Informe Anual, 2005 - Museo de Arte de Ponce

4. Property and Equipment
Property and equipment at December 31 consist of the following:
Useful life
in years 2005 2004
Leasehold improvements 30-50 $ 201,707 $ 201,707
Furniture and equipment 5-20 675,846 635,224
Laboratory equipment 3-10 64,038 56,781
941,591 893,712
Less - Accumulated depreciation 567,990 518,498
$ 373,601 $ 375,214
5. Lines of Credit
The Museum and the Luis A. Ferré Foundation have a combined line
of credit available totaling $1,300,000. At December 31, 2005 the
Museum had a balance outstanding of $401,000. There was no amount
outstanding related to this line of credit as of December 31, 2004.
6. Contributions In-Kind
Contributions in-kind for the years ended December 31, 2005 and 2004,
amounted to approximately $559,000 and $573,000, respectively, and
consisted mainly of advertising.
7. Related Party Transactions
From time to time the Museum makes payments on behalf of the
Foundation and may receive advances from the Foundation to cover its
operational needs. As of December 31, 2005 and 2004, the Museum had
an account receivable from the Foundation amounting to approximately
$207,000 and $252,000, respectively.
Contributions in-kind from related parties for the years ended December
31, 2005 and 2004 amounted to approximately $270,500 and $241,500,
respectively.
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