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Statement of Financial Position
June 30, 2003
(dollar amounts in thousands)
| Assets | Liabilities and net assets | |||
| Cash | $ 2,900 | Accounts payable and accrued expenses | $ 5,059 | |
| Grants receivable | 4,750 | Line of credit | 3,300 | |
| Current portion of contributions receivable, net | 5,807 | Other current liabilities | 4,910 | |
| Other current assets | 4,800 | Total current liabilities | 13,269 | |
| Total current assets | 18,257 | |||
| Bonds payable, net of current portion | 28,000 | |||
| Non-current portion of contributions receivable, net | 3,753 | Other liabilities | 446 | |
| Endowment funds | 16,876 | Total liabilities | 41,715 | |
| Land, building and equipment, net | 230,088 | |||
| Unamortized bond issuance costs, net | 808 | Total net assets | 228,067 | |
| Total assets | $ 269,782 | Total liabilities and net assets | $ 269,782 | |
Statement of Activities
For the year ended June 30, 2003
(dollar amounts in thousands)
For the year ended June 30, 2003
(dollar amounts in thousands)
| Unrestricted | Temporarily Restricted |
Permanently Restricted |
Total | |
| Operating revenue and support | ||||
| Programming and education | $ 5,704 | $ - | $ - | $ 5,704 |
| Ticket surcharges | 1,211 | - | - | 1,211 |
| Outside and resident company rentals and charges | 8,008 | - | - | 8,008 |
| Contributions, sponsorships and memberships | 5,653 | 1,815 | - | 7,468 |
| Other | 1,565 | 680 | - | 2,245 |
| Contributions and sponsorships released from restrictions | 1,714 | (1,714) | - | - |
| Total operating revenue and support | 23,855 | 781 | - | 24,636 |
| Operating expenses before depreciation and amortization | ||||
| Programming and education | 5,217 | - | - | 5,217 |
| Facilities operations | 13,103 | - | - | 13,103 |
| Marketing and communications | 3,112 | - | - | 3,112 |
| Management, administration and general | 3,619 | - | - | 3,619 |
| Fundraising | 1,880 | - | - | 1,880 |
| Total operating expenses | 26,931 | - | - | 26,931 |
| Interest expense | 865 | - | - | 865 |
| Operating income (loss) before depreciation and amortization | (3,941) | 781 | - | (3,160) |
| Depreciation and amortization | 6,275 | - | - | 6,275 |
| Change in net assets from operations | (10,216) | 781 | - | (9,435) |
| Non-operating revenue, support and non-recurring charges | ||||
| Contributions | - | 11,574 | 3,375 | 14,949 |
| Other revenue and expense | 60 | - | (159) | (99) |
| Write-offs of uncollectible capital pledges | (282) | - | - | (282) |
| Change in fair value of interest rate swap | (388) | - | - | (388) |
| Contributions released from restrictions | 18,016 | (18,016) | - | - |
| Permanent restrictions placed by donor | ||||
| on previously unrestricted contributions | (1,565) | - | 1,565 | - |
| 15,841 | (6,442) | 4,781 | 14,180 | |
| Change in net assets | $ 5,625 | $ (5,661) | $ 4,781 | $ 4,745 |