Annual Report 2008-2009 - National Gallery of Canada

17. NATIONAL GALLERY OF CANADA FOUNDATION
The National Gallery of Canada Foundation (the “Foundation”) was incorporated under the Canada Corporations Act in June 1997
and is a registered charitable non-profit organization under the Income Tax Act. This is a separate legal entity from the National
Gallery of Canada and all funds raised are for the sole use of the Gallery, as determined between the Gallery and
the Foundation.
The Foundation raises funds from patrons, corporations, associations and from the community. The Board of Directors of
the Foundation is elected by the voting members of the Foundation. The financial statements of the Foundation have been
audited and have not been consolidated in the Gallery’s financial statements. All of the direct expenses related to the operation
of the Foundation to March 31, 2009, with the exception of personnel and facilities, have been reported in the Statement of
Operations and Changes in Fund Balances of the Foundation as administration and fundraising expenses. Personnel costs paid
by the Gallery amounted to $871,596 in 2009 ($812,893 in 2008). The distributed amounts to the Gallery by the Foundation are
recorded in the Operating revenue and contributions in the Gallery’s Statement of Operations. The audited financial statements
of the Foundation are available upon request.
The financial position of the Foundation as at March 31, 2009, and the results of operations for the period then ended are
as follows:
(in thousands of dollars) 2009 2008
Financial Position
Total Assets $ 11,805 $ 12,257
Total Liabilities 460 65
Fund Balance * $ 11,345 $ 12,192
* All of the Foundation’s net assets must be provided for the ultimate benefit of the National Gallery of Canada. An amount of $11,459,572 ($11,621,635 in 2008) of
the Foundation’s net assets is subject to donor imposed restrictions, of which $9,985,893 ($9,980,458 in 2008) represents endowment funds and is to be
maintained permanently. Investment revenue generated by endowment funds is to be used for the benefit of the Gallery.
(in thousands of dollars) 2009 2008
Results of operations
Total revenues $ 3,148 $ 3,604
Total expenses 354 336
Excess of revenues over expenses before contributions 2,794 3,268
Contributions to the National Gallery of Canada ** 1,676 888
Excess of revenues over contributions and expenses $ 1,118 $ 2,380
** The contributions to the Gallery by the Foundation were made in accordance with the restrictions approved by the Foundation’s Board of Directors and
supported art acquisition activities, and other art and program activities at the Gallery.
(in thousands of dollars) 2009 2008
Cumulative adjustment for unrealized losses on investments $ (2,030) $ (64)
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