Report for the Academic Years 1987-1988 and 1988-1989

Institute for advanced study
value per unit, determined on a quarterly basis. Earnings per unit of the pooled
investments for the year ended June 30, 1989, exclusive of realized gains and
losses, amounted to $380 after deducting management fees. The following table
summarizes changes in carrying and market values of the pooled investments:
June 30, 1988 !
June 30, 1989
Increase in
unrealized
appreciation
for the year
ended June 30,
1989
Realized net
gain for the
year ended
June 30, 1989
Net change for
the year ended
June 30, 1989
C PHYSICAL PLANT
market
VALUE
175, 132, 460
186, 324, 853
pooled assets
CARRYING
VALUE
167, 502, 233
174, 244, 050
NET
CHANGE
7, 630, 227
12,080,803
4, 450, 576
7, 423, 593
$ 11,874,169
MARKET
VALUE
PER
UNIT
6,885
7,358
Physical plant and equipment are stated at the cost at date of acquisition, less
accumulated depreciation. Library books, other than rare books, are not capi-
talized.
A summary of plant assets at June 30, 1989 follows:
Land and improvements
Buildings and improvements
Equipment
Rare book collecrion
Total
Less accumulated depreciation
2, 354, 732
21,247,823
6, 200, 405
199, 508
30, 002, 468
[14,489,944]
Net book value $ 15,512,524
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