2007-08 Financial Statement Highlights

Balance Sheet

Total net assets of $2.7 billion decreased from the prior year by approximately $34 million or 1.3%
Long-term investments decreased $108.2 million to approximately $1.9 billion. Endowment returns for the fiscal year 2008 were a negative 0.1% as compared to 19.4% in fiscal year 2007.
Property, Plant and Equipment increased $112.1 million to $1.3 billion.
Unrestricted net assets decreased by $50.4 million.
Long-term debt decreased from $708.5 million to $683.0 million.

($ in thousands)	2008	2007

Assets

Cash and cash equivalents	$188,264	$180,827
Operating investments, at market	178,251	217,077
Collateral held for securities lending	103,656	19,863
Accounts receivable, net	264,513	251,784
Inventories, prepaid expenses and deferred charges	53,968	56,429
Contributions receivable, net	45,119	33,645
Notes receivable, net	19,561	18,556
Other assets	12,740	14,530
Investments held for long-term purposes	1,881,683	1,989,875
Property, plant and equipment, net	1,315,340	1,203,203
Interest in net assets of foundation	16,859	18,553
Investments in perpetual trusts held by others	51,324	57,823

Total Assets	$4,131,278	$4,062,165

Liabilities and Net Assets

Liabilities:
Accounts payable and accrued expenses	$283,092	$231,698
Advance receipt of sponsored research revenues	30,811	29,636
Deferred revenue	53,100	50,757
Third-party settlements payable, net	54,022	68,459
Securities lending liabilities	103,656	19,863
Accrued pension, postretirement, postemployment obligations	191,205	186,154
Long-term debt	682,974	708,542
Asset retirement obligation	16,999	17,349
Refundable U.S. Government grants for student loans	15,870	15,818

Total Liabilities	1,431,729	1,328,276

Net assets:
Unrestricted	2,159,147	2,209,589
Temporarily restricted	242,367	247,546
Permanently restricted	298,035	276,754

Total Net Assets	2,699,549	2,733,889
Total Liabilities and Net Assets	$4,131,278	$4,062,165