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

F •
G •
FUNDS
CHANGES
Institute for advanced study
In addition to providing pension benefits, the Institute provides certain health
care and life insurance benefits for retired employees and faculty. Substantially all
of the Institute's employees may become eligible for those benefits if they reach
nonnal retirement age while working for the Institute. The cost of retiree health
care and life insurance benefits is recognized as expense as premiums are paid.
For fiscal year 1989, those costs totalled approximately $100,000.
HELD IN TRUST BY OTHERS
The Institute is the residuary beneficiary of a trust under the Will of George
Placzek, Deceased, and upon the death of the life tenant will be entitled to
receive the corpus thereof The approximate market value of the assets under
the Will, as reported by the administrator of the Estate, aggregated $1,683, 000 as
ofJune 30, 1 989 and is not included in the accompanying financial statements.
IN DEFERRED RESTRICTED REVENUE
Restricted receipts, which are recorded initially as deferred restricted revenue,
are reported as revenues when expended in accordance with the terms of the
restriction or transferred to quasi-endowment funds. Changes in deferred
restricted revenue amounts are as follows:
TOTAL
DEFERRED
RESTRICTED
REVENUE
Balance at June 30, 1988 $ 866, 557
Additions:
Contributions, grants, etc.
Net restricted endowment income
Total additions
Deducrions:
Funds expended from contributions, grants, etc.
Funds expended from restricted endowment
Transfer to quasi-endowment funds
Total deductions
3,512,355
2, 607, 153
6, 119,508
3, 229, 808
2, 396, 831
210, 322
5, 836,961
Balance at June 30, 1989 149, 104
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