Baltimore Museum of Art Annual Report 2014

Financial Overview 2014

Strategic Decisions

“The BMA ended fiscal year 2014 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 who are committed to providing excellent artistic and educational programs and free admission. The BMA’s sound fiscal management is a reflection of its continued commitment to excellence in all areas of operation so that the citizens of Baltimore and the State of Maryland, as well as cultural tourists, can continue to enjoy and benefit from this wonderful institution. 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 2014 2013
Current Assets
Cash and cash equivalents 750,622 1,003,803
Contributions and grants receivable 2,207,265 1,988,781
Accounts receivable 460,148 355,126
Inventories 298,678 256,320
Other current assets 1,846,388 1,181,600
Total Current Assets 5,563,101 4,785,630
Investments 99,637,935 84,543,810
Bond issuance costs, net 72,258 78,542
Contributions receivable, net 2,385,260 3,823,510
Property and equipment, net 15,281,055 8,691,248
Total Assets 122,939,609 101,922,740
Liabilities and Net Assets
Current Liabilities
Accounts payable and accrued liabilities 4,539,271 1,158,508
Payables under split interest agreements 176,586 154,586
Deferred revenue 748,023 628,570
Line of credit payable 6,335,000 4,950,000
Total Current Liabilities 11,798,880

 

6,891,664
Non-Current Liabilities
Interest Rate Swap 145,586 158,500
Bonds Payable 6,326,301 6,326,301
Payables under split interest agreements 842,867 771,600
Total Liabilities 19,113,634 14,148,065
Net Assets
Unrestricted 30,611,364 27,492,490
Temporarily restricted 37,618,594 27,209,175
Permanently restricted 35,596,017 33,073,010
Total Net Assets 103,825,975 87,774,675
Total Liabilities and Net Assets 122,939,609 101,922,740

Revenue and Expenses