| STATEMENT OF FINANCIAL POSITION |
|
|
|
|
December 31, |
| ASSETS |
2009 |
2008 |
| Cash |
$177,830 |
$288,174 |
| Grants and other receivables |
1,004,075 |
3,537,434 |
| Inventories and other assets |
300,966 |
353,416 |
| Investments, at market |
24,848,020 |
24,129,050 |
| Deferred charges, net |
102,560 |
130,378 |
| Patents |
54,951 |
32,113 |
| Property, plant and equipment, net |
26,374,959 |
20,582,809 |
| Funds held in trusts |
3,307,284 |
2,701,798 |
| TOTAL ASSETS |
$56,170,645 |
$51,755,172 |
|
|
| LIABILITIES |
|
|
| Line of credit |
$3,000,000 |
$1,850,852 |
| Accounts payable and accrued expenses |
448,769 |
568,169 |
| Accounts payable, construction |
290,765 |
1,275,994 |
| Deferred revenue |
252,783 |
202,386 |
| Capital lease obligation |
6,520,000 |
7,040,000 |
| Fair value of interest rate swaps |
101,463 |
253,316 |
| TOTAL LIABILITIES |
10,613,780 |
$11,190,717 |
|
|
|
|
| NET ASSETS |
|
|
| Unrestricted |
|
|
| Available for operations |
33,093,164 |
28,581,803 |
| Internally designated - Edward C. Brewster Fund |
4,000,000 |
4,000,000 |
| Total unrestricted |
37,093,164 |
32,581,803 |
|
| Temporarily restricted |
70,103 |
12,466 |
|
| Permanently restricted |
|
|
| Endowment accounts |
3,981,648 |
4,163,722 |
| Funds held in trusts |
3,307,284 |
2,701,798 |
| Francis B. Trudeau Chair |
1,104,666 |
1,104,666 |
| Total permanently restricted |
8,393,598 |
7,970,186 |
|
| TOTAL NET ASSETS |
45,556,865 |
40,564,455 |
|
| TOTAL LIABILITIES AND NET ASSETS |
$56,170,645 |
$51,755,172 |
|
|
Despite the heightened uncertainty of the 2009 economy, the Trudeau Institute's goals of increasing revenue and increasing operating efficiencies were sought and accomplished.
The Institute's operating performance in 2009 was highlighted by a 7.5 percent increase in revenue and a 3.2 percent reduction in operating expenses. The Institute benefited greatly from the American Recovery and Reinvestment Act, allowing for staff retention and the hiring of new staff. In addition, a contract with the Department of Defense yielded a steady stream of revenue. The Institute embraced the economic downturn as a challenge to reduce operating expenses through reducing service redundancies and renegotiating indirect service contracts.
The positive operating performance, coupled with positive returns in the endowment, continued investment in capital, and declining liabilities, further strengthened the Institute's 2009 financial position over 2008 results.
The Institute will continue to seek a balance in spending while striving to exceed its mission-driven goal of improving health through medical research.
Lisa M. Shovan
Chief Financial Officer
The Trudeau Institute has adopted a best practices approach to ensure a high standard of professionalism, independent auditing, accountability, responsibility and transparency.
The Trudeau Institute is audited according to government standards by: Bollam, Sheedy, Torani & Co. LLP, Certified Public Accountants, Albany, New York.
The Trudeau Institute's endowment is managed by: Manchester Capital Management, Manchester, Vermont.
Click here to view a PDF of the Financial Report
|
