Condensed Statement of Activity


Year ended June 30, 2009 Year ended June 30, 2008
Revenues, Gains and Other Support
Contributions $15,153,691 $30,555,514
Market Returns (22,206,249) (6,643,219)
Other Support 2,360,995 1,669,235
Total revenues, gains and other support (4,691,563) 25,581,530
Expenses
University support 29,725,724 12,414,618
Fundraising and administrative services 4,684,239 4,738,612
Total operating expenses 34,409,963 17,153,230
Change in net assets before nonoperating items (39,101,526) 8,428,300
Beneficiary Payments and Liability Changes (811,533) (319,643)
Reclassification of Net Assets 40,639 (21,878)
Change in net assetss (39,872,420) 8,086,779
Net Assets
Beginning of year 160,510,651 152,423,872
End of year $120,638,231 $160,510,651