Annual Report 2008-2009 - National Gallery of Canada
Annual Report 2008-2009 - National Gallery of Canada
Annual Report 2008-2009 - National Gallery of Canada
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Summarized Statement <strong>of</strong> Financial Position<br />
March 31, <strong>2009</strong>, with comparative figures for <strong>2008</strong><br />
Special Endowment Total Total<br />
General fund purpose fund fund <strong>2009</strong> <strong>2008</strong><br />
Assets<br />
Cash $ 254,308 $ – $ – $ 254,308 $ 49,647<br />
Interest and other receivables 8,239 – – 8,239 9,040<br />
Prepaid expenses 2,411 – – 2,411 2,410<br />
Investments 88,776 1,604,539 9,846,212 11,539,527 12,195,988<br />
$ 353,734 $ 1,604,539 $ 9,846,212 $ 11,804,485 $ 12,257,085<br />
Liabilities and Fund Balances<br />
Liabilities:<br />
Accounts payable and accrued liabilities $ 59,310 $ – $ – $ 59,310 $ 35,085<br />
Amounts payable to <strong>National</strong> <strong>Gallery</strong> <strong>of</strong> <strong>Canada</strong> 133,936 – – 133,936 30,125<br />
Contributions payable to <strong>National</strong> <strong>Gallery</strong> <strong>of</strong> <strong>Canada</strong> 167,000 99,320 – 266,320 –<br />
360,246 99,320 – 459,566 65,210<br />
Fund balances:<br />
Restricted – 1,505,219 9,846,212 11,351,431 11,621,635<br />
Unrestricted (6,512) – – (6,512) 570,240<br />
(6,512) 1,505,219 9,846,212 11,344,919 12,191,875<br />
$ 353,734 $ 1,604,539 $ 9,846,212 $ 11,804,485 $ 12,257,085<br />
Summarized Statement <strong>of</strong> Operations and Changes in Fund Balances<br />
Year ended March 31, <strong>2009</strong>, with comparative figures for <strong>2008</strong><br />
Special Endowment Total Total<br />
General fund purpose fund fund <strong>2009</strong> <strong>2008</strong><br />
Revenue:<br />
Fundraising $ 171,535 $ 755,043 $ 1,863,136 $ 2,789,714 $ 2,742,279<br />
Investment 143,548 386,539 (171,813) 358,274 861,405<br />
Management fee 75,132 — (75,132) — 66,578<br />
390,215 1,141,582 1,616,191 3,147,988 3,670,262<br />
Expenses:<br />
Administration and fundraising 314,501 — 39,154 353,655 402,799<br />
Excess <strong>of</strong> revenue over expenses before<br />
contributions 75,714 1,141,582 1,577,037 2,794,333 3,267,463<br />
Contributions to <strong>National</strong> <strong>Gallery</strong> <strong>of</strong> <strong>Canada</strong> 692,000 983,500 — 1,675,500 887,527<br />
Excess (deficiency) <strong>of</strong> revenue over expenses<br />
and contributions (616,286) 158,082 1,577,037 1,118,833 2,379,936<br />
Fund balances, beginning <strong>of</strong> year as previously<br />
reported 570,240 1,641,177 9,980,458 12,191 875 10,866,617<br />
Adjustment to cumulative unrealized losses<br />
on investments 39,534 (294,040) (1,711,283) (1,965,789) (1,054,678)<br />
Fund balances, end <strong>of</strong> year $ (6,512) $ 1,505,219 $ 9,846,212 $ 11,344,919 $ 12,191,875<br />
Note: Complete audited financial statements are available from the Foundation upon request.<br />
104<br />
<strong>National</strong> <strong>Gallery</strong> <strong>of</strong> <strong>Canada</strong> Foundation
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