STATEMENTS OF CASH FLOWS for the years ended September 30, <strong>2011</strong> and 2010 with summarized financial information as <strong>of</strong> September 30, 2010 (in thousands) NATIONAL GALLERY OF ART 51 CASH FLOWS FROM OPERATING ACTIVITIES: PRIVATE FUNDS FEDERAL FUNDS <strong>2011</strong> 2010 (Decrease) increase in net assets Adjustments to reconcile (decrease) increase in net assets to net cash provided by operating activities: $ (15,962) $ 41,605 $ 25,643 $ 89,473 Depreciation and amortization 3,327 7,825 11,152 10,155 Amortization <strong>of</strong> discount on pledges receivable (250) – (250) (390) Amortization <strong>of</strong> discount on contractual obligations 399 – 399 725 Provision for bad debts Contributions and net investment income for 25 – 25 500 permanently restricted investments (995) – (995) (6,292) U.S. Government appropriations for renovation projects – (44,570) (44,570) (56,259) Gifts and grants for art acquisitions and capital projects (7,434) – (7,434) (8,636) Acquisitions <strong>of</strong> works <strong>of</strong> art 7,459 – 7,459 14,614 Realized gains on sale <strong>of</strong> investments (17,706) – (17,706) (21,863) Unrealized losses (gains) on investments 17,638 – 17,638 (34,106) Decrease (increase) in value <strong>of</strong> trusts held by others 2,130 – 2,130 (1,458) (Increase) decrease in accounts receivable, net (276) – (276) 747 Decrease in pledges receivable, net 4,213 – 4,213 6,029 (Increase) decrease in inventory and other assets (298) 23 (275) 432 (Decrease) increase in accounts payable and accrued expenses (279) 5,239 4,960 4,610 Decrease in contractual obligations – – – (200) Increase in asset retirement obligation – 612 612 847 Asset retirement remediation payment – (235) (235) (981) Net cash (used in) provided by operating activities (8,009) 10,499 2,490 (2,053) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase <strong>of</strong> investments (227,533) – (227,533) (59,880) Proceeds from sale <strong>of</strong> investments 247,627 – 247,627 69,371 Acquisitions <strong>of</strong> works <strong>of</strong> art (7,459) – (7,459) (14,614) Purchase <strong>of</strong> fixed assets (215) (34,908) (35,123) (13,098) Collection <strong>of</strong> notes receivable – – – 650 Net cash provided by (used in) investing activities 12,420 (34,908) (22,488) (17,571) CASH FLOWS FROM FINANCING ACTIVITIES: Contributions and net investment income for permanently restricted investments 995 – 995 6,292 U.S. Government appropriation for renovation projects – 44,570 44,570 56,259 Gifts and grants for art acquisitions and capital projects 7,434 – 7,434 8,636 Principal payment on capital lease obligation – (202) (202) (184) Payments on contractual obligations (8,325) – (8,325) (18,413) Net cash provided by financing activities 104 44,368 44,472 52,590 Net increase in cash and cash equivalents 4,515 19,959 24,474 32,966 Cash and cash equivalents, at beginning <strong>of</strong> year 4,097 78,155 82,252 49,286 Cash and cash equivalents, at end <strong>of</strong> year $ 8,612 $ 98,114 $ 106,726 $ 82,252 The accompanying notes are an integral part <strong>of</strong> these financial statements. TOTAL
52 STATEMENTS OF CASH FLOWS SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: PRIVATE FUNDS FEDERAL FUNDS <strong>2011</strong> 2010 Cash paid during the year for: <strong>Art</strong> acquisitions under contractual obligations $ 8,325 $ – $ 8,325 $ 18,413 Interest on capital lease $ – $ 140 $ 140 $ 157 Income taxes $ 245 $ – $ 245 $ – SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION: Donated investment securities $ 1,078 $ – $ 1,078 $ 1,350 Fixed asset additions included in accounts payable $ – $ 3,567 $ 3,567 $ 1,568 The accompanying notes are an integral part <strong>of</strong> these financial statements. FINANCIAL STATEMENTS for the years ended September 30, <strong>2011</strong> and 2010 with summarized financial information as <strong>of</strong> September 30, 2010 (in thousands) TOTAL
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NATIONAL GALLERY OF ART 2011 ANNUAL
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- Page 13 and 14: 10 COLLECTING PAINTINGS Two excepti
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- Page 17 and 18: 14 � Kerry James Marshall, Great
- Page 19 and 20: 16 � Albrecht Dürer, Saint Jerom
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- Page 25 and 26: 22 EXHIBITING The Gallery offered t
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- Page 38 and 39: contemporaries of Paul Gauguin); an
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- Page 43 and 44: 40 PRESERVING Painting conservators
- Page 45 and 46: 42 � Shelley Sturman, head of obj
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- Page 56 and 57: 1. oRGANIZATION The National Galler
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- Page 68 and 69: NATIONAL GALLERY OF ART 65 The foll
- Page 70 and 71: PAINTINGS Courbet, Gustave, French,
- Page 72 and 73: PRINTS Ademollo, Luigi, Italian, 17
- Page 74 and 75: Vlaminck, Maurice de, French, 1876-
- Page 76 and 77: CHANGES OF ATTRIBUTION The followin
- Page 78 and 79: Otto Naumann His Grace The Duke of
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- Page 90 and 91: EDUCATION Division Head Lynn Pearso
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- Page 96 and 97: GIFTS/DONORS The support of the fed
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NATIONAL GALLERY OF ART Washington,