AG's annual report 2009 - Kitchener-Waterloo Art Gallery

Many partners support the significant and varied
activities of KW|AG. The cities of Kitchener and
Waterloo provide the core funding so necessary for
the Gallery’s operations. In 2009, approximately 26%
of revenue came from these two municipalities. Arts
organizations, such as the Ontario Arts Council and
the Canada Council for the Arts, also provide significant
funding so necessary to our operations.
KW|AG also relies heavily on support from the local
community. Like many individuals and organizations
in our community, the Gallery has been impacted
by the economic downturn. In 2009, we received
over $380,000 of funding from individuals, foundations
and corporations. This amount is less than was
received in previous years resulting in the Gallery
incurring a deficit, before accounting for bequests of
$54,728.
In 2009, KW|AG received a significant bequest from
the Estate of Paul Valentine Schnarr. This gift was
a vital contribution to the Gallery at a time when
the funding was most needed. The community
will benefit from this bequest for years to come.
The bequest strengthened our balance sheet at
December 31, 2009 as our unrestricted deficit was
reduced to $101,700. The cash on hand of $169,560
at December 31, 2009 is comprised primarily of
program funding received in advance.
The KW|AG Endowment Fund is an important part
of the long-term financial plan of the organization
and our goal of secure and consistent funding of
operations. Our locally managed endowment fund
provides significant memorial and remembrance
tributes, and we also participate in the Ontario Arts
Foundation matching grants program.
In 2009, the market value of our locally managed
endowment fund increased by more than $50,000
to $430,543.
KW|AG is committed to ensuring a financially secure
future, but it must receive strong financial support
from all of its partners, the cities of Kitchener and
Waterloo, arts agencies, individuals, corporations
and foundations. Each funding source is critical for
KW|AG to continue its exciting work which is so
important to our community.
Jim Stinson
Treasurer / Secretary
Shelly Mitchell
Manager of Finance &
Administration
Treasurer’s Report
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