Baltimore Museum of Art Annual Report 2013

Financial Overview 2013

Strategic Decisions

“The BMA ended fiscal year 2013 with a balanced budget. This considerable accomplishment was achieved thanks to our generous donors and members, the thoughtful leadership of the Board of Trustees, and the resourcefulness of the Museum’s staff who are committed to providing excellent artistic and educational programs and free admission. Strategic decisions made this year to ensure the Museum’s ongoing financial sustainability included reducing the operating budget and the draw on the Museum’s endowment. These steps were taken so that the citizens of Baltimore and the State of Maryland can continue to enjoy and benefit from this wonderful cultural resource. We are very grateful for everyone’s generous support of the BMA and their dedication to its vibrant future.”

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


Balance Sheet

Year Ended June 30 2013 2012
Current Assets
Cash and cash equivalents 1,003,803 697,324
Contributions and grants receivable 1,988,781 3,355,523
Accounts receivable 355,126 192,790
Inventories 256,320 302,763
Other current assets 1,181,600 935,876
Total Current Assets 4,785,630 5,484,276
Investments 84,543,810 71,168,493
Bond issuance costs, net 78,542 84,825
Contributions receivable, net 3,823,510 3,545,143
Property and equipment, net 8,691,248 11,244,087
Total Assets 101,922,740 91,526,824
Liabilities and Net Assets
Current Liabilities
Accounts payable and accrued liabilities 1,158,508 2,715,278
Payables under split interest agreements 154,586 154,586
Deferred revenue 628,570 212,898
Line of credit payable 4,950,000 4,500,000
Total Current Liabilities 6,891,664

 

7,582,762
Non-Current Liabilities
Interest Rate Swap 158,500 265,432
Bonds Payable 6,326,301 5,823,662
Payables under split interest agreements 771,600 817,206
Total Liabilities 14,148,065 14,489,062
Net Assets
Unrestricted 27,492,490 25,796,135
Temporarily restricted 27,209,175 23,570,556
Permanently restricted 33,073,010 27,671,071
Total Net Assets 87,774,675 77,037,762
Total Liabilities and Net Assets 101,922,740 91,526,824

Revenue and Expenses

Pie charts illustrating above numbers