Baltimore Museum of Art Annual Report 2011

Financial Overview 2011

Financial Statement

“The BMA ended fiscal year 2011 with a balanced budget. Thanks to our generous donors and members, the thoughtful leadership of the Board of Trustees, and the resourcefulness of the Museum’s staff, this considerable accomplishment was achieved without diminishing the visitor’s experience of our excellent artistic and educational programs, or accessibility through free admission. We are so very grateful to all who value and support the arts in Baltimore and in Maryland for their exceptional support and dedication to the BMA.”

Frederick Singley Koontz, Chair of the Board of Trustees,
and Doreen Bolger, Director


Balance Sheet

Year Ended June 30 2011 2010
Current Assets
Cash and cash equivalents 1,506,332 1,067,459
Contributions and grants receivable 2,321,536 2,058,801
Accounts receivable 181,435 720,824
Inventories 325,444 308,484
Other current assets 318,872 278,292
Total Current Assets 4,653,619 4,433,860
Investments 71,403,508 59,675,395
Deposits with bond trustee - 132,179
Bond issuance costs, net 91,108 -
Contributions receivable, net 4,588,198 6,077,309
Property and equipment, net 7,156,833 6,525,483
Total Assets 87,893,266 76,844,226
Liabilities and Net Assets
Current Liabilities
Accounts payable and accrued expenses 761,396 982,576
Payables under split interest agreements 151,086 149,018
Deferred revenue 141,959 17,231
Line of credit payable 2,500,000 2,250,000
Total Current Liabilities 3,554,441 3,398,825
Non-Current Liabilities
Interest Rate Swap 86,235 -
Bonds Payable 2,689,920 2,400,000
Payables under split interest agreements 846,236 880,785
Total Liabilities 7,176,832 6,679,610
Net Assets
Unrestricted 28,148,276 24,542,367
Temporarily restricted 25,070,848 19,993,562
Permanently restricted 27,497,310 25,628,687
Total Net Assets 80,716,434 70,164,616
Total Liabilities and Net Assets 87,893,266 76,844,226

Revenue and Expenses

Total Operating Revenue 12,942,285. 31% Contributions, 23% Endowment, 19% Baltimore City, 15% Earned Income, 7% Maryland State Arts Council, 5% Other Government GrantsTotal Operating Expenses 12,930,214. 33% Building Operations, Utilities, and Security. 16.5% Curatorial and Conservation. 11% Education, Public Programs, and Library. 10% General Administration. 9.5% Marketing, Publications and Visitor Services. 8% Exhibitions. 7% Development and Memebership. 5% Retail.