Baltimore Museum of Art Annual Report 2012

Financial Overview 2012

Stretching Limited Resources,
Holding Fast to Our Shared Vision

“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

Revenue and Expenses

Pie charts illustrating above numbers