Annual report 2009 - Currier Museum of Art

financial statement
Condensed Statement of Financial Position
ASSETs
Investments
Pledges receivable
Other current assets
Property plant and equipment, net
of depreciation
TOTAL ASSETS
LIABILITIES and NET ASSETs
Current liabilities
Long term debt
Net assets:
Unrestricted
Temporarily restricted
Permanently restricted for operations & acquisitions
TOTAL LIABILITIES AND NET ASSETS
2009
$68,388,186
1,285,672
570,856
22,648,362
$92,893,076
$846,794
9,448,454
612,936
31,580,514
50,404,378
$92,893,076
2008
$83,267,088
1,797,189
514,001
23,811,553
$109,389,831
$870,723
10,935,897
2,500,526
51,194,741
43,887,944
$109,389,831
Supplemntal Schedule of Pro Forma Operating Activities
June 30, 2009 and 2008
SUPPORT and REVENUE for OPERATIONS:
Investment income used for current year’s operations
Transfers from named funds
Museum
Art Center
Exhibitions
Zimmerman House
2009
$2,246,451
301,755
1,039,887
282,672
216,111
42,096
2008
$2,471,168
676,920
728,041
273,287
0
31,691
OPERATING EXPENSES:
Museum
Art Center
Exhibitions
Zimmerman House
General and administrative
TOTAL SUPPORT and REVENUE for OPERATIONS
TOTAL OPERATING EXPENSES
$4,128,972
3,394,218
336,025
198,725
78,500
103,204
$4,110,672
$4,181,107
3,627,859
343,850
0
77,776
71,469
$4,120,954
Support & revenues restricted to or designated for
current year’s operations in excess of expenses
$18,300
$60,153
Note: The pro forma statement of operating activities recognized the investment income and transfers from the endowment funds in accordance
with the Board of Trustees funding policy as support revenue rather than all investment income, gains and losses. In addition, certain nonoperating
expenditures are not recognized, including collection items purchased but not capitalized, depreciation and interest expense.
This presentation also excludes the change in fair value of the interest rate swap. Accordingly, this presentation differs significantly from the
statement of activities as presented in the Museum’s audited financial statements and from generally accepted accounting principles. The
Museum’s policy is to annually allocate 5% of the average valuation of the operating endowment funds over the previous ten quarters
to fund the Museum’s operations. Management believes this pro forma presentation reflects the true support and revenue available to fund
the Museum’s annual operating expenses for the periods presented. The Museum does not capitalize its collection and objects of art.
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financial statement