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IV
VANCOUVER ART GALLERY ASSOCIATION
VANCOUVER ART GALLERY ASSOCIATION
STATEMENT OF OPERATIONS
Year ended June 30, 2011, with comparative figures for 2010
GENERAL ACQUISITIONS BUILDING
TOTAL
TOTAL
FUND
FUND
FUND
2011
2010
(restated—note 3)
REVENUE
Admissions
$ 1,574,160 $ — $ — $ 1,574,160 $ 2,554,078
Exhibition loan fees
177,617
177,617
122,655
Fundraising (notes 7(b), 11(b) and 11(c))
1,570,555
242,165
534,765
2,347,485
2,199,214
Gallery Store and Artist Editions (note 10)
1,608,305
1,608,305
2,105,080
Investment income (note 4)
28,386
397,045
425,431
357,447
Major bequests (note 7(b))
85,176
85,176
1,913,385
Memberships
831,283
831,283
943,598
Public programming
53,300
53,300
87,919
Rentals and restaurant lease
613,185
613,185
298,633
Special events (note 9)
1,487,686
1,487,686
297,073
Olympic related funding
1,134,480
Sponsorships
716,700
716,700
904,250
Vancouver Art Gallery Foundation
contribution (note 11(a))
289,199
35,000
324,199
273,426
Other
169,358
169,358
161,832
9,119,734
759,386
534,765
10,413,885
13,353,070
GRANTS
BC Arts Council / Province of BC
630,000
630,000
544,300
BC Gaming Commission
37,500
37,500
75,000
Canada Council
300,000
30,000
330,000
300,000
City of Vancouver
2,400,950
2,400,950
2,595,544
Other
189,552
189,552
632,112
3,558,002
30,000
3,588,002
4,146,956
$ 12,677,736 $ 789,386 $ 534,765 $ 14,001,887 $ 17,500,026
EXPENSES
Administration and finance
1,021,847
1,021,847
933,125
Art acquisitions (note 12)
938,295
938,295
2,670,920
Board and management services
744,140
744,140
733,185
Curatorial and programs
1,645,767
1,645,767
1,574,303
Exhibitions
2,446,498
2,446,498
3,319,117
Gallery Store and Artist Editions (note 10)
1,435,814
1,435,814
1,662,512
Maintenance and security
2,322,839
2,322,839
2,642,066
Marketing, development and visitor services 2,510,062
2,510,062
2,306,609
Master planning
534,765
534,765
399,307
Museum services
1,206,504
1,206,504
1,269,962
$ 13,333,471 $ 938,295 $ 534,765 $ 14,806,531 $ 17,511,106
Deficiency of revenue over expenses
before the undernoted
(655,735)
(148,909)
(804,644)
(11,080)
Amortization of capital assets
(230,345)
(230,345)
(219,223)
Deficiency of revenue over expenses
before the undernoted
(886,080)
(148,909)
(1,034,989)
(230,303)
Investment income—Building Fund (note 7(c)) 733,580
733,580
312,132
EXCESS (DEFICIENCY) OF REVENUE
OVER EXPENSES
$ (152,500) $ (148,909) $ — $ (301,409) $ 81,829
See accompanying notes to financial statements.