PLI Annual Report 2024

FINANCIAL STATEMENTS

STATEMENT OF FUNCTIONAL EXPENSES For the year ended December 31, 2024

STATEMENTS OF CASH FLOWS For the years ended December 31,

2024

2023

Programs Publications and Memberships

Cash flows from operating activities Change in net assets.............................................................. $ 11,411,380 $ 19,059,467 Adjustments to reconcile change in net assets to net cash provided by operating activities: Pension related adjustment other than service cost.............................................................................. (842,627) 979,829 Depreciation and amortization................................................... 5,764,604 4,867,994 Amortization of right of use assets............................................ 4,336,353 4,259,180 Bad debts.................................................................................... 112,500 130,000 Realized and unrealized gains on investments, net.................. (10,281,789) (18,538,884) Changes in operating assets and liabilities: Interest and dividends receivable ............................................... 63,384 (33,753) Accounts receivable.................................................................... 72,918 23,903 Inventories................................................................................. (14,330) 92,518 Prepaid expenses and other assets........................................ (837,134) (122,380) Accounts payable and accrued expenses.............................. (487,607) (406,504) Deferred revenues..................................................................... 964,268 3,338,903 Decrease in deferred rent payable........................................................- - Lease liability........................................................................ (5,401,921) (5,052,803) Accrued postretirement benefits............................................... 539,627 409,171 Net cash provided by operating activities...................... 5,399,626 9,006,641 Cash flows from investing activities Capital expenditures .................................................................. (8,084,766) (8,328,542) Purchases of investments......................................................... (15,386,177) (15,778,491) Proceeds from sales of investments........................................... 17,631,947 18,289,578 Net cash used in investing activities.............................. (5,838,996) (5,817,455) Cash flows from financing activities Repayments of borrowings........................................................ (1,000,000) (1,000,000) Net cash used in financing activities............................. (1,000,000) (1,000,000) (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (1,439,370) 2,189,186

General and Administrative

Total

Compensation

$ 49,489,755 $ 6,483,587 $ 55,973,342

Professional fees

1,202,973

615,603

1,818,576

Advertising and promotion

1,662,570

-

1,662,570

Office expenses

835,078

118,668

953,746

Technology maintenance

6,727,556

443,056

7,170,612

Royalties

743,887

-

743,887

Occupancy

5,656,569

337,015

5,993,584

Travel

1,187,620

64,263

1,251,883

Training

271,042

37,710

308,752

Program expenses

4,933,084

1,159

4,934,243

Depreciation and amortization

5,527,081

237,523

5,764,604

Insurance

476,878

40,090

516,968

Other post retirement employee benefit

971,431

86,569

1,058,000

Interest

207,593

-

207,593

Office equipment

121,166

8,199

129,365

Telecommunication

293,744

23,427

317,171

Other expenses

112,500

-

112,500

Total expenses

$ 80,420,527 $ 8,496,869 $ 88,917,396

The accompanying notes are an integral part of this financial statement.

Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year

20,904,245

18,715,059 $ 20,904,245

$ 19,464,875

Supplemental disclosure of cash flow information Capital expenditures included within accounts payable and accrued expenses........................................................ $ Cash paid for interest............................................................. $

STATEMENT OF FUNCTIONAL EXPENSES For the year ended December 31, 2023

498,637 $ 1,113,374

190,980

$ 212,207

Programs Publications and Memberships

General and Administrative

Total

Compensation

$ 45,633,142 $ 5,698,201 $ 51,331,343

The accompanying notes are an integral part of these financial statements.

Professional fees

1,441,334

521,539

1,962,873

Advertising and promotion

2,031,121

-

2,031,121

Office expenses

867,480

101,633

969,113

Technology maintenance

6,204,605

399,154

6,603,759

Royalties

727,636

-

727,636

Occupancy

5,543,360

346,368

5,889,728

Travel

1,005,783

40,547

1,046,330

Training

270,429

32,864

303,293

Program expenses

4,859,039

1,100

4,860,139

Depreciation and amortization

4,689,373

178,621

4,867,994

Insurance

492,952

43,229

536,181

Other post retirement employee benefit

834,859

78,141

913,000

Interest

229,340

-

229,340

Office equipment

88,553

6,894

95,447

Telecommunication

314,061

23,057

337,118

Other expenses

601,787

-

601,787

Total expenses

$ 75,834,854 $ 7,471,348 $ 83,306,202

The accompanying notes are an integral part of this financial statement.

9

2024 Annual Report

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