2002 Annual Report - New York Public Library

RL:
esearch
FIGURE 4
FIGURE 3
The Research Libraries and
Librarywide Programs:
Operating Support and Revenue
$130,479,000
The Research Libraries and
Librarywide Programs:
Operating Expenses
$150,869,000
Additions to collections 9%
Fundraising and development 4%
Management and general 6%
Salaries and other expenses
of library services 81%
Contributions 14%
Contributed rent, energy, and other services %
(from the City of New York) 20%
City of New York 28%
Investment income 23%
State of New York 9%
Other support and revenue 5%
Federal government 1%
contributions came from
nearly 54,000 separate gifts.
The Library’s endowment
comprises its permanently
restricted net assets, the reinvested
appreciation and accumulated
income on those
assets, and other unrestricted
net assets specifically designated
by the Library’s Board
of Trustees to function as
endowment. The Trustees
make available for spending
an amount equal to 6% of
the average market value of
the endowment for the three
preceding years. This is categorized
in the Summary
of Financial Activities as
Investment return used for
operations, and equaled
$30.5 million in fiscal 2002 –
nearly all for The Research
Libraries. The average annual
total returns (net) that the
Library has realized on its
investments over the past
one, five, and ten fiscal years
were -2.6%, 7.9%, and 11.2%
and compare favorably with
the broad indices.
Operating Expenses
Expenditures for Books and
other library materials totaled
$12.0 million for The Branch
Libraries, a decrease of 10%
from the level of spending
in the prior year. Purchases
of library materials by The
Research Libraries are reported
as Additions to collections,
separate from total operating
expenses. In contrast to the
expendable books and other
library materials acquired by
The Branch Libraries, which
are regularly replaced with
new additions and new titles,
acquisitions of The Research
Libraries are preserved under
curatorial control. The Research
FINANCIALS
Libraries expended $13.1 million
in fiscal 2002 for the purchase
of such acquisitions.
Salaries and other expenses
of library services totaling
$229.1 million include both
personnel and other costs,
an increase of $13.6 million
over the prior year. Nearly
one-half of the increase was
expended for increases in
employee wages and benefits.
The Library recorded a
net deficiency of operating
support and revenues over operating
expenses and additions
to collections of $17.4 million.
Non-cash charges for depreciation
and postretirement
benefits accounted for nearly
all the deficit.
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