 |
|
| Walker Art Center Condensed Statement of Financial Position June 30, 2004 |
| Assets |
|
| Cash and cash equivalents |
$10,724,002 |
|
| Investments |
160,005,081 |
|
| Beneficial interest in trust |
19,278,853 |
|
| Receivables |
22,855,573 |
|
| Inventories |
129,294 |
|
| Prepaid expenses |
61,274 |
|
| Property, plant, and equipment (net of depreciation) |
50,676,731 |
|
| |
|
| Total assets |
$263,730,808 |
|
|
|
| Liabilities and Net Assets |
| Payables |
$6,190,527 |
|
|
| Unearned income |
12,544 |
|
|
| Note payable |
4,637,000 |
|
|
| Bonds payable |
11,425,000 |
$22,265,071 |
|
| Net assets |
|
|
|
|
|
|
|
|
Unrestricted |
Board-designated endowment |
87,874,923 |
|
|
|
|
|
|
Property, plant, equipment |
41,002,619 |
|
|
|
|
|
|
|
Art acquisitions |
804,314 |
|
|
|
|
|
|
|
Operations |
191,753 |
129,873,609 |
|
|
|
|
| Temporarily restricted |
|
41,178,869 |
|
| Permanently restricted |
|
70,413,259 |
|
| |
|
|
| Total liabilities and net assets |
|
$263,730,808 |
The condensed statement of operations and the condensed statement of finnancial position are derived from the financial statements of the Walker Art Center as of June
30, 2004, which have been audited by Ernst & Young LLP. The statement of operations
does not include receipts and disbursements of funds for the acquisition of works of
art, and the statement of finnancial position does not include the value of the museum’s
collection. A complete set of the Walker’s audited financial statements for 2003–2004 is
available upon request. – Ann Bitter Deputy Director and COO
|
