2011 Annual Report - National Gallery of Art

50
STATEMENTS OF ACTIVITIES
for the years ended September 30, 2011 and 2010
with summarized financial information for the year ended September 30, 2010
(in thousands)
PRIVATE FEDERAL TEMPORARILY PERMANENTLY
OPERATING FUNDS FUNDS TOTAL RESTRICTED RESTRICTED 2011 2010
SUPPORT AND REVENUE:
U.S. Government appropriation $ – $ 106,807 $ 106,807 $ 6,934 $ – $ 113,741 $ 110,755
Gifts and grants 2,896 – 2,896 5,797 – 8,693 15,431
Gallery shop sales, net 7,599 – 7,599 – – 7,599 7,072
Investment return designated for operations 2,654 – 2,654 11,714 – 14,368 14,283
Royalties and other income 4,233 – 4,233 – – 4,233 1,523
17,382 106,807 124,189 24,445 – 148,634 149,064
Net assets released from restrictions
to fund operating expenses 16,922 6,622 23,544 (23,544) – – –
Total support and revenue 34,304 113,429 147,733 901 – 148,634 149,064
OPERATING EXPENSES:
Collections 3,235 35,308 38,543 – – 38,543 38,791
Special exhibitions 3,567 14,987 18,554 – – 18,554 18,150
Education, gallery shops, and public programs 15,263 27,348 42,611 – – 42,611 42,152
Editorial and photography 2,137 3,277 5,414 – – 5,414 5,681
General and administrative 6,045 25,778 31,823 – – 31,823 31,171
Development 3,043 1,571 4,614 – – 4,614 4,734
Total expenses 33,290 108,269 141,559 – – 141,559 140,679
Increase in net assets from operating activities 1,014 5,160 6,174 901 – 7,075 8,385
NON-OPERATING
U.S. Government appropriation – – – 44,570 – 44,570 52,856
Non-operating gifts and grants – – – 4,118 860 4,978 9,723
Provision for bad debts – – – (25) – (25) (500)
Changes in value of trusts held by others
Investment return in excess of
(669) – (669) (10) (380) (1,059) (273)
amount designated for operations (2,222) – (2,222) (8,037) – (10,259) 44,887
Acquisition of works of art (7,873) – (7,873) – – (7,873) (14,603)
Depreciation and amortization (3,327) (7,825) (11,152) – – (11,152) (10,155)
Asset retirement obligation expense – (612) (612) – – (612) (847)
Reclassifications of net asset balances
Net assets released from restrictions
1,829 – 1,829 4,711 (6,540) – –
to fund non-operating expenses
(Decrease) increase in net assets
8,308 32,056 40,364 (40,364) – – –
from non-operating activities (3,954) 23,619 19,665 4,963 (6,060) 18,568 81,088
(Decrease) increase in net assets (2,940) 28,779 25,839 5,864 (6,060) 25,643 89,473
Net assets at beginning of the year 207,158 103,248 310,406 177,077 370,397 857,880 768,407
Net assets at end of the year $ 204,218 $ 132,027 $ 336,245 $ 182,941 $ 364,337 $ 883,523 $ 857,880
The accompanying notes are an integral part of these financial statements.
FINANCIAL STATEMENTS
UNRESTRICTED
TOTAL