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The most significant factor in this increase is a $92.9 million increase in investment returns in excess of the amount designated for operations compared to the prior year. In fiscal year 2012, investments generated $81.6 million in excess of the amount designated for operations compared to a loss of $11.3 million in fiscal year 2011. In fiscal year 2012, the Gallery’s diversified investment portfolio participated in a significant recovery in the public equity markets and ended the fiscal year with a 16.7 percent total return compared to a 1.2 percent return in the prior year. The portfolio achieved strong positive returns in all asset classes and benefitted most from an impressive 33.8 percent return on its U.S. equity holdings during the fiscal year. Gifts and grants designated for non-operating activities increased by $20.1 million over the prior year. This increase is primarily the result of successful fundraising initiatives for capital improvements to the East Building. Partly offsetting these increases, federal support for building renovations in fiscal 2012 declined by $32.4 million compared to the prior year. This reduction is due to one-time funding for the repair of the marble façade of the Gallery’s East Building, which was fully appropriated by Congress in fiscal years 2010 and 2011. Non-operating Expenses Non-operating expenses totaled $21.8 million, reflecting a small increase of $2.2 million over the prior year due to art purchases, depreciation, and other non-operating expenses. FINANCIAL POSITION The Gallery’s financial position improved in fiscal year 2012 with net assets increasing by $104.8 million or 11.9 percent to $988.3 million. COMPOSITION OF ASSETS AT SEPTEMBER 30, 2012 ($1,065,075; amounts in thousands) NATIONAL GALLERY OF ART Investments and trusts held by others $700,579 Property, plant, and equipment, net, $266,545 Cash and cash equivalents, $73,476 Pledges, accounts receivable, and other assets, $24,475 Assets Assets grew to $1.07 billion in fiscal year 2012, an increase of $99.8 million over the prior year. Strong investment performance contributed $79.6 million of this increase. Property, plant, and equipment grew by $42.0 million due largely to construction costs incurred for repairs to the East Building façade. This repair project began in fiscal year 2010 and is expected to be completed in the spring of 2014. Pledges, accounts receivable, and other assets increased by $11.5 million primarily as a result of new pledges for capital improvements to the East Building. Cash decreased by $33.3 million as construction progressed on the East Building marble façade repair. The value of the Gallery’s art collection is not included as an asset in its statement of financial position in conformance with accounting policies generally followed by art museums. Liabilities Liabilities were reduced to $76.7 million in fiscal 2012, a $5.0 million decrease from the prior year. This was the result of a $7.9 million decrease in contractual obligations for art acquisitions as they were paid and was offset by a $2.9 million increase in other liabilities. AUDITOR’S REPORT AND FINANCIAL STATEMENTS Summarized financial information is shown on the following pages. The Gallery’s complete fiscal year 2012 audited financial statements, related notes, and the auditor’s report thereon can be found on the Gallery’s website at www.nga.gov. The Gallery’s external auditors rendered an unqualified opinion on the Gallery’s fiscal year 2012 financial statements and did not identify any material weaknesses, significant deficiencies, or areas of non-compliance with laws and regulations. 47
Summarized STATEMENTS OF ACTIVITIES Years ended September 30, 2012 and 2011 (in thousands) FINANCIAL STATEMENTS OPERATING 2012 2011 Support and revenue: Federal appropriations $ 110,546 $ 108,050 Gifts and grants 10,392 8,693 Gallery shops sales, net and other income 10,017 11,832 Spending policy appropriated for operations 16,425 14,368 Total support and revenue 147,380 142,943 expenSeS: Collections 45,217 44,492 Special exhibitions 19,220 17,320 Education, Gallery shops, and public programs 38,397 37,990 Editorial and photography 6,358 6,307 General and administrative 31,652 30,975 Development 4,451 4,475 Total expenses 145,295 141,559 Change in net assets from operating activities 2,085 1,384 NON-OPERATING Federal appropriations 17,874 50,261 Non-operating gifts and grants Investment return less amounts 25,127 4,978 appropriated for operations 81,559 (11,318) Acquisitions of works of art Depreciation and other (8,467) (7,873) non-operating expenses Increase in net assets (13,360) (11,789) from non-operating activities 102,733 24,259 Increase in net assets 104,818 25,643 Net assets at beginning of year 883,523 857,880 Net assets at end of year $ 988,341 $ 883,523 48
Page 1 and 2: N A TIO NAL G ALL E R Y O F A R T 2
Page 4: NATIONAL GALLERY OF ART Washington,
Page 8 and 9: ongoing commitment to funding educa
Page 10: from Japan as the centerpiece of Co
Page 14 and 15: paintings NATIONAL GALLERY OF ART C
Page 16 and 17: Alexandre-François Desportes’ St
Page 18 and 19: is now one of the most splendid nin
Page 20 and 21: photographs This year the Gallery a
Page 22 and 23: Salomon Kleiner, Das prächtige Ra
Page 25 and 26: Antico: The Golden Age of Renaissan
Page 27 and 28: EXHIBITING In the Tower: Mel Bochn
Page 29 and 30: entire career. Through one of the m
Page 31 and 32: Shock of the News but to take a wor
Page 33: Participants in the High School Sum
Page 36 and 37: To broaden the Gallery’s reach bo
Page 38 and 39: twentieth century was explored in t
Page 40 and 41: NATIONAL GALLERY OF ART CENTER FOR
Page 43 and 44: Painting conservator Joanna Dunn re
Page 45 and 46: Object conservators Katy May and Ab
Page 47 and 48: Section 0 44
Page 49: treasurer’s report In fiscal year
Page 53 and 54: PAINTINGS Bailey, William, American
Page 55 and 56: Price, Kenneth, American, 1935-2012
Page 57 and 58: 24th at Carolina (Left Variation),
Page 59 and 60: Combat, 1953, engraving, softground
Page 61 and 62: Klauber, Joseph Sebastian, German,
Page 63 and 64: The Flagellation, 1913, woodcut >Cr
Page 65 and 66: Sadeler I, Jan, Flemish, 1550-1600
Page 67 and 68: Sutton Place: Anne Morgan’s Town
Page 69 and 70: Untitled (Storefront Churches serie
Page 71 and 72: During the fiscal year, 257 lenders
Page 73 and 74: UNITED STATES Alabama Birmingham: B
Page 75 and 76: Paris, Musée national d’art mode
Page 77 and 78: UNITED KINGDOM—ENGLAND Aylesbury,
Page 79 and 80: Roslyn Harbor, Nassau County Museum
Page 81 and 82: Walt Kuhn >Green Apples and Scoop E
Page 83 and 84: The Collecting of African American
Page 85 and 86: Staff as of 30 September 2012 OFFIC
Page 87 and 88: Senior Conservators Daphne Barbour
Page 89 and 90: Anthony Kittoe Albert Lawrence Clif
Page 91 and 92: Susana (Susi) Fainbraun Gloria Fast
Page 93 and 94: GiFtS/DonoRS Embassy of Brazil Mr.
Page 95 and 96: Suzy and Bob Pence Midori and Willi
Page 97 and 98: GiFtS/DonoRS Mr. Paul K. Nitze Sylv
Page 99 and 100: copyright ©2013 Board of trustees,

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