Page 76 - Vancouver Art Gallery 2014
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Interior_Annual Report 14-10-24 4:52 PM Page 74








VANCOUVER ART GALLERY ASSOCIATION
STATEMENT OF OPERATIONS

Year ended June 30, 2014, with comparative information for 2013

GENERAL ACQUISITIONS BUILDING OPERATING TOTAL TOTAL
FUND FUND FUND CAPITAL FUND 2014 2013
REVENUE
Admissions $ 1,565,473 $—$—$—$1,565,473 $ 1,693,566
Exhibition loan fees 160,483 ———160,483 126,770
Fundraising (notes 7(c) and 11) 2,551,823 92,050 1,065,836 — 3,709,709 2,604,013
Gallery Store, Artist Editions and
Art Rentals & Sales (note 8) 2,212,250 ———2,212,250 2,072,293
Investment income (note 10) 30,372 343,765 ——374,137 343,304
Memberships 728,836 ———728,836 780,741
Public programming 72,745 ———72,745 67,686
Rentals and restaurant lease 912,895 ———912,895 738,625
Special events (note 9) 1,212,095 ———1,212,095 560,374
Sponsorships 1,117,575 ———1,117,575 872,050
Vancouver Art Gallery Foundation
contribution (note 11(a)) 371,695 123,204 ——494,899 473,827
Other 58,228 ———58,228 132,949
10,994,470 559,019 1,065,836 — 12,619,325 10,466,198
GRANTS
BC Arts Council 715,000 ———715,000 643,000
BC Gaming 200,000 ———200,000 200,000
Canada Council for the Arts 300,000 30,000 ——330,000 389,100
City of Vancouver 2,304,890 ———2,304,890 2,516,725
Other 368,649 ———368,649 79,046
3,888,539 30,000 ——3,918,539 3,827,871
$ 14,883,009 $ 589,019 $ 1,065,836 $ —$16,537,864 $ 14,294,069
EXPENSES
Administration and finance 1,061,061 ———1,061,061 1,064,366
Art acquisitions (note 12) — 400,263 ——400,263 195,277
Board and management services 666,238 ———666,238 798,193
Curatorial and programs 1,570,662 ———1,570,662 1,444,142
Exhibitions 2,740,410 ———2,740,410 1,807,353
Gallery Store, Artist Editions and
Art Rentals & Sales (note 8) 1,737,844 ———1,737,844 1,675,655
Maintenance and security 2,524,694 ———2,524,694 2,353,005
Marketing, development and
visitor services (note 9) 2,638,150 ———2,638,150 2,487,085
Building project planning and
implementation ——1,065,836 — 1,065,836 280,636
Museum services 1,367,053 ———1,367,053 1,245,673
$ 14,306,112 $ 400,263 $ 1,065,836 $ —$15,772,211 $ 13,351,385
Excess of revenue over expenses
before the undernoted 576,897 188,756 ——765,653 942,684
Amortization of capital assets (263,043) ———(263,043) (275,467)
Excess of revenue over expenses
before the undernoted 313,854 188,756 ——502,610 667,217
Investment income —
Building Fund (note 7(c)) 886,976 ———886,976 948,641
Excess of revenue over expenses 1,200,830 188,756 ——1,389,586 1,615,858

Balance, beginning of year 187,657 386,468 3,257,120 505,000 4,336,245 2,720,387
Interfund transfers (note 7(c)) (886,976) — 886,976 ———
BALANCE, END OF YEAR $ 501,511 $ 575,224 $ 4,144,096 $ 505,000 $ 5,725,831 $ 4,336,245

See accompanying notes to financial statements.




74 VANCOUVER ART GALLERY ASSOCIATION
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