2011 ANNUAL REPORT - Chicago History Museum

2011 ANNUAL REPORT
Treasurer’s report
As with most museums, these
extraordinary economic times
continued to pose challenges
in generating adequate funding
to support day-to-day museum
operations. At the Chicago History
Museum, and again this past year,
these challenges were met with
creativity and fiscal discipline that
resulted in positive financial results for
fiscal year 2011. Necessary shifts in
operating plans were made, adjusting
activity to the availability of resources
throughout the fiscal year. In doing
so, the Chicago History Museum
generated a modest operating
surplus of $58,905 for the year
ended June 30, 2011. Through the
generosity of our annual fund donors,
contributions raised exceeded the
goal set for the year by 10%. In line
with our expectations for the year,
total operating revenues declined by
4%, primarily in investment income
available for operations.
As of June 30, 2011, net assets
increased from $53,589,309 to
$60,890,492, an increase of 13%.
While the volatility in the financial
markets still exists, there was
marked improvement in the value
of the institution’s investments, an
increase of $6,006,339, representing
a total return of 15%. Another factor
contributing to the increase in net
assets was a positive change in the
market value of an interest rate swap
agreement of $2,475,736. This change
is also represented in the decrease
in total liabilities of $2,735,072 along
with a reduction in accounts payable.
In prior fiscal years, the Chicago
History Museum financial reports
were consolidated with Lincoln Park
Society results, a partner organization
formed to operate a parking facility
for museum visitors and the general
public. In fiscal year 2011, there was
a deconsolidation of the financial
statements and a transfer out of a net
deficit of ($2,840,609). The financial
information represented in the
following charts reflects data for the
Chicago History Museum, after that
transfer was recorded.
We look forward to a strengthening
economy, not only for its impact on
our bottom line, but for our members,
contributors and supporters, and the
public that we serve. Their future
generosity will be critical for us to
continue providing the level and
quality of services the public expects
and deserves. We appreciate the
dedication of our staff, their efforts,
and their patience as we move
ahead on our critical path. While the
uncertainty in the economy remains,
our primary fiscal goals for the future
continue to be investing in core
mission activities, implementing new
strategic initiatives when feasible, and
protecting the future financial stability
of the institution.
The fiscal year results and financial
position are presented in the following
graphics. The financial statements
have been audited by Grant Thornton
LLP, independent certified public
accountants, and their report contains
no exceptions or qualifications as
to financial position and results of
operations. You may request a copy
of the full audited report from the
Finance and Accounting Office at the
Chicago History Museum.
Patrick Dolan
Treasurer
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