The University of Chicago

Financial Overview 2009

Stretching Limited Resources,
Holding Fast to Our Shared Vision

“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

Revenue and Expenses

Chart RevTotal Operating Revenue--$12,858,099. 17% Curatorial and Conservation. 9% Exhibitions. 11% Education, Public Programs and Library. 32% Building Operations, Utilities and Security. 11% General Administration. 9% Marketing, Publications, and Visitors Services. 6% Development and Membership. 5% Retail.