2009-10 Financial Statement Highlights

Balance Sheet Highlights

Total net assets of $2.38 billion increased from the prior year by approximately $171 million or 7.7%
Long-term investments increased $149.4 million to approximately $1.6 billion. Endowment returns for the fiscal year 2010 were 12.1% as compared to a negative 19.8% in fiscal year 2009.
Property, Plant and Equipment increased $51.8 million to $1.4 billion.
Unrestricted net assets increased by $152.9 million.
Long-term debt increased from $643.7 million to $773.0 million.

($ in thousands)	2010	2009

Assets
Cash and cash equivalents	$ 205,721	$ 135,447
Operating investments, at market	243,644	182,153
Collateral held for securities lending	79,283	62,062
Accounts receivable, net	307,369	276,444
Inventories, prepaid expenses and deferred charges	49,999	47,794
Contributions receivable, net	47,301	57,004
Notes receivable, net	48,163	19,566
Other assets	12,748	12,044
Investments held for long-term purposes	1,563,847	1,414,464
Property, plant and equipment, net	1,401,038	1,349,270
Interest in net assets of foundation	12,370	11,653
Investments in perpetual trusts held by others	43,119	40,691
Total Assets	$4,014,602	$3,608,592
Liabilities and Net Assets

Liabilities:
Accounts payable and accrued expenses	295,987$	259,230
Advance receipt of sponsored research revenues	23,129	26,190
Deferred revenue	51,507	51,306
Third-party settlements payable, net	92,567	62,181
Securities lending liabilities	79,283	63,390
Accrued pension, post-retirement, post-employment obligations	283,562	258,013
Long-term debt	772,951	643,734
Asset retirement obligation	17,907	17,326
Refundable U.S. Government grants for student loans	15,942	15,984
Total Liabilities	1,632,835	1,397,354

Net assets:
Unrestricted	1,877,267	1,724,361
Temporarily restricted	179,572	178,666
Permanently restricted	324,928	308,211
Total Net Assets	2,381,767	2,211,238
Total Liabilities and Net Assets	4,014,602$	3,608,592