WALKER ART CENTER
CONDENSED STATEMENT OF FINANCIAL POSITION
JUNE 30, 2005
|
| Assets |
| Cash and cash equivalents |
$9,479,219 |
 |
| Investments |
163,004,452 |
|
| Beneficial interest in trust |
21,213,563 |
|
| Receivables |
27,233,527 |
|
| Inventories |
268,128 |
|
| Prepaid expenses |
96,054 |
|
| Property, plant, and equipment (net of depreciation) |
73,719,427 |
|
| |
|
| Total assets |
$295,014,370 |
|
|
|
| Liabilities and Net Assets |
| Payables |
$4,458,483 |
|
|
| Charitable gift annuity |
35,324 |
|
|
| Deferred charge |
394,909 |
|
|
| Unearned income |
45,565 |
|
|
| Note payable |
19,790,000 |
|
|
| Bonds payable |
11,425,000 |
$36,149,281 |
|
| Net assets |
|
|
|
|
|
|
|
|
Unrestricted |
Board-designated endowment |
91,808,757 |
|
|
|
|
|
Property, plant, equipment |
50,293,545 |
|
|
|
|
|
|
Operations |
198,195 |
142,300,497 |
|
|
|
|
| Temporarily restricted |
|
43,702,003 |
|
| Permanently restricted |
|
72,862,589 |
|
| |
|
|
| Total liabilities and net assets |
|
$295,014,370 |
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, 2005, which have been audited by KPMG LLP. The statement of operations does not include receipts and disbursements of funds for the acquisition of works of art, and the statement of financial position does not include the value of the museum's collection. A complete set of the Walker's audited financial statements for 2004—2005 is available upon request.
Mary M. Polta, CFO
WALKER ART CENTER
CONDENSED STATEMENT OF OPERATIONS
JUNE 30, 2005
|
| Revenue |
| Program earned income |
|
|
|
|
|
Exhibitions |
$765,918 |
|
|
|
Education |
109,021 |
|
|
|
Performing Arts |
188,441 |
|
|
|
Film/Video |
102,428 |
|
|
|
| Museum admissions, Walker Shop, other |
1,570,182 |
|
| Contributions |
5,947,126 |
|
| Endowment draw |
6,457,100 |
|
| | |
| Total revenue |
$15,140,216 |
| Expense |
| Programs |
|
|
|
|
|
Exhibitions |
$3,926,521 |
|
|
|
Education |
1,409,109 |
|
|
|
Performing Arts |
1,563,537 |
|
|
|
Film/Video |
665,064 |
|
|
|
New Media Initiatives |
457,801 |
|
|
|
| Walker Shop |
482,960 |
|
| Fund-raising/Membership |
841,440 |
|
| Administration |
4,018,445 |
|
| Building Operations |
1,768,897 |
|
| |
|
| Total expense |
$15,133,774 |
|
| |
|
| Net income from operations |
$6,442 |
|
|
