Cornell University 2011-2012 Annual Report - DFA Home - Cornell ...

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(dollars in thousands)REDEMPTION INFORMATION FOR ALTERNATIVE INVESTMENTS MEASURED USING NET ASSET VALUEAsset class Redemption terms Redemption restrictions*Private equity n/a ** n/aReal assets n/a ** n/aFixed incomeRanges between quarterly redemption with 45 days notice, to annualredemption with 90 days notice***No lock up provisionsForeign equityRanges between monthly redemption with 30 days notice, to triennialredemption with 30 days notice36% of NAV has remaining lock upprovisions of 15 monthsHedged equityRanges between monthly redemption with 10 days notice, to triennialredemption with 45 days notice13% of NAV has remaining lock upprovisions ranging from 15 months to 21monthsMarketablealternativesRanges between quarterly redemption with 30 days notice, to triennialredemption with 90 days notice11% of NAV has remaining lock upprovisions ranging from 15 months to 18monthsDomestic equity Daily redemption with 2 days notice No lock up provisions* Represents initial investment lock up restriction. No other material redemption restrictions, such as redemption gates, were in place at year end.**These funds are in private equity structure, with no ability to be redeemed.***97% of NAV is in private equity structure, with no ability to be redeemed. Redemption provisions for the remaining 3% are shown above.4. LAND, BUILDINGS, AND EQUIPMENTLand, buildings, and equipment are detailed as follows:LAND, BUILDINGS, AND EQUIPMENTBook value at Disposals and Book value atJune 30, 2011 Additions closed projects June 30, 2012Land, buildings, and equipment $ 3,725,231 $ 156,781 $ (43,020) $ 3,838,992Furniture, equipment, books, and collections 1,134,666 59,590 (20,581) 1,173,675Construction in progress 394,630 357,024 (173,591) 578,063Total before accumulated depreciation $ 5,254,527 $ 573,395 $ (237,192) $ 5,590,730Accumulated depreciation (2,107,516) (2,268,832)Net land, buildings, and equipment $ 3,147,011$ 3,321,898Certain properties to which the University does not have title are included in physical assets at net book values, as follows:(1) land, buildings, and equipment of the Contract Colleges aggregating $607,441 and $558,410 at June 30, 2012 and 2011,respectively, the acquisition cost of which was borne primarily by New York State and (2) land, buildings, and equipmentfor which titles rest with government and corporate agencies aggregating $384 and $13,422 at June 30, 2012 and 2011respectively. The $13M reduction is due to the transfer of the operation of the federally-owned National Astronomy andIonosphere Center (NAIC) on September 30, 2011.The future commitments on capital projects in progress, excluding projects funded by New York State, for the fiscal yearsending June 30, 2012 and 2011, are $139,118 and $94,441, respectively.24