Report for the academic year - Libraries - Institute for Advanced Study

NOTES TO FINANCIAL STATEMENTS
The participation in the pool and ownership of the other investments at June 30, 2000
is shown in the table below:
Permanently restricted net assets $ 93,929,787
Temporarily restricted net assets 29,875,295
Unrestricted net assets 248,829,667
$372,634,749
Short-term investments represent the balance of the proceeds from the 1997 NJEFA
bonds that have not yet been expended for construction purposes. These funds are being
held in trust by The Bank of New York. Such funds are invested in U.S. Government
obligations with maturities of less than one year. At June 30, 2000, the market value of
such securities approximates their carrying value.
C. PHYSICAL PLANT
Physical plant and equipment are stated at cost at date of acquisition, less accumulated
depreciation. Library books, other than rare books, are not capitalized.
A summary of plant assets at June 30, 2000 follows:
Land and improvements $ 1,043,307
Buildings and improvements 54,851,118
Equipment 14,983,456
Rare book collection 203,508
Joint ownership property 921,717
Total 72,003,106
Less accumulated depreciation (31,475,299)
Net book value $40,527,807
During 1997, the Institute entered into a Deed of Pathway and Conservation Easement
(the "Easement") whereby the Institute has received $11,794,600 in cash and
$1,274,196 in contributions receivable at June 30, 1997, in consideration for the sale
of land development rights for certain Institute properties. The Easement requires
that those properties, set forth therein, be preserved to the greatest extent possible in
their existing natural, scenic, open, wooded, and agricultural state and be protected
from uses inconsistent therewith.
Of the $11,794,600 in cash received by the Institute, $5,625,000 represents monies
received from the New Jersey Green Acres Fund to be repaid by the parties to the Ease-
ment. The Institute's pro rata share of $1,087,671 has been recorded as a note payable
in the accompanying statement of financial position at June 30, 2000. The note payable
bears interest at a rate of 2% and requires semi-annual payments through January 8,
2017.
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