The accompanying notes are an integral part of these statements.

September 30,20122011
Assets
Cash and cash equivalents $70,086,702 $91,541,887
Short-term investments

 116,080,292

 118,680,803

Receivables, net

 12,902,677

 11,316,266

Prepaid expenses and other

 2,335,232

 2,131,418

Property and equipment, net

 725,446

 1,103,341

Total Assets $202,130,349 $224,773,715
 
Liabilities and Net Assets
Liabilities
Accounts payable and accrued expenses $7,217,512 $6,469,409
Appropriated grants and contracts payable, net

 105,003,279

 155,030,490

Total Liabilities

112,220,791

161,499,899

 
Unrestricted Net Assets
Designated

 89,080,266

 62,061,981

Investment in property and equipment

 725,446

 1,103,341

Literary Classics, Inc.

 103,846

 108,494

Total Unrestricted Net Assets

 89,909,558

 63,273,816

Total Liabilities and Net Assets $202,130,349 $224,773,715