“The BMA is very fortunate to live in a City and State where the arts are valued and supported—even during one of the most challenging economic climates in recent history. Thanks to our generous donors and members, the thoughtful leadership of the Board of Trustees, and the resourcefulness of the Museum’s staff, we reached the end of our fiscal year with a balanced budget while maintaining our commitment to offering excellent artistic experiences, outstanding educational programs, and free admission for all, every day. We are so grateful for the exceptional support and dedication of all who keep the BMA’s star shining so bright throughout the year.”
Stiles T. Colwill, Chair of the Board of Trustees, and Doreen Bolger, Director
Balance Sheet
| Year Ended June 30 | 2010 | 2009 |
|---|---|---|
| Current Assets | ||
| Cash and cash equivalents | 1,067,459 | 940,971 |
| Contributions and grants receivable | 2,058,801 | 2,475,662 |
| Accounts receivable | 720,824 | 171,586 |
| Inventories | 308,484 | 305,303 |
| Other current assets | 278,292 | 378,888 |
| Total Current Assets | 4,433,860 | 4,272,410 |
| Investments | 59,675,395 | 54,055,594 |
| Deposits with bond trustee | 132,179 | 151,760 |
| Contributions receivable, net | 6,077,309 | 6,289,124 |
| Property and equipment, net | 6,525,483 | 5,708,761 |
| Total Assets | 76,844,226 | 70,477,649 |
| Liabilities and Net Assets | ||
| Current Liabilities | ||
| Accounts payable and accrued expenses | 982,576 | 1,057,719 |
| Payables under split interest agreements | 149,018 | 147,549 |
| Deferred revenue | 17,231 | 8,480 |
| Line of credit payable | 2,250,000 | 500,000 |
| Total Current Liabilities | 3,398,825 | 1,713,748 |
| Non-Current Liabilities | ||
| Bonds Payable | 2,400,000 | 2,500,000 |
| Payables under split interest agreements | 880,785 | 1,045,232 |
| Total Liabilities | 6,679,610 | 5,258,980 |
| Net Assets | ||
| Unrestricted | 24,542,367 | 23,067,278 |
| Temporarily restricted | 19,993,562 | 17,866,126 |
| Permanently restricted | 25,628,687 | 24,285,265 |
| Total Net Assets | 70,164,616 | 65,218,669 |
| Total Liabilities and Net Assets | 76,844,226 | 70,477,649 |
