 259, ,756 Benefits paid (407,218) (400,108) Settlement (443,659) (28,240) Benefit obligation, end of year $ 19,644,687 $ 18,611,034 Change in plan assets: Fair value of Plan assets, beginning of year $ 13,485,160 $ 14,064,071 Actual return on plan assets (2,246,927) (490,417) Employer contributions 698, ,854 Benefits paid (407,218) (400,108) Settlement (443,659) (28,240) Fair value of Plan assets, end of year $ 11,086,287 $ 13,485,
21 NOTE K (continued) Funded status $ (8,558,400) $ (5,125,874) Components of net periodic benefit cost: Service cost $ 534,242 $ 488,751 Interest cost 1,091,136 1,018,851 Expected return on Plan assets (1,046,929) (1,090,289) Amortization of actuarial loss 250, ,758 Net periodic benefit cost $ 829,147 $ 559,071 The following weighted-average assumptions were used to determine benefit obligations at June 30: Discount rate 6.00% 6.00% Rate of compensation increase 5.50% 5.50% The following weighted-average assumptions were used to determine net periodic benefit cost for the years ended June 30: Discount rate 6.00% 6.00% Expected long-term return on Plan assets 7.75% 7.75% Rate of compensation increase 5.50% 5.50% Amounts in unrestricted net assets expected to be recognized as components of net periodic benefit cost during fiscal year 2010: Amortization of actuarial loss $ 250,698 Other disclosures: Expected employer contribution to postretirement benefit plan for fiscal year 2010 $ 950,000 Measurement date for the benefit obligation July 1,
22 NOTE K (continued) The following shows estimated future benefit payments expected to be paid from the Plan: Year ending June 30: Pension benefits 2010 $ 656, , , , , to ,746,444 During fiscal year 2009, it was determined that certain employees working in the Institute s Cornerstone program who had been participants in the NYSERS plan were determined to be ineligible due to the fact that they are not funded by New York State and do not provide educational services to students in New York State. Accordingly, all amounts previously contributed by the Institute inuring to these individuals, totaling $488,621, were refunded to the Institute in August 2009 and have been included in the accompanying 2009 statement of financial position as other accounts receivable and postretirement benefit obligation. The Institute is in the process of amending its existing defined benefit pension plan, in which the Institute is a sponsor of, to include these Cornerstone employees. The Plan s weighted-average asset allocation at by asset category was as follows: Cash and cash equivalents 4% 1% Equity investments Fixed income investments % 100% The following table presents the Institute s prioritization of inputs used to fair value the assets of the pension plan within the fair value hierarchy of SFAS No. 157 as of June 30, 2009: Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 475,078 $ - $ - $ 475,078 Equity investments - 5,709,050-5,709,050 Fixed income investments - 4,902,159-4,902,159 $ 475,078 $ 10,611,209 $ - $ 11,086,
23 NOTE L - COMMITMENTS AND CONTINGENCIES The Institute has entered into multiyear employment contracts with certain key employees, which extend through Total commitments under these arrangements amounted to $1,250,000 at June 30, The Institute has entered into various noncancellable operating leases primarily for equipment and office space related to its Cornerstone program. Future minimum lease payments due under these arrangements are as follows: Year ended June 30: 2010 $ 143, , , ,435 $ 374,627 Rental expense for the years ended totaled $153,176 and $84,978, respectively. NOTE M - SUBSEQUENT EVENT In May 2009, the FASB issued Statement 165, Subsequent Events ( SFAS No. 165 ), to incorporate the accounting and disclosure requirements for subsequent events into U.S. GAAP. SFAS No. 165 introduces new terminology, defines a date through which management must evaluate subsequent events, and lists the circumstances under which an entity must recognize and disclose events or transactions occurring after the statement of financial position date. The Institute adopted SFAS No. 165 as of June 30, 2009, which was the required effective date. The Institute evaluated its June 30, 2009 financial statements for subsequent events through October 22, 2009, the date the financial statements were available to be issued. The Institute is not aware of any subsequent events which would require recognition or disclosure in the financial statements, except as disclosed in Note H. -21-
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