<strong>University</strong> <strong>of</strong> <strong>Rhode</strong> <strong>Island</strong> Foundation “The next thing I would not have believed is that someday I would walk into bookstores and find my name on books there, nestled on a shelf somewhere between Hemingway and John Irving. So dare to imagine great and unimaginable things for yourself.” Ann Hood ’78, distinguished novelist and short story writer whose works include Somewhere Off the Coast <strong>of</strong> Maine & The Knitting Circle page 16
<strong>Opening</strong> <strong>Doors</strong> and Setting New Records ANNUAL REPORT FY 2009 <strong>University</strong> <strong>of</strong> <strong>Rhode</strong> <strong>Island</strong> Foundation Consolidated Statement <strong>of</strong> Activities Fiscal Years 2009 & 2008 [Ending March 31st] Revenues, Gains and Other Support 2009 2008 Contributions $13,492,318 $13,943,110 Net total investment returns (20,582,110) (1,988,958) Contractual payments from the <strong>University</strong> <strong>of</strong> <strong>Rhode</strong> <strong>Island</strong> 2,546,492 962,704 Other income 2,110,371 1,355,121 Expenses Total revenues, gains and other support (2,432,929) 14,271,977 <strong>University</strong> Support Academic support 1,966,165 2,456,022 Athletics and club sports 942,689 300,078 Faculty and administrative support 221,191 320,143 Advancement support 102,773 137,561 Buildings and equipment expense 3,011,584 813,092 Library 148,977 125,563 Community outreach 1,848,222 1,737,076 Research and patent support 1,232,395 955,116 Scholarships, fellowships loans and awards 2,267,195 2,294,055 Other programs and event support 38,024 80,167 Alumni Association 774,160 189,250 Total <strong>University</strong> Support 12,553,375 9,408,123 Foundation Support Administrative expenses 1,076,667 1,514,662 Development expenses 3,716,997 1,610,462 Investment expenses 758,580 737,414 Total Foundation Support 5,552,244 3,862,538 Total Expenses 18,105,619 13,270,661 Changes in net assets (20,538,548) 1,001,316 Net assets, beginning <strong>of</strong> year 106,101,910 105,100,594 Net assets, end <strong>of</strong> year $85,563,362 $106,101,910 STATEMENT OF FINANCIAL POSITION Assets 2009 2008 Cash and cash equivalents $6,612,871 $5,726,131 Accounts receivable 384,420 88,928 Pledges receivable, net 9,250,802 7,951,933 Notes receivable 62,128 90,381 Investments, at market value 68,556,243 90,090,375 Building, equipment, furniture and fixtures, net 1,987,540 2,061,689 Charitable remainder unitrusts 597,225 1,150,738 Other assets, net 670,684 579,266 Total assets $88,121,913 $107,739,441 Liabilities and Net Assets LIABILITIES: Accounts payable and accrued expenses $1,621,562 $545,488 Pledge payable - 150,000 Gift annuity payable 936,989 942,043 Total liabilities 2,558,551 1,637,531 NET ASSETS: Unrestricted (11,669,160) 9,638,374 Temporarily restricted 19,210,585 20,405,283 Permanently restricted 78,021,937 76,058,253 Total net assets 85,563,362 106,101,910 Total liabilities and net assets $88,121,913 $107,739,441 Note: This data is summarized from the Foundation’s financial statements. Complete audited financial statements are available upon request. page 17