2008-09 Financial Statement Highlights

Balance Sheet

Total net assets of $2.2 billion decreased from the prior year by approximately $488 million or 18.1%
Long-term investments decreased $487.9 million to approximately $1.4 billion. Endowment returns for the fiscal year 2009 were a negative 19.8% as compared to a negative 0.1% in fiscal year 2008.
Property, Plant and Equipment increased $33.9 million to $1.4 billion.
Unrestricted net assets decreased by $434.8 million.
Long-term debt decreased from $683.0 million to $643.7 million.

($ in thousands)	2009	2008

Assets

Cash and cash equivalents	$ 135,447	$188,264
Operating investments, at market	182,153	178,251
Collateral held for securities lending	62,062	103,656
Accounts receivable, net	280,708	264,513
Inventories, prepaid expenses and deferred charges	47,794	53,968
Contributions receivable, net	57,004	45,119
Notes receivable, net	19,566	19,561
Other assets	12,044	12,740
Investments held for long-term purposes	1,393,771	1,881,683
Property, plant and equipment, net	1,349,270	1,315,340
Interest in net assets of foundation	11,653	16,859
Investments in perpetual trusts held by others	40,691	51,324

Total Assets	$3,592,163	$4,131,278

Liabilities and Net Assets

Liabilities:
Accounts payable and accrued expenses	$ 259,230	$283,092
Advance receipt of sponsored research revenues	30,454	30,811
Deferred revenue	51,306	53,100
Third-party settlements payable, net	62,181	54,022
Securities lending liabilities	63,390	103,656
Accrued pension, postretirement, postemployment obligations	237,320	191,205
Long-term debt	643,734	682,974
Asset retirement obligation	17,326	16,999
Refundable U.S. Government grants for student loans	15,984	15,870

Total Liabilities	$ 1,380,925	1,431,729

Net assets:
Unrestricted	1,724,361	2,159,147
Temporarily restricted	178,666	242,367
Permanently restricted	308,211	298,035

Total Net Assets	2,211,238	2,699,549
Total Liabilities and Net Assets	$ 3,592,163	$4,131,278