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VANCOUVER ART GALLERY ASSOCIATION
NOTES TO FINANCIAL STATEMENTS

Years ended June 30, 2013 and 2012

7. DEFERRED CONTRIBUTIONS developing and building of a new Vancouver Art Gallery. Disburse-
ments during the year in the amount of $280,636 (2012–346,102)
(a) General Fund: from the Building Fund have been recognized as fundraising
revenue in the statement of operations.
June 30, June 30, July 1,
2013 2012 2011 Funds are invested in accordance with the Association’s organization-
wide investment policy and in consideration with the Society Act,
(schedule 1) (schedule 2)
Contributions: the Trustee Act and the Association’s bylaws. Additionally, invest-
• City of Vancouver $ 35,956 $ 68,086 $ 10,374 ments must be in Canadian dollars and no investment shall have
• Corporate sponsors 131,075 354,550 53,050 a term in excess of 180 days as at the date of acquisition unless a
90-day redeemable option exists. During the year ended June 30,
• Other 230,678 113,667 195,414
2013, unrestricted investment income earned on these invest-
$ 397,709 $ 536,303 $ 258,838 ments and recorded under the General Fund was $948,641 (2012–
$850,169). The Board of Trustees approved the interfund transfer
(b) Acquisitions Fund: of the investment income earned during the year ended June 30,
2013 to the Building Fund.
June 30, June 30, July 1,
2013 2012 2011 8. GALLERY STORE, ARTIST EDITIONS
(schedule 1) (schedule 2) AND ART RENTAL & SALES
Contributions:
• Arts Partners/
B.C. Legacies $—$—$103,000 2013 2012
Sales:
During 2010, the Association received a bequest of $2,852,477 • Gallery Store $ 1,530,681 $ 1,666,637
from the Estate of Anne Eliza Winn, which is held externally with a • Artist Editions 40,147 15,780
trustee. As a condition of the bequest, funds may only be used to • Art Rental & Sales
purchase original works of art from the original artists of the‘Group (note 11(c)) 501,465 216,515
of Seven’ and the Association is reimbursed from the bequeathed 2,072,293 1,898,932
funds at the time of purchase. During the year, the Association
Expenses:
did not purchase any such work of art (2012–nil). Amounts are
recorded as bequest revenue and art acquisition expenses un- • Cost of goods sold 1,023,583 1,002,870
der the Acquisitions Fund in the year the purchase occurs. The • Salaries and employee
market value of the unspent funds at June 30, 2013 is $894,744. benefits 501,187 454,445
• Administration 150,885 197,718
(c) Building Fund: 1,675,655 1,655,033

June 30, June 30, July 1, Excess of revenue over
2013 2012 2011 expenses from operations $ 396,638 $ 243,899
(schedule 1) (schedule 2)
Balance, Cost of goods sold consists substantially of inventory costs ex-
beginning of year $51,393,616 $50,980,034 $51,514,799 pensed during the year.
Contributions:
• Donations and grants 206,519 759,684 — 9. SPECIAL EVENTS
• Disbursements (280,636) (346,102) (534,765)
The Association performs certain fundraising activities consid-
Balance, ered to be ancillary to its ongoing operations. These activities,
end of year $51,319,499 $51,393,616 $50,980,034 which generated an excess of revenue over expenses for the
year ended June 30, 2013 of $237,163 (2012 – $959,219), have
On March 31, 2008, the Province of British Columbia made a grant been presented in the statement of operations on a gross basis.
to the Association in the amount of $50,000,000, with a restric- The gross revenue and expenses related to these activities are
tion that the funds be used for the general purpose of planning, as follows:




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