Page 82 - Vancouver Art Gallery 2014
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Interior_Annual Report 14-10-24 4:52 PM Page 80








VANCOUVER ART GALLERY ASSOCIATION
NOTES TO FINANCIAL STATEMENTS

Year ended June 30, 2014

8. GALLERY STORE, ARTIST EDITIONS Under the terms of these endowment funds, the Association
AND ART RENTAL AND SALES receives investment income earned on the capital. Income for
the year ended June 30, 2014 of $323,200 (2013–$313,814) from
the Vancouver Art Gallery Endowment Fund for Acquisitions of
2014 2013
Art has been recorded in the Acquisitions Fund. Income for the
Sales: year ended June 30, 2014 of $30,372 (2013– $29,490) from the
• Gallery Store $ 1,592,596 $ 1,530,681 General and Life Benefactors components of the Vancouver Art
• Artist Editions 42,012 40,147
• Art Rental & Sales (note 11(c)) 577,642 501,465 Gallery Endowment Fund has been recorded in the General Fund.
2,212,250 2,072,293
11. RELATED AND OTHER PARTIES
Expenses: OF ECONOMIC INTEREST
• Cost of goods sold 1,085,086 1,023,583
• Salaries and employee benefits 534,002 501,187
• Administration 118,756 150,885 (a) Vancouver Art Gallery Foundation
1,737,844 1,675,655 The Foundation was incorporated in March 1998 under the
Society Act (British Columbia) and is a registered charity under
Excess of revenue over
expenses from operations $ 474,406 $ 396,638 the Income Tax Act. Its purpose is to receive, hold and invest
bequests, donations, gifts, funds and property, the income from
Cost of goods sold consists substantially of inventory costs ex- which supports the programs, operations and activities of the
pensed during the year. Association. The Association has significant influence over the
Foundation as the Foundation’s Board of Trustees is elected by
9. SPECIAL EVENTS the membership of the Foundation which consists of the Asso-
ciation’s Trustees and the elected Foundation’s trustees who
The Association performs certain fundraising activities considered are not Association’s Trustees. The Foundation has not been
to be ancillary to its ongoing operations. These activities, which consolidated in the Association’s financial statements.
generated an excess of revenue over expenses for the year ended
June 30, 2014 of $818,815 (2013–$237,163), have been presented The summarized financial position and operating results as at
in the statement of operations on a gross basis. The gross rev- and for the year ended December 31, 2013, the latest fiscal year
enue and expenses related to these activities are as follow: end of the Foundation, are as follows.
2014 2013 FINANCIAL POSITION 2013 2012
Revenue $ 1,212,095 $ 560,374 Assets $ 3,483,437 $ 3,069,904
Expenses (included in marketing, Liabilities 125,796 89,562
development and visitor services) 393,280 323,211
Net assets $ 3,357,641 $ 2,980,342
Excess of revenue over expenses $ 818,815 $ 237,163
RESULTS OF OPERATIONS 2013 2012
10. ENDOWMENT FUNDS
Revenue $ 946,213 $ 534,897
Endowment funds are permanently held and administered by the Administrative expenses (31,110) (29,330)
Vancouver Foundation and are recorded in its financial state- Donation to the Association (537,804) (332,689)
ments. Consequently these funds are not included as assets of
the Association in these financial statements. These funds, at Excess of revenue
market and cost values, are comprised of: over expenses $ 377,299 $ 172,878
2014 2013
CASH FLOWS 2013 2012
The Vancouver Art Gallery
Endowment Fund for Cash from operations and
Acquisitions of Art $ 9,504,580 $ 8,444,498 investing, being net increase
The Vancouver Art Gallery in cash and cash equivalents $ 219,923 $ (58,655)
Endowment Fund 893,158 793,541
Market value $10,397,738 $ 9,238,039 For the year ended June 30, 2014, the Foundation’s donation to
the Association amounts to $494,899 (2013–$473,827), of which
Cost $ 6,121,364 $ 6,121,364
$171,327 is included in accounts receivable of the Association at




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