“Art appreciation is a subjective matter, and we each bring our own experience, knowledge and taste to the party.”
- Michael Audain
THE CHAIR AND DIRECTOR & CHIEF CURATOR MESSAGES
The Audain Art Museum (AAM) is firmly established as a premier cultural venue in British Columbia and continues to exert a formidable profile across Canada. Our Board of Trustees provides expert guidance in all aspects of the institution’s operations, while the staff work diligently to fulfill the vision of Michael Audain and Yoshiko Karasawa.
In-house produced touring exhibitions over the 2023-24 fiscal year included the first national travelling effort by the AAM. Wolves: The Art of Dempsey Bob concluded at the Kelowna Art Gallery in February 2024 following its opening in Whistler in 2022, with stops in Calgary, Toronto, and Montreal along the way. The incredibly popular Ikeda Manabu: Flowers from the Wreckage exhibition that drew record visitors to the AAM in 2023 moved onto the Museum of Contemporary Art Cleveland from February to May of 2024. An international first for the Museum!
The AAM’s Upper Galleries offerings in 2023-24 included the Karen Bubaš: A Garden of Shadows exhibition with a newly commissioned piece for the Permanent Collection entitled Alexander Falls. Adad Hannah, Jake Kimble, Michelle Sound, and Jin-me Yoon were selected for the Otherwise Disregarded exhibition that was part of the 2024 Capture Photography Festival. Purchases from this show, a video piece by Hannah and a photograph by Yoon, marked an ongoing effort to embed a history of the AAM’s important in-house productions within the Permanent Collection.
The Tom & Teresa Gautreau Galleries played host to Gathie Falk: Revelations followed by Tom Thomson: North Star, both organized by the McMichael Canadian Art Collection.
A special moment during Revelations occurred when Gathie came for a Saturday afternoon visit to the AAM, facilitated by Founders Suzanne Bolton and Jeff Moonie. The Thomson exhibition proved to be a milestone in the AAM’s history, as the pleinair studies and studio-based canvases on display by this iconic Canadian painter were very well received by our members and visitors alike.
Additions to the Museum’s Permanent Collection in 2023-24 included donations and acquisitions featuring the work of Emily Carr, Dana Claxton, Ann Kipling, Manabu Ikeda, Michael Nicoll Yahgulanaas, Mungo Martin, and Gordon Smith. Such works represent the continued strategic growth of the AAM’s holding of BC’s most important artists, while allowing for a constant refreshment of the Permanent Collection galleries.
The 2024 Audain Gala & Auction at the Fairmont Chateau Whistler was the AAM’s most successful fundraiser to date, grossing over one million dollars under the guidance of Gala Chair Catherine Dangerfield and her amazing gala committee. Funds raised allow the Museum to enhance its’ Special Exhibitions and Permanent Collection, while offering a wide variety of educational opportunities and engagement experiences for children and adults alike.
These successes over the course of 12 months are only possible with the support of our Founders, Trustees, members, volunteers, the Audain Art Museum Foundation, the Audain Foundation, corporate sponsors, and supporters. Thank you for your unwavering commitment to our shared vision of artistic excellence. We look forward to seeing you again in 2025!
Audain Art Museum Director & Chief Curator
Dr. Curtis Collins
Audain Art Museum Chair
Rob Bruno
SPECIAL EXHIBITIONS
Manabu Ikeda: Flowers from the Wreckage
June 24 - October 9, 2023
Tom & Teresa Gautreau Galleries
June 24 - September 11, 2023
Upper Galleries
Karen Bubaš: Garden of Shadows
September 23, 2023 - January 29, 2024
Upper Galleries
Gathie Falk: Revelations
November 25, 2023 – May 6, 2024
Tom & Teresa Gautreau Galleries
Otherwise Disregarded
April 21 – September 9, 2024
Upper Galleries
Tom Thomson: North Star
June 29 – October 14, 2024
Tom & Teresa Gautreau Galleries
AAM visitors admiring
Gathie Falk, Lizzie, 2002, bronze on steel base, National Gallery of Canada
Gathie Falk, Night Sky #3 , 1979, oil on canvas, Private Collection
FLOWERS FROM THE WRECKAGE MANABU IKEDA
June 24 - October 9, 2023
Tom & Teresa Gautreau Galleries
June 24 - September 11, 2023
Upper Galleries
Manabu Ikeda: Flowers from the Wreckage showcased the stunning pen-and-ink drawings of Japanese artist Manabu Ikeda, known for his meticulous detail and thought-provoking imagery. Through his work, Ikeda explored themes of environmental disasters, grief, and human resilience, drawing attention to the uncontrollable forces of nature and the impact of catastrophic events. Curated by Kiriko Watanabe, the Gail & Stephen A Jarislowsky Curator at the Audain Art Museum, this retrospective marked Ikeda’s first solo exhibition in North America consisting of over 60 works from national and international collections.
Presenting Sponsor The Audain Foundation
Major Sponsor April 1 Foundation
Supporting Sponsors Michael & Inna O’Brian Family Foundation
Generously Supported by The Japan Foundation
Hotel Partner
Susan I. Roop
Fairmont Chateau Whistler
Printing Partner Hemlock
Transportation Partner
Total Fine Arts
Manabu Ikeda, Propeller Flowers, 2017, pencil, pen, acrylic ink and transparent watercolour on paper, mounted on board, Saga Prefectural Art Museum
KARIN BUBAŠ GARDEN OF SHADOWS
September 23, 2023 - January 29, 2024
Upper Galleries
Garden of Shadows is an exploration of Karin Bubaš’ ongoing Studies of Women in Landscapes series, featuring enigmatic photographs of women in remote outdoor settings, alongside her innovative photographic sculptures that layer images to depict West Coast forests and floral arrangements. Both types of work invite viewers to contemplate the hidden aspects of nature and human experience.
Karin Bubaš: Garden of Shadows, the first solo exhibition by Bubaš, opened in the Museum’s Upper Galleries on September 23, with the artist in attendance. In Bubaš’ photographs, the interplay between figures and landscapes, as well as the relationship between nature and culture, blurs the line between reality and illusion. The aesthetic exploration showcased in Bubaš’ works challenges of perceptions and invites viewers to immerse themselves in contemplation.
Generously Supported by Janet & Chris Bowell
Anne Ferreira
Jane Irwin & Ross Hill
Karin Bubaš, Woman at Blue Lagoon, 2019, archival pigment print
November 25, 2023 – May 6, 2024
Tom & Teresa Gautreau Galleries
Gathie Falk: Revelations offers a journey through time as visitors explore the life’s work of a renowned Canadian artist. Opening on November 25, this Special Exhibition delivered an extraordinary experience, inviting art enthusiasts, collectors and the culturally curious to delve into the rich tapestry of Falk’s artistic legacy. Curated by Sarah Milroy, Executive Director and Chief Curator of the McMichael Canadian Art Collection, Gathie Falk: Revelations is drawn from public, corporate and private collections across Canada and is organized and circulated by the McMichael Canadian Art Collection. Among the exhibition’s highlights are The Problem with Wedding Veils (2010-2011), Red Angel (1977), Picnic with Dog (1976) and 168 Apples (1969).
Major Sponsor Polygon
Supporting Sponsors
Burgundy Asset Management Ltd.
Grosvenor
Andy Sylvester
Additional Support Terrance and Lisa Turner
Hotel Sponsor Fairmont Chateau Whistler
Government Sponsor The Government of Canada
Gathie Falk, Eighteen Pairs of Red Shoes with Roses, 1973 red-glazed ceramic with decals, National Gallery of Canada
Otherwise Disregarded
Capture Photography Festival
Adad Hannah, Jake Kimble, Michelle Sound and Jin-me Yoon
April 21 – September 9, 2024
Upper Galleries
In a time of profound change, the four artists featured in Otherwise Disregarded harness the transformative power of art to nurture creative expression, challenge notions of justice, and foster a deep connection between the mind, body, and society at large. They use visual tools for selfreflection, addressing complex social, political, and environmental issues that should not be dismissed.
This Capture Photography Exhibition presents compelling photographic and video works that invite viewers to reflect deeply on the current state of the world. It confronts the painful legacies of colonial injustice, social discrimination, intergenerational trauma, and environmental devastation, advocating for accountability, and a sustainable future.
Co-organized by the Audain Art Museum and Capture Photography Festival, and curated by Kiriko Watanabe and Emmy Lee Wall.
Presenting Sponsor RAB Foundation Generously Supported by Scandinave Spa Whistler
Installation view of Otherwise Disregarded in partnership with Capture Photography Festival featuring the works of Jake Kimble
June 29 – October 14, 2024
Tom & Teresa Gautreau Galleries
Tom Thomson’s catalytic achievement changed the face of Canadian painting forever. The subject of many catalogues, books, plays, musical compositions, films and exhibitions, Thomson has a canonical place in Canadian culture, and each generation must reckon with his legacy anew, bringing to bear the fresh perspectives of their time. Gathering selected works from the leading collections of the McMichael Canadian Art Collection and the National Gallery of Canada, as well as a host of other Canadian museums and private collections, Tom Thomson: North Star, organized and circulated by the McMichael Canadian Art Collection, provides a fresh view of one of Canada’s most luminary talents for audiences across the country.
This exhibition is an account of Thomson fit for the 21st century, offering a close look at Thomson’s legacy, focusing on the small en plein air oil sketch, of which he is the supreme master.
Presenting Sponsor
Major Sponsor
The Audain Foundation
D.R. Sobey Foundation
Supporting Sponsors Heffel Fine Art Auction House
Toys R Us
VBCE
Generously supported by Sue I. Roop
Government Sponsors The Resort Municipality of Whistler The Government of Canada
Hotel Sponsor The Fairmont Chateau Whistler
Founder Michael Audain and Dr. Curtis Collins, Director & Chief Curator admiring the Tom Thomson: North Star exhibit
TOURING EXHIBITIONS
NATIONAL TOUR
Wolves: The Art of Dempsey Bob
Montreal Museum of Fine Arts, Montreal, Quebec
May 15 – September 10, 2023
Kelowna Art Gallery, Kelowna, British Columbia
October 14, 2023 – February 18, 2024
INTERNATIONAL TOUR
Manabu Ikeda: Flowers from the Wreckage Museum of Contemporary Art (moCa), Cleveland, Ohio February 2 – May 26, 2024
Wolves: The Art of Dempsey Bob ATTENDANCE
AUDAIN ART MUSEUM
15,429
MONTREAL MUSEUM OF FINE ARTS
6,663
KELOWNA ART GALLERY
6,729
Manabu Ikeda: Flowers from the Wreckage ATTENDANCE
AUDAIN ART MUSEUM
20,142
MUSEUM OF CONTEMPORARY ART
11,212
Dempsey Bob with his sisters and family at the opening of Wolves: The Art of Dempsey Bob at the AAM
PERMANENT COLLECTION
The Permanent Collection is an essential component of the Audain Art Museum, underpinning scholarship, fostering engagement, and shaping future growth. The AAM’s exceptional holding of visual art from British Columbia’s coastal region exemplifies this, offering deep insights into the creative minds of the region’s most gifted and influential artists.
Throughout the fiscal year, the Museum’s collection grew significantly through notable acquisitions supported by the Audain Art Museum Acquisition Fund, contributions from the Audain Foundation, and generous donors, including Michael Audain, Yoshiko Karasawa, and Joan Tuey. A highlight was Emily Carr’s watercolor War Canoes, Alert Bay c. 1908, complementing the Museum’s oil-oncanvas version.
The Museum’s Art Acquisition Committee, chaired by Martha Sturdy and including Michael Audain, Tom Gautreau, and Emmy Lee Wall, guides the strategic development of the collection. Their focus is acquiring works by British Columbian artists with national and international acclaim, ensuring every addition meets the highest standards.
Beyond building its collection, the Museum actively engages in the cultural dialogue by lending and borrowing artworks for major exhibitions, fostering connections with private, corporate, and institutional lenders worldwide.
Adad Hannah, What Fools These Mortals Be, 2022, three channel 4k video with stereo sound, 1 of 3 edition, Donated by the Artist
AQUISITIONS
2023-2024 Acquisitions
Douglas Coupland
Tobacco Iceberg, 2023 oil and acrylic on canvas
Purchased with Audain Art Museum Acquisition Fund
Dana Claxton
NDN Ironworkers Tool Still Life, 2018 photographic print, mounted on dibond
Purchased with Audain Art Museum Acquisition Fund
Jin-me Yoon
Untitled 9 (Long Time So Long), 2022 inkjet print
Purchased with Audain Art Museum Acquisition Fund
Jan Wade
Served Coloured Entrance, 2023 paint, found objects, vessel
Purchased with funds from the Audain Foundation
Ann Kipling
Self Portrait, 1967 ink on paper
Purchased with funds from the Audain Foundation
Manabu Ikeda
Five Windows, 2023 pen, acrylic ink, pencil and transparent watercolour on paper, mounted on board
Gift of Michael Audain and Yoshiko Karasawa
Emily Carr
War Canoes, Alert Bay, c. 1908 watercolour on paper
Acquired with funds from Michael Audain and Yoshiko Karasawa
Michael Nicoll Yahgulanaas Gwaa, 2024 acrylic on canvas
Acquired with funds from Michael Audain and Yoshiko Karasawa
Mungo Martin
Kingfisher Mask, c. 1947
red cedar, cedar bark, paint
Gift of the Tuck and Ward Families
Mungo Martin
Untilted, before 1950’s copper Gift of the Tuck and Ward Families
Mungo Martin (designer) and Abaya Martin (weaver)
Chilkat Apron, c. 1958
wool fibre, dye, fibre
Gift of the Tuck and Ward Families
Gordon Smith
Summer Pond, 2002
acrylic on canvas
Gift of Joan Tuey
Adad Hannah
What Fools These Mortals Be, 2022
three channel 4k video with stereo sound, 1 of 3 edition
Gift of the Artist
“I think that one’s art is a growth inside one. I do not think one can explain growth. It is silent and subtle. One does not keep digging up a plant to see how it grows.”
- Emily Carr
PROMISED GIFT
Gathie Falk
Night Sky # 3, 1979 oil on canvas
Gift of Patricia Charles in memory of Richard Charles
Curve! Women Carvers on the Northwest Coast offers an extensive 80 year overview of wood and argillite carvings by Indigenous women artists from the Northwest Coast. While these women have long been creators of poles, canoes, panels, and masks, their recognition outside their communities has often been limited compared to their male counterparts. Within their communities, however, they are esteemed for preserving traditional carving practices and sustaining the dances, songs, and ceremonies intertwined with visual art production. This publication, accompanying an exhibition at the Audain Art Museum, brings together a diverse range of sculptural works by Indigenous women, aiming to broaden the discourse surrounding carving in the region.
The exhibition and publication are co-curated by Dana Claxton—an artist, filmmaker, and head of the University of British Columbia’s Department of Art History, Visual Art and Theory—and Dr. Curtis Collins, the Audain Art Museum’s Director & Chief Curator. The book features commentaries by Skeena Reece, Dana Claxton, and Marika Swan, as well as interviews with artists Dale Marie Campbell and Mary Anne Barkhouse. It showcases over 120 artworks from public and private collections across North America.
Featured artists include:
Ellen Neel (Kwakwaka’wakw, 1916–1966)
Freda Diesing (Haida, 1925–2002)
Doreen Jensen (Gitxsan, 1933–2009)
Susan Point (Musqueam, b. 1952)
Dale Marie Campbell (Tahltan, b. 1954)
Marianne Nicolson (Kwakwaka’wakw, b. 1969)
Arlene Ness (Gitxsan, b. 1971)
Melanie Russ (Haida, b. 1977)
Marika Swan (Nuu-chah-nulth, b. 1982)
Morgan Asoyuf (Ts’msyen, b. 1984)
Cori Savard (Haida, b. 1985)
Cherish Alexander (Gitwangak, b. 1987)
Stephanie Anderson (Wet’suwet’en, b. 1991)
Veronica Waechter (Gitxsan, b. 1995)
Curated by Dana Claxton and Dr. Curtis Collins, the publication features insightful commentaries, interviews, and essays.
Hardcover: 136 pages, full colour
Dimensions: 10 x 11.75 x 0.5 inches
Publisher: Figure 1
This publication is available for purchase at the Audain Art Museum Shop.
RELATED PUBLICATIONS
Pictures on the Wall
“There are many ways to collect art, many motivations and points of departure. In my estimation, Michael Audain’s is of the socially beneficial variety: avid and personal enough to cultivate the eye, local and deep enough to generate knowledge. Would that his approach were more common. This generous book shows how it’s done.”
– Marc Mayer, CM, former director and CEO of the National Gallery of Canada
Michael Audain’s passion for art began as a teenager, taping Bruegel reproductions to his dorm walls. Over decades, alongside his wife Yoshiko Karasawa, he built one of Canada’s most remarkable art collections. In Pictures on the Wall, Audain recounts his journey from tentative first acquisitions to donating much of the collection to the Audain Art Museum.
With humour and candor, Audain reflects on 75 transformative works that shaped his collection and deepened his love of art. These include Indigenous pieces that captivated him early on, Emily Carr paintings that sparked his lifelong admiration, Mexican modernist works inspired by his mural fascination, and Jean Paul Riopelle’s non-figurative paintings.
Each artwork is beautifully reproduced, accompanied by Audain’s engaging insights, offering inspiration for aspiring collectors and art enthusiasts alike.
Hardcover: 206 pages, full colour
Dimensions: 11.5 x 10.5 x 1 inches
Publisher: Douglas & McIntyre
Author: Michael Audain
This publication is available for purchase at the Audain Art Museum Shop.
MUSEUM SHOP
Nestled within Cressey Hall at the entrance of the Audain Art Museum, the Museum Shop showcases a captivating array of artisnal items, including handmade jewelry, stationery, pottery, woodwork, books, and art. The shop exclusively features creators from British Columbia, highlighting artists from the Sea to Sky corridor, members of the Craft Council of British Columbia, and individuals represented in the Museum’s Permanent Collection. Merchandise is thoughtfully curated in-house, drawing inspiration from the distinctive Audain Art Museum brand, the Permanent Collection, and visiting Special Exhibitions. Over the past year, the shop has expanded its offerings of Audain Art Museumbranded and Collection-inspired products. For the Tom Thomson exhibition, an extensive range of merchandise was introduced, achieving significant success in sales.
PUBLIC ENGAGEMENT
Museum Opening Events
The Museum hosted exclusive opening events for Supporters, Founders, VIPs, and Members, fostering deeper engagement with exhibitions and strengthening community ties.
In November, Gathie Falk: Revelations opened with a private dinner for Supporters and a Founders & VIP Reception followed by a Members evening. The events celebrated Falk’s remarkable contributions to Canadian art and offered guests an intimate look at her work.
April marked the opening of Otherwise Disregarded, a collaboration with Capture Photography Festival. A Founders & VIP Reception welcomed patrons and supporters for an exclusive exhibition experience, while a separate Members’ Opening featured guided tours and a discussion with curators Emmy Lee Wall and Kiriko Watanabe, alongside artists Adad Hannah, Jake Kimble, Michelle Sound, and Jin-Me Yoon.
In June 2024, Tom Thomson: North Star opened with a special Founders & VIP Reception, where sponsors, McMichael Canadian Art Collection members, and key supporters were treated to preview tours led by Sarah Milroy, Executive Director & Chief Curator of the McMichael. Milroy also led fully subscribed public tours during the opening weekend, providing guests with rich insights into the exhibition.
Beyond exhibition openings, AAM’s Founders & VIP programming offered exclusive opportunities for deeper engagement. In November, the Museum celebrated the launch of Pictures on the Wall with a discussion between Michael Audain and Dr. Curtis Collins, followed by an audience Q&A. This was complemented by RBCsponsored panel discussions in Vancouver and Toronto, where Stefan Hancherow, RBC Curator, joined experts to explore the art of collecting. In June, a guided architectural tour of Whistler homes culminated in a private AAM tour led by Patkau architect David Shone.
Public Engagement
The Museum’s engagement initiatives provided dynamic opportunities for artistic exploration and cultural enrichment. Painting workshops with Angela Walsh Noble focused on refining technique, while Doria Moodie and Andrea Mueller guided participants through studies inspired by Tom Thomson: North Star. The Audain Artist Dinner Series offered an exclusive fusion of art, gastronomy, and fine wine, featuring guided exhibition tours alongside curated dining experiences. Yoga at the Audain Art Museum fostered mindfulness within an inspiring architectural space, reinforcing the Museum’s commitment to holistic engagement and community well-being.
Museum Tours
Included with admission, public tours provide insights into the Permanent Collection and Special Exhibitions. Due to high demand, Tom Thomson: North Star tours doubled in summer. Private tours offer exclusive experiences. Highlights included visits from artist Gathie Falk, and Minister of Tourism, Arts, Culture and Sport for British Columbia,The Honourable Lana Popham. These tours deepen visitor engagement with the Museum’s collections and exhibitions.
Youth Programming
Supported by Alan Bell and Ola Dunin-Bell, the After School Art program combined thematic explorations of the collection with studio sessions, fostering artistic curiosity in young participants. Curriculum-aligned educational tours enriched students’ understanding of the Permanent Collection and Special Exhibitions, made possible through support from The Pemberton Valley Supermarket’s School Scholarship Fund and Martha Sturdy’s transportation grant. Youth workshops offered dynamic learning opportunities, with March Break programs featuring cubism and colour mixing with Elyse Feaver, watercolour with Angela Walsh Noble, and stone carving with Fathom Stone, while summer offerings like the Youth Architecture Camp encouraged hands-on exploration with the Zenga Brothers.
Children painting during After School Art in the Schmidtke Studio.
Community Support and Partnerships
Throughout the year, the Museum collaborated with key community organizations to enhance cultural engagement and broaden public access to the arts.
In September, the Museum partnered with Tourism Whistler and Watermark Events to host the Whistler Wine Walks, offering guests a curated evening of gallery exploration, hors d’oeuvres, and wine tastings. December welcomed Bespoke Market, featuring over 30 artisans and attracting more than 700 visitors who enjoyed both the market and gallery access.
February saw two significant initiatives: Snowga, a yoga and sound bath experience in support of Protect Our Winters, raising awareness for climate action, and BC Family Day, generously sponsored by Glacier Media Inc. & Pique News Magazine. Families participated in art-making activities, scavenger hunts, vault tours, and an après gathering with DJ Foxy Moron, drawing over 100 visitors per hour.
In May, the AAM partnered with Arts Whistler for the Whistler Children’s Festival, offering free art-making activities and live readings in Cressey Hall. June’s Tourism Whistler Wellness Month featured weekend family fitness sessions on the North Terrace. The Museum also hosted the Whistler Chamber of Commerce’s final Après event of the season, providing a refined setting for networking and cultural engagement.
Closing the season in September, the Gran Fondo Sunday Slow Down blended art and wellness with guided meditation, restorative yoga, and exhibition tours, furthering the Museum’s role as a hub for immersive community experiences.
2024 AUDAIN GALA & AUCTION
The ninth annual Audain Gala was a landmark event, becoming the first to surpass $1,000,000 in funds raised. This extraordinary evening reinforced its reputation as a premier cultural event in Whistler and across British Columbia.
The night began with a performance by Arts Umbrella, followed by a welcome from Xwalacktun and remarks by Michael Audain and Dr. Curtis Collins. Guests enjoyed two unique photo opportunities, creating lasting mementos of the celebration, a thrilling paddle raise, and exhilarating live auction. The celebration concluded with cocktails and dancing at a lively afterparty.
The success of the 2024 Audain Gala underscores its vital role in supporting the Museum’s dynamic exhibitions and programs, fostering a thriving cultural community in British Columbia.
Presented by
Hosted by
Gold Sponsors
Silver Sponsors
Bronze Sponsors
Live Auction Sponsors
Photo Moment Sponsors
Fine Art Insurance
Fine Art Delivery
Framing Sponsor
Wine Selection Sponsor
Design & Branding
Print Sponsor
Decor Sponsor
Planning & Design
Nicola Wealth
Fairmont Chateau Whistler
Royal Bank of Canada
Axiom Builders, Beedie Living, Range Rover
Eric & Jenny Martin and Family, John Ryan
Heffel Fine Art Auction House
Dentons
Acera insurance
Denbigh Fine Art Services
Kasko
Mission Hill Family Estates
Toolbox
Hemlock
Bespoke Decor
Bliss Event + Design
Many thanks to the Audain Gala Committee
CHAIR
Catherine Dangerfield
COMMITTEE
Sue Adams
Adriana Alvarez-Nichol
Christine Boyle
Geneviève Ciebien
Lyndon Cormack
Merilea Creighton
Celia Dawson
Nicholas Dhaliwal
Tom Gautreau
Ainsley Heffel
Lauren Kratzer
David Lewis
Amy Mac
Lauren Meeker
Jim Moodie
Justine Nichol
Naomi Pitt
Mónica Reyes
Scott Sueme
Robyn Ziebell
Curtis Collins, Catherine Dangerfield, Gloria Mackarenko and Fred Lee at the 2024 Audain Gala & Auction held at the Fairmont Chateau Whistler on April 12.
AUDAIN PRIZE
Rebecca Belmore 2024 Audain Prize for the Visual Arts Winner
Rebecca Belmore, internationally renowned multidisciplinary artist and member of the Lac Seul First Nation, was awarded the 2024 Audain Prize for the Visual Arts. Her practice, rooted in the political and social realities of Indigenous communities, explores themes of place, identity, and resilience. Known for her evocative performance and installation works, Belmore has exhibited widely, including at the Audain Art Museum and the Venice Biennale. Her accolades include the Governor General’s Award in Visual and Media Arts and the Gershon Iskowitz Prize. Belmore’s profound contributions to contemporary art solidify her legacy as a transformative voice in the field.
Rebecca Belmore, Force of Labour, 2020 (detail), mixed media. Installation created for Belmore’s exhibition RESERVOIR at the Audain Art Museum in 2021
AUDAIN ART MUSEUM FOUNDATION
Visionary Founders $1,000,000 + Christopher Foundation
Chrystal Family
Norman & Joan Cressey
Tom & Teresa Gautreau
Stephen Jarislowsky CC, GOQ & Gail Jarislowsky
Yoshiko Karasawa
Onni Group
Distinguished Founders $500,000 – $999,999
David Aisenstat
Jacques & Margaret Barbeau
Robert & Fatima Bruno
Sam & Sally Grippo
Whistler Blackcomb Foundation Blenheim Trust
Principal Founders $250,000 – $499,999
Andrew Mahon Foundation
Suzanne Bolton & Jeff Mooney CM
David, Patsy, Ryan & Joshua Heffel
Robert, Jennifer & Ainsley Heffel
McKercher Family
Michael & Inna O’Brian Family Foundation
Ralf & Helga Schmidtke
Peeter & Mary Wesik Family
Yosef Wosk OC, OBC
Founders $100,000 – $249,999
Bob & Sue Adams
Allard Family
American Friends of Whistler
Fenya Audain
Kyra Audain
Axiom Builders
David Jacques Findlay Barbeau
Paul Barbeau
Dale & Suzanne Barron
Allen W. Bell & Dr. Ola H. Dunin-Bell
Peter Bentley OC, OBC & Sheila Bentley
Peter Brown OBC & Joanne Brown
Fred & Marian Bucci
Cameron & Constance Cope
Donald Ellis
Fred Fountain CM & Elizabeth Fountain
Genest Family
Barry & Lauri Glotman
Goudge Family Foundation
Rick & Lauren Ilich
Jake Kerr CM, OBC & Judy Kerr
Hassan Khosrowshahi OC, OBC & Nezhat Khosrowshahi
George & Karen Killy
Phil Lind CM
Lomas & Touchet Family
Maché Family
John & Rebecca Mackay
Kevin & Jo-anne Mahon
Eric & Jenny Martin Family
Stuart & Della McLaughlin
John & Dana Montalbano
Jim & Doria Moodie
Bob & Elisa Morse
Christopher & Shelley Philps
Resort Municipality of Whistler
Robert H. Lee Foundation
Seymour Investment Management
Jeffrey Shier & Signy Eaton
Carole Taylor OC, OBC
Thornhill Family
VBCE – Tony Ma Family
Jack & Susy Wadsworth
Charles & Dale Young
SUPPORTERS
$100,000 + Audain Foundation
TD Bank
$50,000 + April 1 Foundation
Dixon Mitchell Investment Counsel
D.R. Sobey Foundation
$25,000 + Gordon & Leslie Diamond Foundation
Heffel Foundation
Andrew Mahon Foundation
Nicola Wealth
RBC Royal Bank
Sue Roop
VBCE Vancouver Bullion & Currency Exchange
YP Heung Foundation
$10,000 +
Allen Bell & Ola Dunin-Bell
Axiom Builders
Beedie Living
Robert Bruno & Fatima Dibiase
Tim Dattels & Kristine Johnson
Dentons Canada LLP
Tom & Teresa Gautreau
John Ryan Personal Real Estate Corporation
Rand & Lynda Lomas
Eric & Jennifer Martin Family Foundation
McCarthy Tetrault LLP
PI Financial Corp.
Range Rover
Andre & Brock Rowland
Jayne & Dane Touchet
Toys R Us Canada
Whistler Business Ventures
$5,000 +
Acera Insurance
Sue & Bob Adams
Steven & Karen Bruk
Etienne Bruson
Guy & Jayne Darby
Duncan J. Reid Law Corporation
Peter Fan
Fred & Elizabeth Fountain
Jeff Fuller
Louis-Vincent & Kelly Gave
Glacier Media Group
Carlotta Lee
Carol Lee
Mary & Jarrod Levitan
Jim & Doria Moodie
Christopher & Tara Poseley
Stuart & Elaine Rempel
Scott Seybold & Tammy Flynn Seybold
Dermot Strong
Martha Sturdy
Ruth Tubbesing & Family
Yosef Wosk Family Foundation
$2,500 +
Jan & Mark Ballard
Dave & Tamara Bustos
Lyndon Cormack
Merilea Creighton & Bruce Major
Robin Du Brin & Douglas Howe
Lindsay Eberts & Patti Paxton-Eberts
Jennifer Hames-Beliveau & Mat Beliveau
Don & Catherine Konantz
Paul Larocque
Harald & Sharlene Ludwig
Jane MacDonald
McKercher Family
Coleen & Howard Nemtin
Geoff & Janet Plant
Michael Prout & Leonardo Lara
Dr. Ron F. Regan
Scandinave Spa Whistler
Terrence & Lisa Turner
Nada Vuksic
Eileen Wheeler
Steven Wilson & Michael Simmonds
Bruce Munro Wright
GIFTS IN KIND
Bespoke Decor
Bliss Event + Design
Corby Spirits
Denbigh Fine Art Services
Fairmont Chateau Whistler
Heffel Fine Art Auction House
Hemlock Printers Ltd.
Kasko Frameworks
Mission Hill Family Estate
Toolbox Design Inc.
GIFTS OF ARTWORK
Michael Audain & Yoshiko Karasawa
Adad Hannah
Joan Tuey
The AAM gratefully acknowledges the support of the Resort Municipality of Whistler
BOARD OF TRUSTEES
Michael Audain OC, OBC Founder and Honourary Chair
Rob Bruno Chair Chair, Nominations Committee
Jim Moodie Vice-Chair
Kyra Audain Treasurer Chair, Governance Committee
Nancy Wilhelm-Morden KC Secretary
Neil Chrystal Officer
Tom Gautreau Officer
Mayor Jack Crompton Trustee
Ola Dunin-Bell Trustee
Councillor Cathy Jewett Trustee
Geoff Plant OBC, KC Vice-Chair, Historic Indigenous Art Committee
Stuart Rempel Chair, Marketing Committee
Chantal Shah Trustee
Ben Smith Trustee
Martha Sturdy Chair, Art Acquisitions Committee
Carol Tsuyuki Trustee
Emmy Lee Wall Trustee
Xwalacktun OBC Vice-Chair, Historic Indigenous Art Committee
VOLUNTEERS & COMMUNITY
The Audain Art Museum’s growth and success are deeply rooted in the dedication and passion of its its Docents and volunteers, whose enthusiasm has been instrumental in delivering a wide array of knowledge and engagement initiatives. The Museum extends heartfelt gratitude to these invaluable contributors for their ongoing commitment and steadfast support.
Docents play a pivotal role in elevating the visitor experience by offering engaging and informative tours of both the Permanent Collection and Special Exhibitions. Their genuine passion for the art and their eagerness to share their knowledge create memorable and enriching experiences for Museum visitors.
The Audain Art Museum is proud to recognize the invaluable contributions of its Docents and volunteers, whose passion and expertise are at the heart of the Museum’s mission to share art with the world.
Docents
Leslie Alexander
Shep Alexander
Merilea Creighton
Nikkie Cordy
Sarah Gallienne
Carolyn Lawrie-Lie
Janice (Jan) Mitchell
Andrea Morton
Sarah Renzoni
Wilhelmina (Helma) Quinn-Leeman
Christopher R Wilberg
Marion Tipple
Event Volunteers
Molly Adkin
Evka Beresova
Kee Cronin
Karen Desmeules
Teya Duggleby
Julia Lodi
Phoebe Turner
ADMINISTRATION
Dr. Curtis Collins Director & Chief Curator
Brianna Beacom Director of Operations
Kiriko Watanabe
Gail & Stephen A Jarislowsky Curator
Jackie Graham Chief Development Officer
Elyse Feaver
Engagement & Volunteer Manager
Theresa LeRose CPA, CGA Finance Manager
Hannah Putnam Marketing Manager
Sonya Lebovic Museum Shop & Admissions Manager
Ron Denessen Site Manager
Fiona Burke
Accounting Assistant
Holly Bune
Administrative Assistant
Cassidy Luteijn Assistant Curator
Ally Daly
Event & Sales Coordinator
Michaela Morrissey Registrar
GUARDS & VISITOR SERVICES
Jason Symes Head Guard
Guards
Robin Ferrier
Jiri Foltyn
Edit Jazal
John Lee
George McEwan
Sean Rose
Finn Saarinen
Kurt Samer
Carlos Urbina
CASUAL & PREVIOUS PERSONNEL
Laura Rudderforth
Visitor Services & Membership
Supervisor
Visitor Services
Azuza Akimoto
Anne Armstrong
Kirsti Blom
Michael Brough
Emily Peachman
Tessa Spicer
Hisae Yanagisawa
Event Assistants
Liz Cobby
Amanda Drage
Zane Livina
Rebecca MacKay
Guards
Trenton Hope
Kurt Samer
Visitor Services
Emilie Desbiens
Brandon Green
Helen Judge
Trista Staver
Giselle Stephenson
Jess Thorne
Docents
Leslie Alexander
Shep Alexander
Merilea Creighton
Nikkie Cordy
Sarah Gallienne
Carolyn Lawrie-Lie
Janice (Jan) Mitchell
Andrea Morton
Sarah Renzoni
Wilhelmina (Helma) Quinn-Leeman
Christopher R Wilberg
Marion Tipple
Administration
Sierra Gibson
Kendra Mazur
AUDITED FINANCIAL STATEMENTS
Finaincial Statements of AUDAIN ART MUSEUM And Independent Auditor’s Report thereon
Year ended September 30, 2024
KPMG LLP
PO Box 10426 777 Dunsmuir Street
Vancouver BC V7Y 1K3
Canada
Telephone 604 691 3000
Fax 604 691 3031
INDEPENDENT AUDITOR’S REPORT
To the Board of Trustees
Opinion
We have audited the financial statements of Audain Art Museum (the “Entity”), which comprise:
the statement of financial position as at September 30, 2024
the statement of operations for the year then ended
the statement of changes in net assets for the year then ended
the statement of cash flows for the year then ended
and notes to the financial statements, including a summary of significant accounting policies (hereinafter referred to as the “financial statements”).
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Entity as at September 30, 2024, and its results of operations and its cash flows for the year then ended in accordance with Canadian accounting standards for not-for-profit organizations.
Basis for Opinion
We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the “ Auditor’s Responsibilities for the Audit of the Financial Statements” section of our auditor’s report.
We are independent of the Entity in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Responsibilities of Management and Those Charged with Governance for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with Canadian accounting standards for not-for-profit organizations, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Entity’s ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Entity’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.
As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit.
We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Entity to cease to continue as a going concern.
Audain Art Museum
Page 3
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Chartered Professional Accountants
Vancouver, Canada February 28, 2025
Audain Art Museum
AUDAIN ART MUSEUM
Statement of Financial Position
September 30, 2024, with comparative information for 2023
Assets
(notes 2(b) and 3)
Liabilities and Net Assets
Commitments (note 9) $
See accompanying notes to financial statements.
Approved on behalf of the Board: Trustee Trustee
AUDAIN ART MUSEUM
Statement of Operations
Year ended September 30, 2024, with comparative information for 2023
Expenses:
See accompanying notes to financial statements.
AUDAIN ART MUSEUM
Statement of Changes in Net Assets
Year ended September 30, 2024, with comparative information for 2023
(note 5)
See accompanying notes to financial statements.
AUDAIN ART MUSEUM
Statement of Cash Flows
Year ended September 30, 2024, with comparative information for 2023
See accompanying notes to
AUDAIN ART MUSEUM
Notes to Financial Statements
Year ended September 30, 2024
Purpose of the organization:
The Audain Art Museum (the “Museum”) was incorporated on October 4, 2012 without share capital pursuant to the Canada Not-for-Profit Corporations Act. Effective January 7, 2013, the Museum obtained registered charity status under the Income Tax Act of Canada and is accordingly exempt from income taxes.
The objectives of the Museum are to establish and maintain an art gallery for the perpetual benefit of the Province of British Columbia and its citizens. The Museum is located in the Resort Municipality of Whistler, British Columbia and opened its doors to the public in March of 2016.
The Museum economically depends on the financial support of its donors and the Audain Art Museum Foundation (the “Foundation”). The Foundation is a separate legal entity with a purpose of receiving, holding and investing bequests, donations, funds, and property, the income of which supports the Museum’s mandate (note 7(b)).
1. Significant accounting policies:
These financial statements have been prepared in accordance with Canadian Accounting Standards for Not-For-Profit Organizations under Part III of the CPA Canada HandbookAccounting and include the following significant accounting policies:
(a) Cash:
Cash consists of cash on hand and cash on deposit.
(b) Prepaid exhibition costs:
Prepaid exhibition costs consist of exhibition expenditures that have been paid by the Museum relating to exhibitions to be held subsequent to year-end. These expenditures are recognized as exhibition expenses over the duration of the exhibition.
(c) Inventories:
Inventories are comprised of books, jewelry, paper products, gifts, reproductions and clothing held-for-sale in the Museum Store and is stated at the lower of cost and net realizable value. Cost is determined on a weighted average basis. Costs for inventories include all costs incurred in bringing inventories to their present location and condition. Net realizable value is defined as the anticipated selling price less the costs to sell. Any previous write-downs to net realizable value are reversed when there is a subsequent increase in the value of inventories.
(d) Consignment goods:
Consignment goods consist of merchandise provided by consignors to the Museum to be sold at the Museum Store. The consignors retain ownership of the merchandise until such time as it is sold at which time corresponding revenue and payable to the consignor is recorded in accordance with the revenue sharing model agreed to with each of the consignors. As a result, consignment goods are not recorded as inventory in these financial statements.
AUDAIN ART MUSEUM
Notes to Financial Statements (continued)
Year ended September 30, 2024
1. Significant accounting policies (continued):
(e) Revenue recognition:
The Museum follows the deferral method of accounting for contributions, which include donations, fundraising revenue and grants. Under this method of accounting, revenue received with specific external restrictions is deferred and recognized in the period the related expenses are incurred or the restrictions are met.
Contributions restricted and used for construction, development, or purchase of capital assets subject to amortization are initially recorded as deferred contributions and transferred to and recorded as deferred capital contributions when the amounts have been spent on capital assets. Deferred capital contributions are amortized into revenue on a straight-line basis, at a rate corresponding with the amortization rate for the related capital assets once amortization of the capital asset commences. Restricted contributions towards capital assets purchased not subject to amortization, such as land, are recorded as direct increases to net assets.
Unrestricted contributions are recognized as revenue when received or receivable if the amount to be received can be reasonably estimated and collection is reasonably assured.
The portions of membership fees and exhibition loan fees, which are included in other income if any, relating to future periods are deferred and amortized into revenue over the period of membership or exhibition.
Admissions, museum store sales, engagement revenue and facility rental revenue are recognized at the time the sales and rentals are made or program is delivered.
(f) Tangible capital and intangible assets:
Purchased and developed capital and intangible assets are initially recorded at cost. Contributed capital assets are recorded at fair value at the date of contribution. Repairs and maintenance costs are charged to expense. Betterments that improve the service potential or extend the estimated life of an asset are capitalized.
Capital and intangible assets are amortized starting when they are available for productive use on a straight-line basis over the useful lives of the assets as follows:
AUDAIN ART MUSEUM
Notes to Financial Statements (continued)
Year ended September 30, 2024
1. Significant accounting policies (continued):
(f) Tangible capital and intangible assets (continued):
The Museum reviews the carrying value of capital and intangible assets for impairment whenever events or changes in circumstances indicate that associated future economic benefits or service potential have been reduced. If such conditions exist, an impairment loss is measured at the amount by which the carrying amount of the asset exceeds its fair value or replacement costs and is recognized as an expense in the Statement of Operations.
(g) Art collection:
The Museum holds a collection (the “Collection”) of works of art for the perpetual benefit of current and future generations. The Collection is recorded as an asset at a nominal value of $1 due to the practical difficulties of determining a meaningful value for these assets. The cost of additions to the Museum’s works of art is charged as an expense in the year of acquisition (note 8).
(h) Donated works of art, materials and services:
The Museum may receive donated works of art, materials and services, including services from governance members and volunteers, the value of which is not reflected in these financial statements given the difficulty of determining the fair value.
(i) Financial instruments:
Financial instruments are recorded at fair value on initial recognition. Freestanding derivative instruments that are not in a qualifying hedging relationship and equity instruments that are quoted in an active market are subsequently measured at fair value. All other financial instruments are subsequently recorded at cost or amortized cost, unless management has elected to carry the instruments at fair value. The Museum has not elected to carry any such financial instruments at fair value.
Transaction costs incurred on the acquisition of financial instruments measured subsequently at fair value are expensed as incurred. All other financial instruments are adjusted by transaction costs incurred on acquisition and financing costs, which are amortized using the straight-line method.
Financial assets carried at cost or amortized cost are assessed for impairment on an annual basis at the end of the fiscal year if there are indicators of impairment. If there is an indicator of impairment, the Museum determines if there is a significant adverse change in the expected amount or timing of future cash flows from the financial asset. If there is a significant adverse change in the expected cash flows, the carrying value of the financial asset is reduced to the highest of the present value of the expected cash flows, the amount that could be realized from selling the financial asset or the amount the Museum expects to realize by exercising its right to any collateral. If events and circumstances reverse in a future period, an impairment loss will be reversed to the extent of the improvement, not exceeding the initial carrying value.
AUDAIN ART MUSEUM
Notes to Financial Statements (continued)
Year ended September 30, 2024
1. Significant accounting policies (continued):
(j) Internally restricted net assets:
Funds which have been internally restricted as approved by the Board of Trustees (the “Board”) to be used towards specified purposes are recorded as internally restricted net assets. Transfers are made to and from the internally restricted funds based on approved contributions into or spending out of the funds.
The Building Fund is restricted to be spent on future capital expenditures subject to approval by the Board.
(k) Use of estimates:
The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the year. Items requiring the use of management estimates include the determination of useful lives of tangible capital and intangible assets for purposes of amortization of such assets and related deferred capital contribution. Actual results may differ from these estimates.
2. Tangible capital and intangible assets:
(a) The Museum is situated on land leased from the Resort Municipality of Whistler for a nominal amount. The lease expires on July 7, 2212. Upon expiration of the lease, the building and all fixtures become the property of the municipality. The fair value of the lease is not recorded in these financial statements.
The Museum is also subject to the exemption of property taxes as approved by the municipality on an annual basis. The value of the exemption provided for the year ended September 30, 2024 was $248,273 (2023 - $229,969). The value of the exemption has not been recognized in these financial statements.
AUDAIN ART MUSEUM
Notes to Financial Statements (continued)
Year ended September 30, 2024
2. Tangible capital and intangible assets (continued):
(b) The sale of the Vancouver condominium during the year ended September 30, 2021, resulted in $337,500 (comprised of unamortized deferred capital contributions related to the building of $227,952 and the gain on sale of $109,548) in deferred contributions externally restricted for future qualified capital expenditures along with $661,500 being internally restricted by the Board and transferred to establish the Building Fund (note 1(j)).
During the year ended September 30, 2024, interest of $49,042 (2023 - $27,008) was earned on these restricted assets and was internally restricted by the Board and transferred to the Building Fund. As the total sale proceeds of $999,000 plus interest are restricted for specified use, the amount plus interest has been presented as restricted cash on the Statement of Financial Position.
(c) Intangible assets consisting of computer software of $66,215 (2023 - $66,215) is related to the development of a new customer relationship management software which will begin being amortized once the software is available for use, which is expected by summer 2025. All other computer software included in cost and accumulated amortization have been fully amortized but remain in use.
3. Deferred contributions:
The non-current portion of the deferred contributions are held as part of the restricted cash balance on the Statement of Financial Position.
4. Deferred capital contributions:
beginning of year $ 37,729,126 $ 38,516,589 Amounts amortized into revenue (725,152) (787,463) Balance, end of year $ 37,003,974 $ 37,729,126
AUDAIN ART MUSEUM
Notes to Financial Statements (continued)
Year ended September 30, 2024
5. Net assets invested in capital assets:
(a) Invested in capital assets is calculated as follows:
(b) Deficiency of revenue over expenses:
(c) Change in net assets invested in capital assets:
6. Accounts payable and accrued liabilities:
Included in accounts payable and accrued liabilities are government remittances payable of $9,541 (2023 - nil), which consists of employer health tax installments.
7. Related party transactions:
(a) Audain Foundation and Michael Audain:
During the year ended September 30, 2024, the Museum received $997,332 (2023 - $2,669,092) of donations from Michael Audain and $518,410 (2023 - $524,599) of donations from the Audain Foundation, of which Michael Audain, a trustee of the Museum, is the chairman. The amounts have been recognized in the statement of operations within donations - operations and other, and donations - art acquisitions, based on donor specified use of funds.
In addition, included within accounts receivable is $89,233 (2023 - $69,185) due from the Audain Foundation, which is predominantly related to the Audain Prize, which is an annual prize worth $100,000 and awarded to a senior British Columbia artist in recognition of their outstanding contributions to the arts.
AUDAIN ART MUSEUM
Notes to Financial Statements (continued)
Year ended September 30, 2024
7. Related party transactions (continued):
(a) Audain Foundation and Michael Audain (continued):
The Museum received donations from the Audain Foundation in the amount of $195,270 (2023 - $195,225), representing costs associated with the award presentation along with the main prize. This amount also includes a management fee of $25,000 (2023 - $25,000) from the Foundation for the administration and presentation of the prizes. These amounts are presented on a gross basis in the statement of operations.
(b) Audain Art Museum Foundation:
The Foundation was incorporated in November 2013 under the Canada Not-for-Profit Corporations Act and is a registered charity under the Income Tax Act of Canada. The Foundation is a separate legal entity, and its purpose is to receive, hold and invest bequests, donations, funds, and property, the income from which supports the Museum’s mandate. The Museum and the Foundation are related by virtue of the Museum’s economic interest in the Foundation.
During the year ended September 30, 2024, the Museum received $1,443,031 (2023 - $1,344,100) of donations from the Foundation, which includes distributions related to the Audain Art Acquisition Fund and the newly established Building, Maintenance and Improvement Fund.
The Audain Art Acquisition Fund was established November 4, 2022 by way of an endowment through the Audain Foundation. During the year ended September 30, 2024, $126,800 (2023 - $92,700) was received in distributions and $134,491 (2023 - $50,980) is included in art acquisition revenue in the statement of operations.
The Building, Maintenance and Improvement Fund was established July 6, 2023 by way of an endowment through the Audain Foundation, During the year ended September 30, 2024, $127,000 was received in distributions and nil is included in the statement of operations. Any amounts unspent related to the above funds are included within deferred contributions.
(c) Board of Trustees:
In addition to the amount described in 7(a), during the year ended September 30, 2024, the Museum received $39,400 (2023 - $78,000) of donations from members of the Board of Trustees. The amounts have been recognized in the statement of operations within donations - operations and other, based on donor specified use of funds.
8. Art collection:
Art collection expense represents the cost of acquisitions, maintenance and insurance of artwork held by the Museum. The Museum’s art collection is comprised of original art work from Canadian artists. The Museum acquires artwork by purchase, gift and bequest. The cost of art acquisitions during the year ended September 30, 2024 totaled $1,105,054 (2023 - $2,695,957) and other expenses (including maintenance, insurance and appraisals) totaled $75,074 (2023 - $67,029).
AUDAIN ART MUSEUM
Notes to Financial Statements (continued)
Year ended September 30, 2024
9. Commitments:
The Museum is committed to minimum annual lease payments under various operating leases for equipment as follows:
10. Financial risks:
(a) Liquidity risk:
Liquidity risk is the risk that the Museum will be unable to fulfill its obligations on a timely basis or at a reasonable cost. The Museum manages its liquidity risk by monitoring its operating requirements. The Museum prepares budget and cash forecasts to ensure it has sufficient funds to fulfill its obligations.
(b) Credit risk:
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Museum is not subject to any significant credit risks associated with its cash deposits as they are placed with reputable financial institutions.
(c) Interest rate risk:
Fixed rate instruments are subject to fair value risk while floating rate instruments are subject to cash flow risk. The Museum has a revolving line of credit of $250,000 bearing interest at a rate of prime plus 1%. As at September 30, 2024, nil (2023 - nil) was drawn against this line of credit.
(d) Other:
In management’s opinion, the Museum is not exposed to significant currency exchange rate, or other price risks related to its financial instruments.
There were no significant changes to the risk exposures from 2023.
AUDAIN ART MUSEUM
Notes to Financial Statements (continued)
Year ended September 30, 2024
11. Canada Emergency Business Account Loan:
The Canadian government introduced the Canada Emergency Business Account (“CEBA”) loan to assist organizations during the COVID-19 pandemic with non-deferrable expenses. During the year ended September 30, 2021, the Museum received the full $60,000 loan.
Up to $20,000 of the CEBA loan will be forgiven provided the outstanding balance is paid on or before January 18, 2024. As the Museum intends to repay the loan before January 18, 2024 the amount that will be forgiven was deemed to be government assistance and was recognized in grants revenue during the year ended September 30, 2021.
During the year ended September 30, 2024, the remaining balance of the loan in the amount of $5,000 was repaid.
“All great art’s magical. That’s what attracts and fascinates. Some people hear music in their heads. Some see films. For me, for Yoshi, it’s art that speaks to us.”
- Michael Audain
Photo credits to: Holly Bune, Mirae Campbell, Jimmy Dow, Lindsay Elliott, Wings + Horns and Oisin McHugh
