“Balancing the BMA’s budget in the fiscal year that ended June 30, 2009—and presenting a balanced budget for fiscal year 2010—required sacrifices at all levels of the organization. It was truly a team effort. Every member of the BMA team took a hard look at current and upcoming projects in the context of our vision, and identified many opportunities to cut costs without sacrificing what makes the BMA great. We were able to do it all without layoffs, without losing free admission or museum hours, and without compromising the quality of our offerings. That is a testament to the dedication and resourcefulness of our team.”
Stiles T. Colwill, Chair of the Board of Trustees, and Doreen Bolger, Director
Balance Sheet
| Year Ended June 30 | 2009 | 2008 |
|---|---|---|
| Current Assets | ||
| Cash and cash equivalents | 940,971 | 1,811,505 |
| Contributions and grants receivable | 2,475,662 | 3,443,628 |
| Accounts receivable | 171,586 | 490,229 |
| Inventories | 305,303 | 333,000 |
| Other current assets | 378,888 | 342,504 |
| Total Current Assets | 4,272,410 | 6,420,866 |
| Investments | 54,055,594 | 69,517,705 |
| Deposits with bond trustee | 151,760 | 228,002 |
| Contributions receivable, net | 6,289,124 | 6,018,647 |
| Property and equipment, net | 5,708,761 | 5,474,860 |
| Total Assets | 70,477,649 | 87,660,080 |
| Liabilities and Net Assets | ||
| Current Liabilities | ||
| Accounts payable and accrued expenses | 1,057,719 | 1,036,853 |
| Payables under split interest agreements | 147,549 | 106,798 |
| Deferred revenue | 8,480 | 16,571 |
| Line of credit payable | 500,000 | 750,000 |
| Total Current Liabilities | 1,713,748 | 1,910,222 |
| Non-Current Liabilities | ||
| Bonds Payable | 2,500,000 | 2,500,000 |
| Payables under split interest agreements | 1,045,232 | 739,384 |
| Total Liabilities | 5,258,980 | 5,149,606 |
| Net Assets | ||
| Unrestricted | 23,067,278 | 50,116,780 |
| Temporarily restricted | 17,866,126 | 8,566,605 |
| Permanently restricted | 24,285,265 | 23,827,089 |
| Total Net Assets | 65,218,669 | 82,510,474 |
| Total Liabilities and Net Assets | 70,477,649 | 87,660,080 |
