Baltimore Museum of Art Annual Report 2010

Financial Overview 2010

Financial Statement

“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

Revenue and Expenses

Total Operating Revenue 12,613,058. 27% Contributions, 26% Endowment, 22% Baltimore City, 13.75% Earned Income, 6.5% Maryland State Arts Council, 4.75% Other Government GrantsTotal Operating Expenses 12,550,566. 34% Building Operations, Utilities, and Security. 17% Curatorial and Conservation. 11% Education, Public Programs, and Library. 10% General Administration. 9% Marketing, Publications and Visitor Services. 7.25% Exhibitions. 6.5% Development and Memebership. 5.25% Retail.