2010 Annual Report - Interlochen Center for the Arts

Statement of Financial Position
The Mallory-Towsley Center for Arts Leadership
At Interlochen, we’ve attempted to counter increasing volatility, uncertainty, complexity and ambiguity
with vision and creativity. We’ve expanded educational opportunities at Interlochen Arts Camp with new
singer-songwriter, recording arts and jazz programs; added a comparative arts major at the Academy; and made
investments in technology that are fueling growth in web communications and social media. Building on a
Board of Trustees initiative, Interlochen enrollments of students of color have increased from 8 to 18%. We’ve
continued to develop our campus with the opening of the Mallory-Towsley Center for Arts Leadership, and
launched a new radio station – 89.7 FM Manistee/Ludington – to meet the growing demand for IPR’s awardwinning
news service.
We also look to the core values that have guided the institution for 83 years. Over the past year, members of
the Interlochen Board of Trustees conducted hundreds of interviews with employees, students, alumni,
parents and friends as they worked to craft a vision for the organization’s future. These sessions have
underscored five enduring traits of Interlochen that are as consistent today as they have been throughout
the last eight decades:
Inspiring • Nurturing • Transformative • Enlightening • Enduring
These core values and the deep commitment
of the Interlochen community give us
strength and stability as we look to the future.
The direction we must provide is clear: our
programs must be strong and of high quality,
our faculty the best, our students safe, well
cared for and nurtured artistically and emotionally
in a caring community. Our work
must ensure that Interlochen continues to
inspire and lead in the decades ahead, so that
what we provide to the world arts community
is right for our mission and right for our
times. With your help, this is just what we
intend to do.
May 31, 2010 May 31, 2009
ASSETS:
Cash and cash equivalents $ 11,337,880 $ 8,819,385
Investments 57,629,904 49,682,276
Accounts receivable, net of allowance of $803,000
in 2010 and $772,000 in 2009 28,658 70,311
Gifts receivable 1,972,345 2,411,153
Prepaid expenses and other receivables 678,885 479,880
Inventories 1,368,216 1,349,092
Land, buildings, and equipment, net 40,541,664 41,320,129
Other assets 1,366,143 1,338,499
TOTAL $ 114,923,695 $ 105,470,725
LIABILITIES:
Accounts payable - Trade $ 569,039 $ 347,782
Accrued liabilities 2,565,625 2,886,656
Tuition deposits and other 8,481,346 8,381,863
Annuities payable 620,230 644,054
Bonds payable 26,300,000 26,300,000
Total liabilities 38,536,240 38,560,355
NET ASSETS:
Unrestricted 51,664,628 43,142,359
Temporarily restricted 3,831,869 2,668,310
Permanently restricted 20,890,958 21,099,701
Total net assets 76,387,455 66,910,370
TOTAL $ 114,923,695 $ 105,470,725
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