2011 Annual Report - The Wadsworth Atheneum

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F I N A N C I A L R E P O R T
the Wadsworth Atheneum Museum of Art
Condensed Statement of Financial Position
A s s e t s June 30, 2011 June 30, 2010
Cash and Cash Equivalents $2,022,236 $4,788,403
Accounts receivable, net of allowance 14,826 76,439
Grants receivable, net of allowance 4,264,561 11,127,789
Other receivables 1,991 4,678
Contributions receivable, net of allowance 453,519 532,625
Inventories and other assets 490,335 502,232
Investments, at market 89,508,379 77,708,923
Funds held in trust by others 460,916 374,033
Property and equipment, net depreciation 15,494,764 7,392,200
To t a l A s s e t s $112,711,527 $102,507,322
L i a b i l i t i e s
Accounts payable $240,233 $316,926
Accrued expenses and other liabilities 425,296 486,031
Deferred revenue 272,072 257,082
To t a l L i a b i l i t i e s $937,601 $1,060,039
N e t A s s e t s
Unrestricted $16,407,692 $8,163,638
Board designated 15,338,470 13,727,722
Temporarily restricted 48,808,424 48,448,465
Permanently restricted 31,219,340 31,107,458
To t a l N e t A s s e t s $111,773,926 $101,447,283
To t a l L i a b i l i t i e s & N e t A s s e t s $112,711,527 $102,507,322
Condensed Statement of Activities
R e v e n u e
U n r e s t r i c t e d Te m p o r a r i l y P e r m a n e n t l y
Operating Non-Operating Restricted Restricted June 30, 2011 June 30, 2010
Contributions, Grants, Trusts, and Estates $1,898,287 $177,372 $1,814,404 $94,649 $3,984,712 $5,905,078
Membership, dues and activities 370,109 — — — 370,109 413,888
Admissions 275,714 — — — 275,714 233,103
Exhibition fees and other 366,567 146,485 — — 513,052 608,365
Auxiliary activities 614,839 — — — 614,839 585,735
Proceeds from sale of art objects — — 269,785 — 269,785 1,872,498
Total return for operations 2,008,355 — — — 2,008,355 1,465,500
Gain (loss) on funds held in trust by others — — — 27,233 27,233 (6,337)
Net assets released from restriction 2,091,629 12,479,927 (14,561,556) (10,000) — —
To t a l R e v e n u e , G a i n s a n d Ot h e r S u p p o r t 7,625,500 12,803,784 (12,477,367) 111,882 8,063,799 11,077,830
E x p e n s e
Collections, Exhibitions, and Programs 2,435,919 173,299 — — 2,609,218 3,010,521
Art Acquisition — 1,348,156 — — 1,348,156 1,932,532
Administrative and External Affairs 2,409,561 97,137 — — 2,506,698 2,527,711
Auxiliary activities 538,659 — — — 538,659 515,900
Building and Security 2,240,982 187,630 — — 2,428,612 2,218,807
Construction Costs — 943,361 — — 943,361 —
Depreciation — 540,430 — — 540,430 534,225
To t a l E x p e n s e 7,625,121 3,290,013 — — 10,915,134 10,739,696
Change in net assets before investment return 379 9,513,771 (12,477,367) 111,882 (2,851,335) 338,134
Investment gain/loss from long-term investment — 340,652 12,837,326 — 13,177,978 7,498,949
C h a n g e i n N e t A s s e t s 379 9,854,423 359,959 111,882 10,326,643 7,837,083
Net assets (deficit) at beginning of year (2,139,282) 24,030,642 48,448,465 31,107,458 101,447,283 93,610,200
N e t A s s e t s (deficit) a t E n d o f Ye a r $(2,138,903) $33,885,065 $48,808,424 $31,219,340 $111,773,926 $101,447,283
The condensed statement of financial position and condensed statement of activities are derived from
the Wadsworth Atheneum’s financial statements as of June 30, 2011, which have been audited by Kostin,
Ruffkess and Company, LLC., independent auditors, whose report expressed an unqualified opinion on
those financial statements. A complete copy is available upon request or can be found on the museum’s
website: www.wadsworthatheneum.org.
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