| Cash and cash equivalents | $23,397,939 |
| Investments | 2,328,757 |
| Receivable for investments with settlements pending | 420,819 |
| Investments held by others | 145,288,829 |
| Beneficial interest in trust | 23,116,335 |
| Receivables | 6,720,913 |
| Inventories | 528,131 |
| Prepaid expenses | 237,195 |
| Property, plant, and equipment (net of depreciation) | 66,216,856 |
| Total assets | $268,255,774 |
At a show that sold out in a day, headliner My Morning Jacket plays the final set at Rock the Garden 2011
Financial Statement
Walker Art Center
Condensed Statement of Financial Position
June 30, 2011
Assets
Liabilities and Net Assets
| Payables | $2,262,313 | ||
| Deferred charge | 155,930 | ||
| Unearned income | 183,944 | ||
| Deferred rent | 685,401 | ||
| Special assessment liability | 5,821,353 | ||
| Asset retirement obligation | 551,903 | ||
| Note payable | 4,199,000 | ||
| Bonds payable | 11,425,000 | $25,284,844 | |
| Net assets | |||
|---|---|---|---|
| Unrestricted | Board-designated endowment | 31,704,535 | |
| Property, plant, equipment | 54,190,440 | ||
| Operations | 265,785 | 86,160,760 | |
| Temporarily restricted | 79,963,047 | ||
| Permanently restricted | 76,847,123 | ||
| Total liabilities and net assets | $268,255,774 | ||
The condensed statement of operations and the condensed statement of financial position are derived from the financial statements of the Walker Art Center as of June 30, 2011, which have been audited by KPMG LLP. The statement of operations does not include receipts and disbursements of funds for the acquisition of works of art, and the statement of financial position does not include the value of the museum’s collection. A complete set of the Walker’s audited financial statements for 2010–2011 is available upon request.
Mary M. Polta, CFO and Treasurer
Walker Art Center
Condensed Statement of Operations
June 30, 2011
Revenue
| Program-earned Income | |
|---|---|
| Exhibitions | $569,948 |
| Education | 55,113 |
| Performing Arts | 146,184 |
| Film/Video | 250,381 |
| New Media Initiatives | 3,978 |
| Rock the Garden | 607,389 |
| Museum Admissions, Walker Shop, Food Service/Facility Rental, Other | 2,254,729 |
| Contributions | 8,546,846 |
| Endowment Draw | 5,505,600 |
| Total Revenue | $17,940,168 |
Expense
| Programs | |
|---|---|
| Exhibitions | $4,257,348 |
| Education | 1,486,508 |
| Performing Arts | 1,832,479 |
| Film/Video | 761,677 |
| New Media Initiatives | 560,271 |
| Open Field | 210,061 |
| Rock the Garden | 583,626 |
| Walker Shop, Food Service/Facility Rental | 1,446,709 |
| Fund-raising/Membership | 1,191,354 |
| Administration | 3,390,657 |
| Building Operations | 2,205,834 |
| Total Expense | $17,926,524 |
| Net Income from Operations | $13,644 |
2010–2011
Income $17,940,168
2010–2011
Expense $17,926,524
