Walker Art Center

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Financial Statement

Walker Art Center
Condensed Statement of Financial Position
June 30, 2013

Assets

Cash and cash equivalents$18,000,208
Investments900,131
Receivable for investments with settlements pending81,506
Investments held by others156,630,277
Beneficial interest in trust22,920,812
Receivables10,555,732
Inventories470,338
Prepaid expenses269,734
Property, plant, and equipment (net of depreciation)65,967,365
Total assets$275,796,103

Liabilities and Net Assets

Payables$2,909,921
Deferred charge90,977
Unearned income266,162
Deferred rent557,784
Special assessment liability5,295,658
Asset retirement obligation593,807
Note payable1,103,000$10,817,309
Net assets
UnrestrictedBoard-designated endowment30,265,076
 Property, plant, equipment54,130,309
 Operations289,84984,685,234
Temporarily restricted106,343,723
Permanently restricted73,949,837
Total liabilities and net assets$275,796,103

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, 2013, 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 2012–2013 is available upon request.

Mary M. Polta, CFO


Walker Art Center
Condensed Statement of Operations
June 30, 2013

Revenue

Program Earned Income
Exhibitions$722,237
Education82,191
Performing Arts192,339
Film/Video280,290
Mini Golf147,225
Open Field6,103
Rock the Garden838,062
Museum Admissions, Walker Shop, Food Service/Facility Rental, Other2,353,260
Gala, Avant Garden497,613
Contributions, including net assets released8,151,715
Endowment Draw5,974,100
Total Revenue$19,245,135

Expense

Programs
Exhibitions$4,238,804
Education1,625,949
Performing Arts1,770,108
Film/Video1,097,785
New Media Initiatives563,598
Mini Golf206,109
Open Field114,047
Rock the Garden778,982
Walker Shop, Food Service/Facility Rental1,437,066
Fund-raising/Membership1,375,007
Administration3,714,273
Building Operations2,308,691
Total Expense$19,230,419
Net Income from Operations$14,716

2012–2013
Income $19,245,135


2012–2013
Expense $19,230,419