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VANCOUVER ART GALLERY ASSOCIATION
NOTES TO FINANCIAL STATEMENTS

Years ended June 30, 2013 and 2012

not Association’s Trustees. The Foundation has not been con-
2013 2012
solidated in the Association’s financial statements.
Revenue $ 560,374 $ 1,283,297 The summarized financial position and operating results as at
Expenses (included in marketing, and for the year ended December 31, 2012, the latest fiscal year
development and visitor services) 323,211 324,078 end of the Foundation, are as follows:
Excess of revenue over expenses $ 237,163 $ 959,219
FINANCIAL POSITION 2012 2011
Assets $ 3,069,904 $ 2,904,065
10. ENDOWMENT FUNDS
Liabilities 89,562 96,601
Endowment funds are permanently held and administered by Net assets $ 2,980,342 $ 2,807,464
the Vancouver Foundation and are recorded in its financial state-
ments. Consequently these funds are not included as assets of
the Association in these financial statements. These funds, at RESULTS OF OPERATIONS 2012 2011
market and cost values, comprise: Revenue $ 534,897 $ 549,480
Administrative expenses (29,330) (28,826)
June 30, June 30, July 1, Donation to the Association (332,689) (410,966)
2013 2012 2011
Excess of revenue
The Vancouver Art Gallery over expenses $ 172,878 $ 109,688
Endowment Fund
for Acquisition of Art $ 8,444,498 $ 7,950,281 $ 8,208,014
The Vancouver Art Gallery CASH FLOWS 2012 2011
Endowment Fund 793,541 747,099 771,318
Cash from operations and investing,
Market Value $ 9,238,039 $ 8,697,380 $ 8,979,332 being net increase in cash
and cash equivalents $ (58,655) $ 60,167
Cost $ 6,121,364 $ 6,121,364 $ 6,121,364
For the year ended June 30, 2013, the Foundation’s donation to
Under the terms of these endowment funds, the Association the Association amounts to $473,827 (2012–$358,519), of which
receives investment income earned on the capital. Income for $69,204 is included in accounts receivable of the Association at
the year ended June 30, 2013 of $313,814 (2012–$308,233) from June 30, 2013 (2012 – $67,741). The Foundation also receives
the Vancouver Art Gallery Endowment Fund for Acquisitions of income on endowment funds, which are permanently held and
Art has been recorded in the Acquisitions Fund. Income for the administered by the Vancouver Foundation. The market value of
year ended June 30, 2013 of $29,490 (2012 – $28,965) from the these funds at June 30, 2013 is $9,275,074 (2012 –$8,722,814).
General and Life Benefactors components of the Vancouver Art
Gallery Endowment Fund has been recorded in the General Fund. (b) Friends of Vancouver Art Gallery
Friends of Vancouver Art Gallery (“Friends”) is a non-profit organ-
11. RELATED AND OTHER PARTIES ization incorporated in the United States in March 2003 and is
OF ECONOMIC INTEREST independent of the Association.
Its purpose is to receive donations, gifts, funds, and property
(a) Vancouver Art Gallery Foundation
from residents of the United States for the benefit of the Asso-
The Foundation was incorporated in March 1998 under the ciation. During fiscal 2013, Friends did not make any donations
Society Act (British Columbia) and is a registered charity under to the Association (2012 –$5,000).
the Income Tax Act. Its purpose is to receive, hold and invest
bequests, donations, gifts, funds and property, the income from (c) Associates of the Vancouver Art Gallery
which supports the programs, operations and activities of the The Associates of the Vancouver Art Gallery (the “Associates”),
Association. The Association has significant influence over the an organization independent of the Association, was devoted to
Foundation as the Foundation’s Board of Trustees is elected by raising funds for the Association through social, educational and
the membership of the Foundation which consists of the Asso- service enterprises. On February 1, 2012, the Associates dis-
ciation’s Trustees and the elected Foundation’s trustees who are solved the organization and donated net assets totaling $91,864,




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