Financial Statement
Statement of Financial Position
Statement of Operations
Walker Art Center Condensed Statement of Financial Position   June 30, 2004
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