ANNUAL REPORT 2002-2003
Financial Statement
Walker Art Center Condensed Statement of Financial Position June 30, 2003
Assets  
Cash and cash equivalents $19,424,605
Investments 151,666,519
Beneficial interest in trust 12,546,902
Receivables 21,693,887
Inventories 429,755
Prepaid expenses 55,682
Property, plant, and equipment (net of depreciation) 26,651,653
  
Total Assets
$232,469,003
 
Liabilities and Net Assets    
Payables $5,383,062  
Unearned income 121,661  
Bonds payable 11,425,000 $16,929,723
Net assets    
   Unrestricted   Board-designated endowment 78,873,189  
   Unrestricted   Property, plant, equipment 24,469,786  
   Unrestricted   Art acquisitions 1,072,155  
   Unrestricted   Operations 183,236 104,598,366
Temporarily restricted   48,386,725
Permanently restricted   62,554,189
   
Total Liabilities and Net Assets
$232,469,003

 

The condensed statement of operations and the condensed statement of financial position are derived from the financial statements of the Walker Art Center as of June 30, 2003, which have been audited by Ernst & Young LLP. The statement of operations does not include receipts and disburse-ments of funds for the acquisition of works of art, and the statement of financial position does not include the value of the museumís collection. A complete set of the Walkerís audited financial statements for 2002Ė2003 is available upon request. Ann Bitter, Deputy Director and COO