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Financial Statement

Walker Art Center
Condensed Statement of Financial Position
June 30, 2006

Assets

Cash and cash equivalents $11,392,880
Investments 166,309,248
Beneficial interest in trust 22,602,804
Receivables 22,036,480
Inventories 366,652
Prepaid expenses 180,603
Property, plant, and equipment (net of depreciation) 79,854,594
Total assets $302,743,261

Liabilities and Net Assets

Payables $2,512,490
Charitable gift annuity 29,774
Deferred charge 315,928
Refundable advance 2,000,000
Unearned income 78,217
Deferred rent 460,968
Special assessment liability 7,462,621
Asset retirement obligation 996,110
Note payable 13,250,000
Bonds payable 11,425,000 $38,531,108
 
Net assets
  Unrestricted Board-designated endowment 96,223,586
        Property, plant, equipment 56,052,592
        Operations 207,691 152,483,869
  Temporarily restricted 40,176,454
  Permanently restricted 71,551,830
Total liabilities and net assets $302,743,261

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, 2006, 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 2005-2006 is available upon request.

Mary M. Polta, CFO


Walker Art Center
Condensed Statement of Operations
June 30, 2006

Revenue

Program earned income
  Exhibitions $1,127,641
  Education 78,271
  Performing Arts 232,568
  Film/Video 155,968
Museum Admissions, Walker Shop, Food Service/Facility Rental, Other 3.371,679
Contributions 7,328,731
Endowment draw 6,692,600
Total revenue $18,987,458

Expense

Programs
  Exhibitions $5,186,588
  Education 1,762,712
  Performing Arts 1,789,348
  Film/Video 758,157
  New Media Initiatives 431,762
Walker Shop, Food Service/Facility Rental 1,619,698
Fund-raising/Membership 1,107,974
Administration 3,524,757
Building Operations 2,796,966
Total expense $18,977,962
Net income from operations $9,496

2005-2006 Income $18,987,458

2005-2006 Expense $18,977,962