report to the community - The Rock and Roll Hall of Fame and ...

CONDENSED FINANCIAL INFORMATIONAmounts in thousands (000’s) except percentage data and number of visitors.STATEMENT OF ACTIVITIES Year Ended December 312008 2007operating Activitiesrevenues - UnrestrictedEarned (a) $11,737 $ 11,273Contributed 2,475 2,1834,212 13,456Revenues - RestrictedContributed and related investment income 9,534 4,3992 3 ,746 17,855Expenses (b) 13,995 13,266O operating Income 9,751 4,589non-Operating ActivitiesRevenues restricted to debt service on bonds (c) 1,547 5,043expensesDepreciation 2,288 2,374Interest and other bond related 559 635increase in net assets before loss on capital lease retirement 8,451 6,623Loss on capital lease retirement (c) (700) -increase in net assets $7,751 $6,623STATEMENT OF FINANCIAL POSITION December 312008 2007AssetsCash and equivalents $ 601 $ 71Funds restricted for 2009 Induction Ceremony 1,720 -Funds designated for debt service on bonds (c) 2,125 10,561Funds restricted for capital campaign 6,878 3,014Fixed assets, net 60,579 61,478Other assets 6,778 5,915total assets 78,699 81,039Admission - 52%Store, net (a) - 26%Other - 22%2008 Rock Hall EarnedOperating Revenues2008 Rock Hall ContributedOperating RevenuesFundraising Events - 22%Corporate - 10%Individual - 14%Membership - 5%Government - 13%Foundation - 36%2008 Rock HallOperating ExpensesProgram Services - 72%liabilities and Net AssetsCapital lease obligation (c) - 11,960Debt 1,000 1,231Funds obligated for transfer to County 2,125 -Other liabilities 3,145 3,170net AssetsUnrestricted 3,298 3,178Temporarily restricted 69,131 61,500total liabilities and net assets $78,699 $81,039a - Net of museum store product costs.b - Excludes depreciation and building financing costs.Management and General - 18%Fundraising - 10%c - The Museum’s facilities are leased from the Cleveland-Cuyahoga County Port Authority (the Port Authority) pursuant to a cooperative agreement and capital lease agreement. In 1993, thePort Authority issued tax-exempt bonds as part of the financing of the construction of the Museum’s facilities. These bonds were refinanced in 1997 and again in 2004. The 2004 refinancing notonly reduced the total debt service costs over the remaining life of the bonds but also removed restrictions on certain Museum operating revenues to allow them to be used to fund the Museum’sNumber of visitors 438,700 451,000operating expenses. In 2008, the bonds (and the obligation under the capital lease) were retired early as required by the bond agreement as investments exceeded the outstanding debt. The losson the capital lease retirement reflects the write-off of unamortized deferred financing costs.16 17