AR 2001 Layout_Final - Royal Ontario Museum

[b] The change in net book value of capital assets is due to the following:
2002 2001
(in thousands of dollars)
Balance, beginning of year 53,153 54,712
Purchase of capital assets funded by
restricted capital contributions:
Land 931
Other capital assets 2,659 1,367
Purchase of capital assets funded internally 357 1,243
Amortization of capital assets (11,953) (4,169)
Balance, end of year 45,147 53,153
6. Artifacts and specimens
As at June 30, 2002, the collection consisted of approximately 5,951,000 artifacts and specimens. During the year, the Museum
accessioned approximately 1,000 objects to its collections through the acquisition and purchase of artifacts.
7. Deferred revenue
Deferred revenue represents grants from federal and provincial governments, corporations and The Royal Ontario Museum Foundation
(the “Foundation”) related primarily to next year’s operations.
8. Deferred capital contributions
Deferred capital contributions represent the unamortized amount of grants and donations received for the purchase of capital assets
and gallery development. The amortization of capital contributions is recorded as revenue in the Statement of Operations and
Changes in Net Assets. The changes in the deferred capital contributions balance are as follows:
2002 2001
(in thousands of dollars)
Balance, beginning of year 53,522 55,169
Amortization of deferred capital contributions (11,705) (4,022)
Recognized as grant revenue - -
Restricted contributions received or receivable for
capital asset purchases 2,948 2,375
Balance, end of year 44,765 53,522
At June 30, 2002, deferred capital contributions of $481,000 (2001 - $1,812,000) were received but not spent.
9. Net assets (deficit)
Changes in the components of net assets (deficit) at June 30 are as follows:
2002 2001
Operating Board Invested in Total Total
deficit restricted capital assets
(in thousands of dollars)
Balance, beginning of year (2,422) 986 1,444 8 (19)
Excess of revenues over
expenses for the year 296 102 398 27
Transfer between funds (135) 135
Restricted capital contributions
from the Province of Ontario
for the purchase of land 931 931
Net change in invested in
capital assets (136) 27 109 - -
Balance, end of year (2,397) 1,250 2,484 1,337 8
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