financial report
| 65
Financially, the Milwaukee Art Museum concluded fiscal year 2011 with a balanced budget and a strong balance sheet, with no debt as of August 31, 2011. Net assets are just under $130 million as of year-end. Highlights of the 2011 operating year include • Increasing admission, tour fees, and parking, over
25 percent from the prior year • Continued success of the Museum Store,
Café Calatrava, and facility rentals, all of which contributed a gross profit of almost $2 million, an increase of $500,000 from the prior year • Annual campaign, membership, and sponsorship goals increased over 8 percent from the prior year • T he Museum was able to transfer $410,000 to a board-designated fund for future operational needs and $200,000 to the board-designated endowment fund. The contribution to the endowment fund is a partial repayment of funds borrowed in fiscal year 2010. This was achieved by higher than anticipated earned revenue results and expense savings throughout the year.
The investment portfolio experienced strong performance in 2011, gaining approximately $3.7 million in market value from the prior year. Total market value of investments was $41.5 million compared to $42.2 million in 2010. The decrease in the market value of the funds (approximately $700,000) was due to strong performance offset by approximately $4.9 million in acquisitions in fiscal year 2011. The Museum’s ability to raise and earn revenues sufficient to cover operating expenses will continue to be a challenge in the years ahead. As the Museum plans for its future, successfully accomplishing its goals will depend on continuing to expand the visitor experience, grow its Member and donor base, and build a larger endowment.
2011 annual report |