Treasurer's Report 2012-2013
The Museums’ financial statements as of and for the year ended August 31, 2013 were audited by the independent accounting firm of Bollus Lynch and an unmodified (or “clean”) opinion was issued.
I am pleased to report that the Museum’s financial position continues to be very solid. The Statement of Financial Position at August 31, 2013 reported total assets of $107M, total liabilities of only $4M, and total net assets of $103M. Total assets of $107M increased $7M (or 7%) from 2012. This was primarily the result of a $2M increase in pledge receivables related to the Higgins integration and an increase in investments of $5M.
The Statement of Activities as of August 31, 2013 reported total support and revenue of $17M and total expenses of $10M, for an increase to net assets of $7M which is very encouraging. The $7M increase to net assets is a definite improvement over the net decrease of $1M to net assets reported as of August 31, 2012.
Support and Revenue was made up of earned revenue of $2M, gifts and grants of $7M, and investment income & gains of $8M. Total support and revenue increased $8M (or 97%) compared to 2012. This was the result of an increase in gifts and grants of $5M and an increase of $3M in investment income and gains. The $5M increase in gifts and grants compared to 2012 was the result of support from several foundations related primarily to the Higgins integration. There were also promising increases in Board giving, the Annual Fund, and Sponsorships
Total expenses of $10M were consistent with prior year’s total. The audited financial statements are available to all members of the corporation. If you would like to receive a copy, please contact the Museum.
In closing, I want to assure all of you that the Board of Trustees remains committed to ensuring the financial health and long term stability of this great institution.