The Board of Trustees and Museum staff are constantly inspired by Michael Audain and Yoshi Karasawa’s vision and continued commitment to the art of British Columbia. As you read this year’s annual report you will be very impressed with the quality of exhibitions and variety of programming on offer to locals and visitors alike. The Audain Art Museum (AAM) is emerging as a leader and cultural influencer not only in British Columbia but across Canada.
The uncertain times during the pandemic provided an opportunity for reimagining the presentation and public engagement of the collection. Under Dr. Collins’s leadership, and a very talented team, there was always something exciting happening at “the Audain”. This included summer dining under the Museum in partnership with Whistler’s Alta Bistro, continuing Tuesday Night Talks, revitalized youth and after school programming, hosting Whistler Wine Walks along with the exceptional exhibitions. One of the highlights of 2022 was the Illuminate Gala and Fine Art Auction where friends and supporters of the Museum gathered at Fairmont Chateau Whistler to celebrate and cheer on the achievements and future opportunities.
The Museum’s Board of Trustees represents diverse business experiences and interests with a dedicated commitment to the Museum’s vision. The Board serves as its governing body providing oversight through various committees and engagement with staff. The Board is responsible for ensuring that the institution achieves its vision and that the Museum’s programs and activities reflect its values. In 2022 the Board of Trustees, led by senior staff, participated in the development of a three-year strategic plan. Each year an approved business plan and budget flow from the strategy and vision. It has been my privilege to serve with such a talented, influential, and committed group for the past seven years and as I step down from the Board, I am very confident that the Museum is very well positioned for continued success.
As with any successful cultural organization with an inspiring vision and strategy, it can only be realized through the ongoing support of the Founders, Trustees, members, volunteers, the Audain Art Museum Foundation, the Audain Foundation, corporate sponsors, and supporters to whom we are forever grateful.
Sincerely,
Sue Adams Chair, Board of Trustees
The Audain Art Museum made great strides over the past year with regard to the continued growth of the Permanent Collection and improved quality of Special Exhibitions, while the trustees and staff continue to position this institution for further successes. Additionally, the Museum’s docents, volunteers, donors, sponsors and members have proven to bring vitality to engagement efforts that started anew in 2022.
James Hart’s towering The Three Watchmen bronze situated atop The Great Flood base created by Xwalacktun and Levi Nelson is a beacon of art along Blackcomb Way that was unveiled in November 2021. Among the other additions to the AAM’s Permanent Collection over the past year were works by Emily Carr, Lawren Harris, Ian Wallace, Liz Magor, Mowry Baden, Joan Balzar and Vilhelm Sundin. Such increases in the AAM’s holding were combined with strategic updates to the Permanent Collection galleries, as a means of offering visitors new perspectives on the development of art in British Columbia.
Over the winter of 2021-22, the Museum hosted Riopelle: The Call of Northern Landscapes and Indigenous Cultures from the Montreal Museum of Fine Arts. The superb presentation of such a complex exhibition, that featured major works by the Quebecborn artist from international collections, offered resounding proof of the AAM’s status as a leading cultural institution in Canada. This incredibly successful Special Exhibition was followed by an in-house production entitled Wolves: The Art of Dempsey Bob, a first-ever retrospective of the renowned Tahltan-Tlingit artist. Bob’s opening night in the spring also featured a brilliant performance by the Salmon Creek Dancers and this seminal exhibition is currently on a national tour with stops in Calgary, Toronto, Montreal and Kelowna as further evidence of the AAM’s growing national influence. This past fall, the Museum made a concerted effort to address a younger demographic via Out of Control: The Concrete Art of Skateboarding, an exhibition that examined the intersection between art and skateboarding. It featured works by 19 contemporary artists spread over two floors, alongside associated products ranging from exhibition hoodies to an AAM branded beer.
Throughout the past year both the Permanent Collection and Special Exhibitions were coupled with a wide variety of engagement activities which add value to the Museum’s experiences, and these included: After School Art, Tuesday Night Talks, Alta + Audain: Fine Dining Art Experience, and Wine Walks. I trust that this organization continues to fulfil the aspirations of founders Michael Audain and Yoshiko Karasawa as outlined in a simple yet poignant statement from their Thoughts on the Audain Art Museum. “It’s About the Art.”
Respectfully,
Dr. Curtis Collins Director & Chief Curator
October 23, 2021 – February 21, 2022
Riopelle: The Call of Northern Landscapes and Indigenous Cultures focused on the artist’s engagement with Canada’s northern landscape and emblematic use of Indigenous motifs to construct highly complex paintings, prints and sculptures. Jean Paul Riopelle was a member of the Montreal-based collective known as les automatistes that embraced Surrealist ideals during the 1940s, and he would go on to become a leading Tachisme or Action Painter in Paris throughout the 1950s and 1960s. On his frequent trips back to Quebec, the renowned artist immersed himself in the province’s rugged northern terrain, while continuing a long held respect for contemporary and historic Indigenous art from British Columbia, Alaska, Quebec and Nunavut. The core of this exhibition and accompanying publication examined Riopelle’s expansive production from the 1950s onward, with an emphasis on his rarely studied practice of the 1970s.
The exhibition was developed, organized and circulated by the Montreal Museum of Fine Arts. It was curated by guest curators Andréanne Roy and Yseult Riopelle as well as by Jacques Des Rochers, Curator of Quebec and Canadian Art (before 1945), MMFA.
The Museum is grateful to partners of the Canadian Tour, the Government of Canada and the Jean Paul Riopelle Foundation. Audain Art Museum Presenting Sponsor the Audain Foundation, Major Sponsors BMO and Heffel Fine Art Auction House, Supporting Sponsor Dentons, Government Partner the Resort Municipality of Whistler, and Hotel Partner Fairmont Chateau Whistler.
April 2 – August 14, 2022 in the Tom & Teresa Gautreau Galleries
Wolves: The Art of Dempsey Bob at the Audain Art Museum was the first-ever retrospective of this brilliant carver’s career from the 1970s to the present. The exhibition featured a critical selection of masks, panels, wall sculptures, vessels and regalia, complemented by Bob’s work in bronze casting, goldsmithing, printmaking and vestment production from public and private collections across Canada.
Dempsey Bob is from the wolf clan via matrilineal descent, and traces his ancestry through Tahltan and Tlingit peoples. As a child, Bob learned traditional stories from his extended family and these narratives would become the subject matter of his art. During the 1970s, the aspiring artist apprenticed with the noted Haida carver Freda Diesing followed by courses at the Gitanmaax School of Art in Hazelton. Through the 1980s he studied old Tlingit poles and masks, as well as taught and made art in Ketchikan, Hoonah, and Sitka, Alaska. From the 1990s onward, Bob has gained a reputation as one of British Columbia’s most gifted carvers with solo and group shows in Vancouver and across Canada, while totem pole raisings in the United States, England and Japan attest to his international standing.
This exhibition was a co-production of the Audain Art Museum and McMichael Canadian Art Collection, and among the masterpieces on display were Wolf Chief’s Hat (c. 1993), Raven Panel (1989) and Northern Eagles Transformation Mask (2011). Such works exhibit an expertise in carving cedar and alder, while underlining Bob’s signature torqueing of the form, highly polished surfaces, and ability to orchestrate materials including mirrors, operculum shell, acrylic paint and sea lion whiskers.
Dempsey Bob currently lives and works in Terrace, BC and was the recipient of a Governor General’s Award in Visual and Media Arts in 2021. This retrospective exhibition, which will tour to the McMichael Canadian Art Collection, Montreal Museum of Fine Arts and Kelowna Art Gallery, is accompanied by a fully illustrated hard cover book featuring the artist’s life stories and legends entitled Dempsey Bob: In
The Audain Art Museum is grateful to Presenting Sponsor Royal Bank of Canada; Major Sponsor Brian & Andrea Hill; Supporting Sponsors Shell, Skeena Resources, and the SAM Foundation; Government Partner Canada Council for the Arts; Exclusive Transportation Partner PACART; Hotel Partner Fairmont Chateau Whistler; and Wine Selection Sponsor Tantalus Vineyards.
Audain Art Museum, Whistler, BC
April 2 – August 14, 2022
Glenbow Museum, Calgary, AB
September 10 – November 20, 2022
McMichael Canadian Art Collection
Kleinburg, ON
December 10, 2022 – April 16, 2023
Montreal Museum of Fine Arts
Montreal, QC
May 15 – September 10, 2023
Kelowna Art Gallery, Kelowna, BC
October 14, 2023 – February 18, 2024
Installation view of Out of Control: The Concrete Art of Skateboarding.
August 18, 2022 – January 8, 2023
Out of Control: The Concrete Art of Skateboarding revealed the intersection between contemporary art and skateboarding. The exhibition brought together 19 local, national, and international artists, who embody diversity in their practice and explore aesthetic, social, environmental, political, and architectural aspects of skateboarding.
Featured artists included Raymond Boisjoly, Karin Bubaš, Andrew Dadson, Hannah Dubois, Noah Friebel, Tim Gardner, Dan Graham, Bracken Hanuse Corlett, Christian Huizenga, Mikaela Kautzky, Andrew Kent, Cameron Kerr, Alex Morrison, Michelle Pezel, Samuel Roy-Bois, Ron Terada, Ian Wallace, Amir Zaki, and Raphaël Zarka.
Out of Control was organized by the Audain Art Museum. The exhibition was guest curated by Patrik Andersson, in collaboration with the Museum’s Gail & Stephen A. Jarislowsky Curator Kiriko Watanabe.
The Museum is grateful to Presenting Sponsor TD Bank Group; Major Sponsors RAB Foundation and Herschel Supply Co., and Susan I. Roop for their exceptional support; Government Partners Canada Council for the Arts, the Resort Municipality of Whistler, and the Consulate General of France in Vancouver; Hotel Partner Fairmont Chateau Whistler; and Printing Partner Tricera Printing. The accompanying book was proudly supported by Hemlock Printers and produced 100 percent carbon neutral.
August 30 – October 25, 2021
In the summer of 2006, Reece Terris started constructing a wooden bridge to link his home to the house next door on McSpadden Avenue in East Vancouver. By the early fall, the framed arch sculpture made of 2” x 4” lumber measuring 37’ long and 36’ high was completed. This installation connected Terris’s upper balcony with his neighbour’s deck on the second floor. The resulting structure was beautiful in form, while fully functional with rope handrails.
Like a Bridge featured Terris’s five large format photographs of semi-circular bridge installation, as well as a scale model. According to Terris, this series of works was “less about the bridge, but more about the space in between. The houses were so close to each other and by connecting them in the air, that space in between highlighted the ideology of the property line and real estate values.”
In a sense, Terris’s constructions were both conceptual and physical interventions, which temporarily connected two neighbouring properties in the sky and allowed an unusual perspective on the world below.
Curated by Kiriko Watanabe, Gail & Stephen A. Jarislowsky Curator
February 24 – April 2, 2022
Curated by Kiriko Watanabe, Gail & Stephen A. Jarislowsky CuratorDuring the 1980s, Vancouver was at the forefront of a movement in contemporary art known as Photoconceptualism – a merging of photography and conceptual art. Reacting against a perceived lack of political and social consciousness in the art produced in this region, several leading artists, including those exhibited in this gallery, often looked to the city as their source of inspiration. The rapid transformation of Vancouver’s once rural spaces became a key subject in their art production.
Critiques of the Real showcased Roy Arden’s photograph Condominium Advertisement, Vancouver, BC, Christos Dikeakos’s 250 Northern Street, Rodney Graham’s School Yard Tree, Vancouver, and Stan Douglas’s MacLeod’s Books from the Museum’s collection. These photographs address critical potentialities by offering larger historical, social, economic, and environmental contexts, as well as paradoxical realities.
The Acquisition Committee that meets four times per year, headed by Martha Sturdy and members Michael Audain, Tom Gautreau and Kim Spencer-Nairn, continues to move the Permanent Collection forward in a strategic fashion. A guiding principal of this body is to acquire works by artists from British Columbia that have achieved national-international recognition. Each purchase or donation offer is carefully considered to ensure that it represents a major signature work by the artist under review and can be effectively deployed in the Permanent Collection galleries over time. The Museum is grateful for the establishment of the Audain Art Acquisition Fund in 2020, which has provided the Director & Chief Curator and Gail and Stephen Jarislowsky Curator with opportunities to seek out both historic and contemporary pieces for review by the Committee. Similarly, purchases made through the generosity of the Audain Foundation as well as Michael Audain and Yoshiko Karasawa continue to benefit the Museum’s growing holding of BC art.
James Hart, The Three Watchmen, c. 2021 bronze with red ocher patina
Xwalacktun and Levi Nelson, Ti A7xa7 St’ak’ (The Great Flood), 2021 waterjet cut aluminum and concrete
Image by Scott Brammer.
Purchased with funds from the Audain Art Acquisition Fund
Joan Balzer Tri-X, 1966-67 acrylic on canvas
Iain Baxter Green Landscape, 1965 vacuum-formed
Vilhelm Sundin Last Light, 2017/2022 single channel HD video installation edition 1 of 3
Vilhelm Sundin
The Ship at the Bottom of the Mountain II, 2022 single channel 4K-video installation edition 1 of 3
Purchased with funds from the Audain Foundation
Emily Carr Arbutus Trees, 1908 watercolour on paper
Emily Carr Maude Island Totem, 1912 oil on board
Liz Magor Molly’s Reach, 2005 polymerized gypsum, polyurethane foam
Gift of Ian Wallace
Ian Wallace
In the Street (Rue Turenne, Paris), 1997 photolaminate with acrylic and serigraph on canvas
Ian Wallace
My Heroes in the Street (Una), (Aileen) and (Christian), 2008 photolaminate and acrylic on canvas
Gift of Mowry Baden
Mowry Baden
Shingle Beach, 2018 aluminum, rubber, stainless steel
Funded by the Audain Foundation (Commission)
James Hart
The Three Watchmen, 2021 bronze with red ocher patina
Xwalacktun and Levi Nelson
Ti A7xa7 St’ak’ (The Great Flood), 2021 waterjet cut aluminum and concrete
Gift of Ken and Lorraine Stephens
Ian Wallace
My Heroes in the Street (Gareth), 2008 photolaminate and acrylic on canvas
Promised Gift from Martha Sturdy
Attila Richard Lukacs
Everybody Wants the Same Thing, 1993 oil, enamel, tar, polyurethane on canvas
Gift of Alan & Elizabeth Bell, in memory of Ira Swartz and Alistair & Betty Bell
Lawren Harris Mountain Sketch LXXVII (Consolation Lake), c. 1928 oil on board
2021-2022 National and International Loans
Crocker Art Museum (December 2020 – July 2023)
Lawren Stewart Harris Abstraction 119, c. 1945 oil on canvas
The Polygon Gallery (November 2021 – February 2022)
Steven Shearer Dogpile, 2019 ink, acrylic and varnish on poly canvas
Griffin Art Projects (August 2022 – December 2022)
Stan Douglas Olde Curio Shop, 2010 digital c-print mounted on dibond aluminum, edition 4 of 5
McMichael Canadian Art Collection (August 2022 – March 2024)
Dempsey Bob Northern Eagles Transformation Mask, 2011 yellow cedar and acrylic pigment
Language: English
Hardcover, 216 pages with stories by Dempsey Bob, full colour images and illustrations
10 x 9.25 inches ISBN 978-1-77327-161-3
Published by Figure 1 Publishing Inc.
Published on the occasion of the exhibition Wolves: The Art of Dempsey Bob by the Audain Art Museum and McMichael Canadian Art Collection.
Dempsey Bob: In His Own Voice is based on the first full-scale solo museum exhibition of this extraordinary Tahltan-Tlingit artist, one of the finest living carvers of the Northwest Coast. Drawing from extensive interviews with the artist by the exhibition’s co-curator, Sarah Milroy, the book presents the story of his life told his own way, including extensive and intimate reflections on the creation of particular works.
Gorgeous photographs of the Skeena Valley region and of the artworks – which had been gathered from key private and museum collections in Canada and the US - are supplemented with material from the artist’s scrapbooks and family archives to create a vivid portrait of the creative process.
Foreword by co-curator Sarah Milroy. In collaboration with the McMichael Canadian Art Collection & the Audain Art Museum.
Language: English
Hardcover, 190 pages, with essays, full colour images, and illustrations 10 x 8 inches ISBN 978-0-9950106-7-3
Published by the Audain Art Museum
Featuring essays by curator Patrik Andersson and BC writer Natalie Porter, Out of Control: The Concrete Art of Skateboarding includes images of works in a contemporary group art exhibition of the same title. In this publication, Andersson and Porter examine how the world of skateboarding continues to be in generating identity, consumer culture, community, and resistance to our increasingly surveilled and controlled public spaces. Unlike most exhibitions on skateboarding, Out of Control does not offer a focus on what the general audience would typically think of “skateboard art”, such as board graphics and graffiti. Nor does it offer a sociological survey of subculture. Out of Control features works by emerging, midcareer, and established artists, who have more askance views on aesthetic, social, environmental, political, and architectural dimensions associated with the sport. Also included in the book are interviews with artists and skateboarders by the Audain Art Museum’s Gail and Stephen Jarislowsky Curator Kiriko Watanabe.
Featured artists: Raymond Boisjoly, Karin Bubaš, Andrew Dadson, Hannah Dubois, Noah Friebel, Tim Gardner, Dan Graham, Bracken Hanuse Corlett, Christian Huizenga, Mikaela Kautzky, Andrew Kent, Cameron Kerr, Alex Morrison, Michelle Pezel, Samuel Roy-Bois, Ron Terada, Ian Wallace, Amir Zaki, and Raphaël Zarka.
The Audain Art Museum Shop is located just inside Cressey Hall at the main entrance to the Museum and features a stunning selection of handmade jewellery, stationery, pottery, woodwork, books, and art. The retail offering’s focus is exclusively on creators from BC, including artists from the Sea to Sky corridor, the Craft Council of British Columbia and those featured in the Museum’s Permanent Collection. Product is developed internally around the Audain Art Museum brand, artwork from the Permanent Collection and visiting Special Exhibitions.
Over the last year there has been an emphasis on continuing to build and develop the ecommerce webstore with a variety of products at a range of price points from different categories. E-commerce marketing campaigns for the Museum Shop comprised of email marketing, social media marketing including dynamic Facebook advertising tactics, and print marketing in Postmedia partnership publications.
Tours
Public Guided tours led by knowledgeable docents continue to be offered on Sundays at 2pm and 3pm. The tours of 1015 people cover both the Permanent Collection and the Special Exhibitions.
Private Guided Docent Tours continued to be popular throughout the year. Some notable groups that joined Dr. Curtis Collins included: The Canada–France Inter-Parliamentary Association, Tax and Trust Legacy Lawyers, The Pemberton Museum, Dempsey Bob’s Family, Art Horizon International, RMOW, The Canadian Institute of Planners, as well as Master Indigenous artists from New Zealand, Hawaii, the continental USA and the Coast of British Columbia.
TNT: Season 3 took place from January 11 until February 22, 2022, and was sponsored by Susan Roop. Artists featured from the Permanent Collection included Levi Nelson, Reece Terris, Andrew Dadson, Sonny Assu, Vikky Alexander, Stephen Waddell, and Russna Kaur.
Through the generous contributions of Alan Bell and Ola Dunin-Bell, the After-School Art program was initiated and combines a tour of one section of the Permanent Collection with an in-studio art-making session. The focus of the tour is to familiarize children (grades K-5) with the collection and discuss the broader context of the art and art-making techniques.
The program continues to run on the first and third Thursday of each month. The themes explored have been:
1. The Dance Screen, James Hart: Animals and Environmental Preservation
1. James Hart: Animals & Environmental Preservation
2. 20th century First Nations Masks: The Supernatural World
2. 20th century First Nations Masks: The Supernatural World
3. Wolves: The Art of Dempsey Bob
3. Wolves: The Art of Dempsey Bob
4. Emily Carr: Fauvism, Style, and Watercolour
5. EJ Hughes: Nostalgia, BC Coastal Landscape, & Realism
4. Emily Carr: Fauvism, Style, and Watercolour
5. EJ Hughes: Nostalgia, BC Costal Landscape, and Realism
6. Shadbolt, Smith, & Tanabe: Colour, Abstract, & Landscape
7. Out of Control: The Concrete Art of Skateboarding
6. Shadbolt, Smith, and Tanabe: Colour, Abstract, and Educational Tours
In the fall of 2022, the AAM welcomed schools from the Sea-to-Sky Corridor, the Sunshine Coast, and the Lower Mainland. The school tour design has been updated to include ideas of cultural difference.
The programming offered to students in grades K-7 focused on the Art of BC Through Storytelling and Transformation. For students in grades 7-12, the program focused on time, place and memory through regional art. Each tour included a studio activity as well as optional pre-activities and post-activities for reflection.
Two unique scavenger hunts were created for young children and are now available to the public as selfguided, supplemental information about the Permanent Collection. In the coming year, two more will be created for older children, who will be learning about the principles of art and design and artistic context and movements demonstrated throughout the collection. The goal of these materials is to encourage children of all ages to examine the details of the collection, noting the animals, natural landscapes, and materials.
In an effort to give kids ownership of their behaviours in the Museum, a Junior Security Training Program has been designed where children can review safety protocols. They will receive an “Audain Art Museum Junior Security” badge once they review and sign-off on the check-list of acceptable behaviours and safety protocols.
Alta + Audain: Fine Dining Art Experience
For the third year in a row, the Museum has teamed up with Alta Bistro to showcase the excellence of British Columbia through visual and culinary arts respectively. This open-air, four-course dinner series beneath the stunning architecture of the 56,000 square foot building designed by Vancouver-based firm Patkau Architects, featured a paired menu with works and themes from the Special Exhibitions, Wolves: The Art of Dempsey Bob, and Out of Control: The Concrete Art of Skateboarding. The Friday night offering took place throughout the summer to sold-out attendances. Nine dedicated docents hosted over 900 guests for tours of the Permanent Collection and the Special Exhibitions.
Wolves: The Art of Dempsey Bob Community Selfie Challenge! Guests were encouraged to take selfies with works in the exhibition for a chance to win gift certificates, catalogues, and memberships. This initiative sparked a week of fun engagement with the exhibition and created entertaining social media content from the public.
On August 14, the final day of the Special Exhibition, Wolves: The Art of Dempsey Bob, the AAM hosted a tasting of Tantalus Wines in conjunction with a tour of Dempsey Bob’s works. Local wine expert and celebrity server, Rich Budd, led a discussion on the Tantalus 2021 Rosé, Riesling and Pinot Noir wines which preceded a tour with Director & Chief Curator, Dr. Curtis Collins and Engagement & Volunteer Manager, Elyse Feaver.
Community Event Featuring Works by Raphaël Zarka
An activation of French artist, Raphaël Zarka’s Paving Space, a series of modular sculptures built out of douglas fir by Van Urban Timber, were installed at the Whistler Racket Club for skateboarders to try out before the sculptures were installed in the upcoming Out of Control: The Concrete Art of Skateboarding exhibition. Unique marks that were created by skateboarders that day became part of the creative process to complete the sculptures. This free, community event featured a pop-up Museum Shop, food & beverage and a DJ. It was an amazing opportunity for individual participants and local skateboard clubs to explore art and enjoy skateboarding.
Opening events for the Out of Control exhibition included a Supporters’ Private Dinner, Founders and VIP Reception, and Members’ Opening with artists in attendance. The Public Opening saw Patrik Andersson and Natalie Porter signing catalogues with exhibiting artists in attendance, and a presentation with Amir Zaki discussing his project Empty Vessel, the California Concrete book, and his new survey monograph, Building + Becoming. In addition to the opening events, an Industry Party was held to familiarize the hospitality and industry workers with the Out of Control exhibition.
A Circle Members’ Event was held on September 30, 2022, featuring a panel discussion with exhibiting artists, Christian Huizenga and Hannah Dubois; Olympian and community activist, Spencer O’Brien; and Out of Control Guest Curator, Patrik Andersson. The discussion was based around the shift in skateboard culture and how athletes and artists are helping to build up communities and promote inclusivity.
In 2022, the Museum hosted its sixth annual Illuminate Gala & Fine Art Auction at the Fairmont Chateau Whistler. This past year’s event was record-breaking, raising over $920,000 towards supporting the Museum. The night began with a cocktail reception featuring saxophonist Karla Sax and famed photography services The Collective You, followed by an elegant evening featuring performances by the Arts Umbrella dance team. The always-charming Fred Lee emceed the event, and Robert Heffel conducted the Live Art Auction, which raised a total of $410,000.
Funds raised allow the Museum to continue to showcase beautifully curated exhibitions and innovative engagement activities for children and adults alike. Several touchpoints throughout the night provided guests with opportunities to support Museum programming. For the first time, the 2022 event featured a paddle raise which encouraged guests to donate $1,000 to support engagement activities at the Museum. This initiative raised over $40,000 for the Museum.
The Museum deeply appreciates the support of its event sponsors, Presenting Sponsor Nicola Wealth; Gold Sponsors RBC and the Peter & Joanne Brown Foundation; Silver Sponsors Beedie Living and Axiom Builders; Online Auction Sponsor Maggi Thornhill; and Fine Art Insurance Sponsor AXA XL. In-kind event sponsors include Heffel Fine Art Auction House, Toolbox Design, Hemlock Printers Ltd., Denbigh Fine Art Services, Mission Hill Family Estate, Mohani Event Design, and Countdown Events.
The AAM continues to be entrusted with the honour of presenting the Audain Prize for Lifetime Achievement in the Visual Arts. The prestigious annual prize of $100,000 is awarded to an artist in recognition of their outstanding contribution to the arts over the course of their career.
The 2022 Audain Prize for the Visual Arts was awarded to Vancouver-based artist Ian Wallace, known for his conceptual art, painting, photographic murals and critical writings. As a leading figure of photo conceptual art, Wallace is one of a group of internationally acclaimed artists whose works often focus on depictions of social reality. The announcement was celebrated at an elegant luncheon hosted at the Fairmont Hotel Vancouver where fellow artist Landon Mackenzie presented the award. The Honourable Janet Austin, Lieutenant Governor of British Columbia, showed her support with a pre-recorded message during the event.
This year’s jury was also pleased to award the Audain Travel Award to five young artists: Lauren Crazybull, Simon Fraser University; Khim Hipol, Emily Carr University of Art + Design; Sarvenaz Iraji, University of British Columbia; Kosar Movahedi, University of Victoria; Nasim Pirhadi, University of British Columbia Okanagan. The Audain Travel Award provides $7,500 to young artists enrolled in a full-time fine arts program at the undergraduate or graduate level, to encourage them to travel and view art.
The AAM continues to implement an Annual Giving Campaign during the month of November. This year, the online initiative was supplemented with personalized letters that were sent to past Founders and donors highlighting their past contributions and thanking them for their continued support. The online initiative consisted of four newsletters that went out every week in November and highlighted the different areas of Museum operations that are impacted by annual gifts. Donations were collected primarily through Canada Helps and the Museum surpassed its goal of $30,000. On behalf of the Audain Art Museum we thank everyone for their ongoing support.
$1,000,000 +
$500,000 – $999,999
Chrystal Family
Norman & Joan Cressey
Tom & Teresa Gautreau
Stephen Jarislowsky C.C., G.O.Q. & Gail Jarislowsky
Yoshiko Karasawa
Onni Group
David Aisenstat
Jacques & Margaret Barbeau
Robert & Fatima Bruno
Sam & Sally Grippo
Whistler Blackcomb Foundation
$250,000 – $499,999
Andrew Mahon Foundation
Christopher Foundation
Suzanne Bolton & Jeff Mooney C.M.
David, Patsy, Ryan & Joshua Heffel
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 & Amanda Barbeau
Dale & Suzanne Barron
Allen W. Bell & Dr. Ola H. Dunin-Bell
Peter Bentley O.C., O.B.C. & Sheila Bentley
Blenheim Trust
Peter Brown O.B.C. & Joanne Brown
Fred & Marian Bucci
Christopher Foundation
Cameron & Constance Cope
Donald Ellis
John Feigl
Fred Fountain C.M. & Elizabeth Fountain
Genest Family
Goudge Family Foundation
Rick & Lauren Ilich
Jake Kerr C.M., O.B.C. & Judy Kerr
Hassan Khosrowshahi O.C., O.B.C. & Nezhat Khosrowshahi
Michael Audain
Kyra Audain
John McKercher
Jim Moodie
Robert, Jennifer & Ainsley Heffel
Michael & Inna O’Brian Family Foundation
Ralf & Helga Schmidtke
Peeter & Mary Wesik Family
Yosef Wosk, O.C., O.B.C.
George & Karen Killy
Phil Lind C.M.
Maché Family
John & Rebecca Mackay
Kevin & Jo-anne Mahon
Eric & Jenny Martin Family
McKercher 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 O.C., O.B.C.
Thornhill Family
VBCE – Tony Ma Family
Jack & Susy Wadsworth
Charles & Dale Young
Ralf Schmidtke
Donald Shumka
Chantal Shah - Executive Officer
The Audain Art Museum is deeply committed to preserving the outstanding quality of its BC art collection while presenting exceptional exhibitions of national and international consequence. To do so, the Museum relies on its thriving community of passionate individuals, corporate partners, members, artists, and volunteers who appreciate the positive role that art plays in society. Continued support is paramount in reaching the AAM’s vision for the future of its permanent collection, exhibitions, and engagement initiatives, as well as maintenance of this architecturally stunning building. The AAM’s ability to provide regional, national and global visitors with meaningful art experiences is sustained by the generosity of our supporters.
$100,000 +
Audain Foundation
RBC Royal Bank
TD Bank Group
$50,000 - $99,999
April 1 Foundation
BMO Bank of Montreal
Canada Council for the Arts
Heffel Fine Art Auction House
Brian & Andrea Hill
RAB Foundation
Susan I. Roop
$30,000 - $49,999
Peter & Joanne Brown Foundation
Dentons Canada LLP
Goudge Family Foundation
Herschel Supply Co.
Nicola Wealth
$10,000 - $29,999
Axiom Builders Inc.
Beedie Living
Allen Bell & Ola Dunin-Bell
Scott & Samantha Bell
Christopher Foundation
Lindsay F. Eberts & Patti Paxton-Eberts
Barry & Lauri Glotman
Hemlock Printers Ltd.
Kristine Johnson & Tim Dattels
Michael & Inna O-Brian Family Foundation
SAM Foundation
Shell Canada
$5,000 - $9,999
Catherine & Art Coviello
Frederick & Elizabeth Fountain
Jane Irwin & Ross Hill
Madison Pacific Properties
Jeff Mooney & Suzanne Bolton
Mountain Galleries
Ian & Sandy Penn
Stuart & Elaine Rempel
Skeena Resources
Teck Resources Ltd.
Thomson & Dunne Family Foundation
Maggi Thornhill
$2,500 - $4,999
AXA XL
Capri CMW
Michel A. Huot
Ron Mitchell
Geoff & Janet Plant
Whistler Real Estate Ltd.
Fairmont Chateau Whistler
Heffel Fine Art Auction House
Hemlock Printers Ltd.
The Lazy Gourmet
Mission Hill Family Estate
Mohani Event Design
Toolbox Design
Mowry Baden
Alan & Elizabeth Bell, in memory of Ira Swartz and Alistair & Betty Bell
Ian Wallace
We gratefully acknowledge the support of the Resort Municipality of Whistler.
It is with much gratitude that the Museum recognizes the contributions of the volunteers and docents who have supported and enabled the delivery of programs, events, and initiatives in 2022. Through volunteers’ kindness, generosity, and appetite for learning and sharing knowledge, the AAM was able to enhance the visitor experience through informative tours of both the Permanent Collection and Special Exhibitions.
Docents had the opportunity to attend a series of training sessions to once again familiarize themselves with the collection. The Museum remains committed to providing ongoing training opportunities, skills development, social engagements, and recognition to all volunteers and docents.
As a token of appreciation for the docents’ incredible commitment and enthusiasm, the Museum organized a special Alta Bistro dinner celebrating their efforts on the final eventing of the Alta + Audain Fine Dining Art Experience
In addition, docents were invited to partake in a drum-making session at the North Vancouver Museum, on September 25, 2022. The drums were then donated to the people of Lytton who were affected by forest fires.
And Independent Auditor’s Report thereon
Year ended September 30, 2022
KPMG LLP
PO Box 10426 777 Dunsmuir Street
Vancouver BC V7Y 1K3
Canada Telephone (604) 691-3000
Fax (604) 691-3031
To the Members of Audain Art Museum
Opinion
We have audited the financial statements of Audain Art Museum (the “Entity”), which comprise:
• the statement of financial position as at September 30, 2022
• 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, 2022, 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.
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.
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.
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.
• 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.
Vancouver, Canada
February 24, 2023
September 30, 2022, with comparative information for 2021
Commitments (note 8)
See accompanying notes to financial statements.
on behalf of the Board:
Year ended September 30, 2022, with comparative information for 2021
See accompanying notes to financial statements.
Year ended September 30, 2022, with comparative information for 2021
(note 5)
See accompanying notes to financial statements.
Year ended September 30, 2022, with comparative information for 2021
Cash provided by (used in):
See accompanying notes to financial statements.
Year ended September 30, 2022
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 6(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 and short-term investment:
Cash consists of cash on hand and cash on deposit. The short-term investment is a one-year cashable GIC maturing August 24, 2023, earning interest at a rate of 2.25% per annum.
(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.
Notes to Financial Statements (continued)
Year ended September 30, 2022
(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:
Notes to Financial Statements (continued)
Year ended September 30, 2022
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 7)
(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.
Year ended September 30, 2022
(j) Internally restricted net assets:
(continued):
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 capital and tangible assets for purposes of amortization of capital assets and related deferred capital contribution and provisions. Actual results may differ from these estimates.
(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, 2022 was $233,566 (2021 - $216,986). The value of the exemption has not been recognized in these financial statements.
Year ended September 30, 2022
(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, 2022, interest of $5,292 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 (2021 - $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. All other computer software included in cost and accumulated amortization have been fully amortized but remain in use.
The non-current portion of the deferred contributions are held as part of the restricted cash balance on the statement of financial position.
Notes to Financial Statements (continued)
Year ended September 30, 2022
4. Deferred capital contributions:
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:
Year ended September 30, 2022
(a)
During the year ended September 30, 2022, the Museum received $13,223 (2021 - $9,560) of donations from Michael Audain and $2,159,261 (2021 - $694,634) of donations from the Audain Foundation, of which Michael Audain, a trustee of the Museum, is the chairman of the board of trustees of the Audain Foundation. The amounts have been recognized in the statement of operations within donations - operations and other, and other donations - art acquisitions, based on donor specified use of funds.
In addition, included within accounts receivable is $192,784 (2021 - nil) 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. The annual Audain Prize was presented twice during the Museum’s current fiscal year It was awarded in November 2021 after being postponed due to COVID19 and again in September 2022 when it is typically presented The Museum received donations from the Audain Foundation in the amount of $346,780, representing costs associated with the award presentation along with the main prize as well as five travel awards (for each of 2021 and 2022) for art students at British Columbia universities and, in turn, provided grants to the recipients of the awards for the same amount. These amounts are presented on a gross basis in the statement of operations. The Museum also received a management fee of $50,000 from the Foundation for administration and presentation of the prizes.
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, 2022, the Museum received $1,275,730 (2021 - $1,109,374) of donations from the Foundation, which includes distributions related to the Audain Art Acquisition 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, 2022, $82,140 (2021 - $40,240) was received in distributions and $54,570 (2021 - $17,120) is included in art acquisition revenue in the statement of operations.
Year ended September 30, 2022
7. Art collection:
Art collection expense represents the cost of acquisitions and maintenance 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, 2022 totaled $1,531,049 (2021 - $707,316) and other expenses (including maintenance, insurance and appraisals) totaled $84,407 (2021 - $73,714).
8. Commitments:
The Museum is committed to minimum annual lease payments under various operating leases for equipment as follows:
9. 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) 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, 2022, nil (2021 - nil) was drawn against this line of credit. The Museum’s short-term investment holding in a GIC at a fixed rate of interest (note 1 (a)) is subject to fair value risk.
(c) Industry:
The Museum operates in the cultural industry environment and can be affected by general economic trends. A decline in economic conditions, public consumer-spending levels or other adverse conditions could lead to reduced revenues and changes in operating results (note 1).
(d) Other:
In management’s opinion, the Museum is not exposed to significant currency exchange rate, credit or other price risks related to its financial instruments.
There were no significant changes to the risk exposures from 2021
Year ended September 30, 2022
(a) Due to the COVID-19 pandemic, the Canadian government introduced the Canada Emergency Wage Subsidy (“CEWS”) and the Canada Recovery Hiring Program (“CRHP”) to assist organizations who had lost a certain percentage of their eligible revenue. During the year ended September 30, 2022, eligible claims totaled $70,017 (2021 - $279,918) and was recognized as government subsidies revenue in the statement of operations. As at September 30, 2022, $12,693 (2021 - $15,663) is included in accounts receivable with respect to claims related to the fiscal year that have not yet been filed.
(b) 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 December 31, 2023. As the Museum intends to repay the loan before December 31, 2023 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, 2022, $5,000 of the loan was repaid. The remaining $35,000 of the CEBA loan carries 0% interest and no minimum monthly principal payments are required. This portion of the CEBA loan should be initially measured at fair value, discounted at a market interest rate, and subsequently measured at amortized cost. However, as the benefit of the CEBA loan at below-market interest rate is immaterial, the loan has not been discounted for financial reporting purposes and is recorded in the statement of financial position at the face value of the loan, being $35,000 as at September 30, 2022 (2021 - $40,000)
