The Mint Museum Annual Report 2008 / 2009

Mint Museum of Art
Mint Museum of Craft + Design
CulTurAl FACiliTies MAsTer PlAn
In January 2004, the Arts & Science Council’s Board of Directors adopted the Cultural
Facilities Master Plan. The Plan recommended the construction or improvement of several
cultural facilities, with capital funding to come from the local government. The ASC has
launched an $82.3 million campaign to fund facility endowments to support the operation of
the new or remodeled facilities. The Museum is budgeted to be allocated $22 million if the
Campaign reaches its funding goal. Corporations and individuals have pledged $62 million as
of June 30, 2009, of which $43.9 million has been contributed to the campaign. Accordingly,
a beneficial interest has been included in the Museum’s assets, totaling $12,545,555 at June
30, 2009, representing the Museum’s interest in funds raised to date. This amount has been
included in permanently restricted net assets.
FAir vAlue
In accordance with generally accepted accounting principles (US GAAP), the Museum
records financial assets and liabilities at fair value. Realized and unrealized gains and losses
are included in Other Changes in Net Assets.
CHAnges in neT AsseTs FroM oPerATions
Changes in Net Assets from Operations represents the net change resulting from all
operating support and revenues (including grants, gifts, contributions, operating revenues,
investment income and allowable endowment allocations) less related program, development,
management and general expenses.
oTHer CHAnges in neT AsseTs
Other Changes in Net Assets represents the increase or decrease in endowment and
beneficial interest investments based on fair value accounting principles less the authorized
amounts allocated to operations for support.
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