“The BMA ended fiscal year 2012 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 support the arts in Baltimore and in Maryland for their generosity and dedication to the BMA.”
Frederick Singley Koontz, Chair of the Board of Trustees,
and Doreen Bolger, Director
Balance Sheet
| Year Ended June 30 | 2012 | 2011 |
|---|---|---|
| Current Assets | ||
| Cash and cash equivalents | 697,324 | 1,506,332 |
| Contributions and grants receivable | 3,355,523 | 2,321,536 |
| Accounts receivable | 192,790 | 181,435 |
| Inventories | 302,763 | 325,444 |
| Other current assets | 935,876 | 541,803 |
| Total Current Assets | 5,484,276 | 4,876,550 |
| Investments | 71,168,493 | 71,403,508 |
| Bond issuance costs, net | 84,825 | 91,108 |
| Contributions receivable, net | 3,545,143 | 4,588,198 |
| Property and equipment, net | 11,244,087 | 7,065,725 |
| Total Assets | 91,526,824 | 88,025,089 |
| Liabilities and Net Assets | ||
| Current Liabilities | ||
| Accounts payable and accrued liabilities | 2,715,278 | 893,219 |
| Payables under split interest agreements | 154,586 | 151,086 |
| Deferred revenue | 212,898 | 141,959 |
| Line of credit payable | 4,500,000 | 2,500,000 |
| Total Current Liabilities | 7,582,762 | 3,686,264 |
| Non-Current Liabilities | ||
| Interest Rate Swap | 265,432 | 86,235 |
| Bonds Payable | 5,823,662 | 2,689,920 |
| Payables under split interest agreements | 817,206 | 846,236 |
| Total Liabilities | 14,489,062 | 7,308,655 |
| Net Assets | ||
| Unrestricted | 25,796,135 | 28,148,276 |
| Temporarily restricted | 23,570,556 | 25,070,848 |
| Permanently restricted | 27,671,071 | 27,497,310 |
| Total Net Assets | 77,037,762 | 80,716,434 |
| Total Liabilities and Net Assets | 91,526,824 | 88,025,089 |
