Report of the Treasurer for the Year Ended December 31, 2009 (2010)

Current assets:

Cash and cash equivalents

$ 1,387

$ 4,110

Short-term investments (note 3)

49,113

43,456

Contracts receivable – U.S. government (note 12)

47,027

55,786

Contributions and other receivables, net (note 6)

14,565

15,212

Other current assets

4,627

4,156

Total current assets

116,719

122,720

Other assets (notes 2, 13, 15, and 17)

8,093

8,508

Long-term investments (note 3)

376,163

309,740

Contributions receivable, net (note 6)

28,191

31,480

Property and equipment, net (notes 5 and 16)

127,476

128,349

Einstein Memorial

1,723

1,723

Total assets

$ 658,365

$ 602,520

Liabilities and Net Assets

Liabilities:

Current liabilities:

Accounts payable and accrued expenses

$ 42,064

$ 38,598

Deferred revenue (note 7 and 12)

32,080

35,471

Line of credit (note 8)

-

686

Other current liabilities (note 13 and 14)

3,498

4,818

Total current liabilities

77,642

79,573

Bonds payable (note 13)

122,545

120,681

Funds held on behalf of others (note 3)

8,794

7,186

Note payable (note 14)

757

1,513

Accrued employee benefits (note 15)

4,603

8,597

Other long-term liabilities (notes 2, 13, and 16)

14,057

17,698

Total liabilities

228,398

235,248

Net assets:

Unrestricted

72,871

51,731

Temporarily restricted (note 9)

241,734

200,791

Permanently restricted (note 10)

115,362

114,750

Total net assets

429,967

367,272

Commitments and contingencies (notes 3, 12, 13, 15, 18, and 19)

Revenues, gains, and other support:

Government contracts and grants (note 12)

$ 214,957

-

-

214,957

$ 202,810

-

-

202,810

Private contracts and grants

21,596

17,441

-

39,037

23,836

21,423

-

45,259

Other contributions

4,201

851

612

5,664

3,195

1,064

3,916

8,175

Fees and publications

18,828

-

-

18,828

18,757

-

-

18,757

Investment income (loss) (note 3)

19,088

60,289

-

79,377

(25,138)

(120,987)

-

(146,125)

Other income (note 13)

12,225

-

-

12,225

1,945

-

-

1,945

Net assets released from restriction (note 9)

37,638

(37,638)

-

-

41,848

(41,848)

-

-

Total revenues, gains, and other support

328,533

40,943

612

370,088

267,253

(140,348)

3,916

130,821

Expenses (notes 13, 15, and 16):

Programs (note 11)

260,709

-

-

260,709

247,426

-

-

247,426

Management and general

45,843

-

-

45,843

47,564

-

-

47,564

Fundraising

3,010

-

-

3,010

2,511

-

-

2,511

Total expenses

309,562

-

-

309,562

297,501

-

-

297,501

Post-retirement changes other than net periodic benefit cost (note 15)

(2,169)

-

-

(2,169)

6,337

-

-

6,337

Change in net assets, before reclassification of net assets under FASB ASC Section 958-205-45

21,140

40,943

612

62,695

(36,585)

(140,348)

3,916

(173,017)

Reclassification of net assets under FASB ASC Section 958-205-45 (notes 2 and 10)

-

-

-

-

(102,814)

102,814

-

-

Change in net assets

21,140

40,943

612

62,695

(139,399)

(37,534)

3,916

(173,017)

Net assets at beginning of year

51,731

200,791

114,750

367,272

191,130

238,325

110,834

540,289

Cash flows from operating activities:

Change in net assets

$ 62,695

$ (173,017)

Adjustments to reconcile change in net assets to net cash provided by (used in) operating activities:

Depreciation and amortization

7,632

7,162

Loss on disposal of property and equipment

140

84

Bad debt expense

192

533

Net loss (gain) on investments

(70,998)

165,904

Net loss (gain) on investments held on behalf of others

(1,600)

3,765

Amounts collected on behalf of others

(5,490)

(2,723)

Amounts remitted on behalf of others

5,320

3,664

Change in value of interest rate swap

(4,301)

9,057

Change in value of split-interest agreements

137

343

Contributions restricted for construction or endowment

(2,791)

(6,645)

(Increase) decrease in assets:

Other receivables

3,744

6,465

Contracts receivable - U.S. government

8,759

(10,220)

Other current assets

(471)

(343)

Other assets

(590)

2,612

Increase (decrease) in liabilities:

Accounts payable and accrued expenses

3,466

7,828

Deferred revenue

(3,391)

4,057

Other current liabilities

(916)

(885)

Funds held on behalf of others

1,608

(4,618)

Other long-term liabilities

(103)

35

Accrued employee benefits

(3,994)

2,718

Net cash provided by (used in) operating activities

(952)

15,776

Cash flows from investing activities:

Additions to property and equipment

(5,911)

(5,910)

Sales or maturities of investments

215,761

231,756

Purchases of investments

(215,234)

(243,624)

Net cash used in investing activities

(5,384)

(17,778)

Cash flows from financing activities:

Contributions restricted for construction or endowment

2,791

6,645

Proceeds from line of credit

139,954

123,426

Payments on line of credit

(140,640)

(126,085)

Payments on bank note

(756)

(757)

Proceeds from interest rate swaption

1,834

-

Proceeds from bond issue

57,500

66,325

Payments on bond principal

(57,070)

(66,645)

Net cash provided by financing activities

3,613

2,909

Net increase (decrease) in cash and cash equivalents

(2,723)

907

Cash and cash equivalents, beginning of year

4,110

3,203

Cash and cash equivalents, end of year

$ 1,387

$ 4,110

Supplemental disclosure of cash flow information: