Contemporary Arts Center

Proforma Statements of Activities

Audited
Financials
(draft)
8/31/09 8/31/2010 8/31/2011 8/31/2012 8/31/2013 8/31/2014

Statement of Activities
Revenues and support
Admissions and tickets $ 72,767 $ 75,000 $ 76,500 $ 78,030 $ 79,591 $ 81,182
Government and other agency grants and awards 83,996 33,500 34,170 34,853 35,550 36,261
Gifts and pledges 1,257,629 765,000 803,250 819,315 835,701 877,486
Memberships 81,918 88,000 89,760 91,555 93,386 95,254
Allocations from Fine Arts Fund 500,429 475,429 499,200 524,160 550,368 577,887
Special event revenue (net) 26,731 150,000 153,000 156,060 159,181 162,365
Facility rentals and concessions 135,532 146,150 149,073 152,054 155,096 158,197
Donations in-kind 230,139 250,000 255,000 260,100 265,302 270,608
Miscellaneous income (expense) (31,294) 45,500 46,410 47,338 48,285 49,251
Net museum store operations 12,427 30,000 30,600 31,212 31,836 32,473
2,370,274 2,058,579 $ 2,136,963 $ 2,194,679 $ 2,254,297 $ 2,340,965

Expenses
Personnel 1,376,747 1,370,259 1,397,664 1,425,617 1,454,130 1,483,212
Professional consultants 345,102 416,253 424,578 433,070 441,731 450,566
Exhibitions and programs 538,419 299,826 305,823 311,939 318,178 324,541
Advertising and promotions 84,062 100,000 102,000 104,040 106,121 108,243
Staff development and travel 24,886 35,185 35,889 36,606 37,339 38,085
Facility expenses 448,196 351,300 358,326 365,493 372,802 380,258
Administrative expenses 219,194 172,183 175,627 179,139 182,722 186,376

3,036,606 2,745,006 2,799,906 2,855,904 2,913,022 2,971,283

Endowment spending allowance 730,385 686,427 662,943 661,226 658,725 630,318

Net operating gain/loss 64,053 - - - - -

Add: Net real/unreal gain + investment income (1,196,459) 2,119,769 1,814,872 1,795,538 1,758,994 1,718,552
Less: Depreciation expense (854,588) (623,400) (623,400) (623,400) (623,400) (623,400)
Less: Interest expense (378,276) (304,957) (493,175) (490,400) (458,400) (426,400)
Less: Endowment spending allowance (730,385) (686,427) (662,943) (661,226) (658,725) (630,318)

Projected change in net assets $ (3,095,655) $ 504,985 $ 35,354 $ 20,512 $ 18,469 $ 38,434

add back: interest expense 304,957 493,175 490,400 458,400 426,400

Endowment spending allowance (at 6.5%) 686,427 662,943 661,226 658,725 630,318
Less: Net real/unrealized gain at (starting at 8% of $23M) (2,119,769) (1,814,872) (1,795,538) (1,758,994) (1,718,552)

Add: Net real/unreal gain at (5% of $5M) 250,000 250,000 # 250,000 # 250,000 # 250,000
Endowment spending allowance (4% of $5M) 200,000 200,000 # 200,000 # 200,000 # 200,000

Adj. projected change in net assets assuming loan is paid off and investment balanc $ (173,400) (208,754) # (193,912) # (191,869) # (211,834)
(operating expenses which would need to be reduced to break even)

X:\tonyc\NURFC records request\attachment from tonys email exchange Freedom Center keyword Projected Financials - requested by OCFC (with pay off of loan) duplicate.xlsxSheet1