Download Old Globe Theatre dba The Old Globe

 Report of Independent Auditors and Financial
Statements with Supplementary Information for
Old Globe Theatre
dba The Old Globe
December 31, 2014 and 2013
CONTENTS
REPORTOFINDEPENDENTAUDITORS
FINANCIALSTATEMENTS
StatementsofFinancialPosition
StatementsofUnrestrictedRevenues,Expenses,
AndOtherChangesinUnrestrictedNetAssets
StatementsofChangesinNetAssets
StatementsofCashFlows
NotestoFinancialStatements
REPORTOFINDEPENDENTAUDITORSONTHE
SUPPLEMENTARYINFORMATION
SUPPLEMENTARYINFORMATION
ScheduleofUnrestrictedNetAssetsbyNetAssetComponent‐2014
ScheduleofUnrestrictedNetAssetsbyNetAssetComponent‐2013
PAGE
1and2
3
4
5
6
7‐21
22
23
24
REPORTOFINDEPENDENTAUDITORS
BoardofDirectors
OldGlobeTheatredbaTheOldGlobe
ReportonFinancialStatements
WehaveauditedtheaccompanyingfinancialstatementsofOldGlobeTheatredbaTheOldGlobe(“The
OldGlobe”),whichcomprisethestatementsoffinancialpositionasofDecember31,2014and2013,the
statementsofunrestrictedrevenues,expenses,andotherchangesinunrestrictednetassets,changesin
netassets,andcashflowsfortheyearsthenended,andtherelatednotestothefinancialstatements.
Management’sResponsibilityfortheFinancialStatements
Management is responsible for the preparation and fair presentation of these financial statements in
accordancewithaccountingprinciplesgenerallyacceptedintheUnitedStatesofAmerica;thisincludes
the design, implementation, and maintenance of internal control relevant to the preparation and fair
presentationoffinancialstatementsthatarefreefrommaterialmisstatement,whetherduetofraudor
error.
Auditor’sResponsibility
Our responsibility is to express an opinion on these financial statements based on our audits. We
conductedourauditsinaccordancewithauditingstandardsgenerallyacceptedintheUnitedStatesof
America.Thosestandardsrequirethatweplanandperformtheauditstoobtainreasonableassurance
aboutwhetherthefinancialstatementsarefreefrommaterialmisstatement.
Anauditinvolvesperformingprocedurestoobtainauditevidenceabouttheamountsanddisclosuresin
the financial statements. The procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error.Inmakingthoseriskassessments,theauditorconsidersinternalcontrolrelevanttotheentity’s
preparation and fair presentation of the financial statements 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. Accordingly, we express no such opinion. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of
significantaccountingestimatesmadebymanagement,aswellasevaluatingtheoverallpresentationof
thefinancialstatements.
Webelievethattheauditevidenceobtainedissufficientandappropriatetoprovideabasisforouraudit
opinion.
1
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the
financialpositionofTheOldGlobeasofDecember31,2014and2013,anditschangesinnetassetsand
cashflowsfortheyearsthenendedinaccordancewithaccountingprinciplesgenerallyacceptedinthe
UnitedStatesofAmerica.
SanDiego,California
April1,2015
2
OLDGLOBETHEATREDBATHEOLDGLOBE
STATEMENTSOFFINANCIALPOSITION
DECEMBER31,2014AND2013
December31,
2014
2013
$7,845,695
2,895,213
5,091,116
140,805
661,203
27,003,091
$4,163,431
5,874,231
4,921,937
151,225
665,223
28,258,258
3,397,331
7,264,307
3,329,561
7,321,765
$54,298,761
$54,685,631
ASSETS
Cashandcashequivalents
Investments
Receivables
Inventories
Prepaidexpensesandotherassets
Propertyandequipment
Endowmentassets:
Investments
Pledgesreceivable
Totalassets
LIABILITIESANDNETASSETS
Liabilities
Accountspayableandaccruedexpenses
Deferredrevenue
Debt
Totalliabilities
$1,267,503
3,318,025
3,271,832
7,857,360
$1,023,352
2,967,481
3,443,446
7,434,279
NetAssets
Unrestricted:
Undesignated
Designatedforpropertyandequipment
Designatedforendowment
Totalunrestricted
Temporarilyrestricted
Permanentlyrestricted
Totalnetassets
253,204
8,723,907
310,413
9,287,524
26,492,239
10,661,638
46,441,401
236,765
8,536,346
198,690
8,971,801
27,628,225
10,651,326
47,251,352
Totalliabilitiesandnetassets
$54,298,761
$54,685,631
CommitmentsandContingencies(Notes8,13,and14)
Seeaccompanyingnotes.
3
OLDGLOBETHEATREDBATHEOLDGLOBE
STATEMENTSOFUNRESTRICTEDREVENUES,EXPENSES,ANDOTHER
CHANGESINUNRESTRICTEDNETASSETS
YEARSENDEDDECEMBER31,2014AND2013
YearsEndedDecember31,
2014
2013
UNRESTRICTEDNETASSETS
OperatingRevenue
Ticketsales
Enhancements
Retail
Investmentincome
Otherrevenue
Royalties
Rentalincome
Education
Totaloperatingrevenue
$11,760,584
1,953,957
726,948
237,534
101,348
96,692
84,580
36,505
14,998,148
$11,314,647
2,018,719
692,897
223,280
598,078
21,657
80,391
39,875
14,989,544
18,724,711
2,634,128
21,358,839
18,668,485
2,558,389
21,226,874
(6,360,691)
(6,237,330)
4,244,079
2,390,960
6,635,039
1,520,442
482,851
228,556
8,866,888
3,467,686
2,860,968
6,328,654
1,440,764
472,398
248,057
8,489,873
Expenses
Fund‐raising
Specialevents
Totalexpenses
Netcontributedincome
1,834,818
375,172
2,209,990
6,656,898
1,775,318
376,962
2,152,280
6,337,593
ChangeinUnrestrictedNetAssetsBeforeGains
296,207
100,263
Gains(Losses)
(Loss)ondisposalofpropertyandequipment
Netrealizedandunrealizedgainsoninvestments
Totalgains(losses)
(4,856)
24,372
19,516
(131,618)
31,268
(100,350)
CHANGEINUNRESTRICTEDNETASSETS
$315,723
$(87)
OperatingExpenses
Programservices
Managementandgeneral
Totaloperatingexpenses
Operating(loss)
ContributedIncome
Contributions
Netassetsreleasedfromrestrictions
Specialevents
Governmentgrants
In‐kindcontributions
Totalcontributedincome
4
Seeaccompanyingnotes.
OLDGLOBETHEATREDBATHEOLDGLOBE
STATEMENTSOFCHANGESINNETASSETS
YEARSENDEDDECEMBEER31,2014AND2013
YearsEndedDecember31,
2014
2013
UNRESTRICTEDNETASSETS
Totalrevenue,contributedincomeandgains
Netassetsreleasedfromrestrictions
Totalexpenses
Increase(decrease)inunrestrictednetassets
TEMPORARILYRESTRICTEDNETASSETS
Contributions
Endowmentearnings
Appropriatedendowmentearnings
Netassetsreleasedfromrestrictions
Donorredesignationofnetassetstopermanently
restricted
(Decrease)intemporarilyrestrictednetassets
$21,493,592
2,390,960
(23,568,829)
$20,518,099
2,860,968
(23,379,154)
315,723
(87)
1,217,389
255,283
(217,698)
(2,390,960)
2,374,180
756,517
(194,315)
(2,860,968)
‐
(6,112,805)
(1,135,986)
(6,037,391)
PERMANENTLYRESTRICTEDNETASSETS
Contributions
Unrealized(losses)gainsoninvestments
Donorredesignationofnetassetsfromtemporarily
restricted
12,523
(2,211)
198,773
9,688
‐
6,112,805
Increaseinpermanentlyrestrictednetassets
10,312
6,321,266
CHANGEINNETASSETS
(809,951)
283,788
NETASSETS
Beginningofyear
47,251,352
46,967,564
$46,441,401
$47,251,352
Endofyear
Seeaccompanyingnotes.
5
OLDGLOBETHEATREDBATHEOLDGLOBE
STATEMENTSOFCASHFLOWS
YEARSENDEDDECEMBER31,2014AND2013
YearsEndedDecember31,
2014
2013
OPERATINGACTIVITIES
Changeinnetassets
Reconciliationtonetcashfromoperatingactivities:
Depreciation
Lossondisposalofpropertyandequipment
Changeinallowanceonpledgesreceivable
Changeindiscountonpledgesreceivable
Netrealizedandunrealized(gain)oninvestments
Temporarilyrestrictedcontributions‐pledgesreceivable
Permanentlyrestrictedcontributions‐pledgesreceivable
(Increase)decreaseinoperatingassets:
Receivables
Inventories
Prepaidexpensesandotherassets
Increase(decrease)inoperatingliabilities:
Accountspayableandaccruedexpenses
Deferredrevenue
Netcashprovidedby(usedin)operatingactivities
$(809,951)
$283,788
1,634,244
4,856
‐
28,217
(141,947)
(653,513)
(500)
1,658,850
131,618
(816,020)
248,237
(697,728)
(1,553,377)
(500)
(171,888)
10,420
4,020
200,783
(32,784)
153,974
244,151
350,544
498,653
29,639
(491,534)
(885,054)
INVESTINGACTIVITIES
Proceedsfromsaleofinvestments
Purchasesofinvestments
Purchaseofpropertyandequipment
Additionstoconstruction‐in‐progress
Netcashprovidedby(usedin)investingactivities
5,916,388
(2,863,193)
(324,226)
(59,707)
2,669,262
6,569,377
(7,681,829)
(86,839)
(19,290)
(1,218,581)
FINANCINGACTIVITIES
Collectionsoftemporarilyrestrictedpledgesreceivable
Collectionsofpermanentlyrestrictedpledgesreceivable
Principalpaymentsondebt
Netcashprovidedbyfinancingactivities
685,463
500
(171,614)
514,349
824,077
914,662
(166,086)
1,572,653
INCREASE(DECREASE)INCASHANDCASHEQUIVALENTS
3,682,264
(530,982)
CASHANDCASHEQUIVALENTS
Beginningofyear
4,163,431
4,694,413
$7,845,695
$4,163,431
Endofyear
Cashpaidforinterest
6
SUPPLEMENTALDISCLOSUREOFCASHFLOWINFORMATION
$126,005
$131,532
Seeaccompanyingnotes.
OLDGLOBETHEATREDBATHEOLDGLOBE
NOTESTOFINANCIALSTATEMENTS
Note1–NatureoftheOrganizationandSignificantAccountingPolicies
Natureoftheorganization–OldGlobeTheatredbaTheOldGlobe(“TheOldGlobe”)isanot‐for‐profit
California organization located in San Diego, California. The Old Globe’s mission is to preserve,
strengthen,andadvanceAmericantheatreby:creatingtheatricalexperiencesofthehighestprofessional
standards;producingandpresentingworksofexceptionalmeritdesignedtoreachcurrent andfuture
audiences; ensuring diversity and balance in programming; and providing an environment for the
growthandeducationoftheatreprofessionals,audiences,andthecommunityatlarge.
Income taxes – The Old Globe is exempt from income taxes under Section 501(c)(3) of the Internal
RevenueCodeandSection23701(d)oftheCaliforniaRevenueandTaxationCode.TheOldGlobemay
besubjecttofederalorstateincometaxesonunrelatedbusinessincome.Foreachoftheyearsended
December 31, 2014 and 2013, no provision for such taxes is required. The Old Globe has no
unrecognizedtaxbenefitsorliabilitiesasofDecember31,2014and2013.
TheOldGlobefilesanexemptorganizationreturnintheUnitedStatesfederaljurisdictionandwiththe
Franchise Tax Board in the state of California. The Old Globe is no longer subject to income tax
examinations by taxing authorities for years before 2012 for its federal filings, and for years before
2011foritsstatefilings.
Method of accounting – The accompanying financial statements have been prepared on the accrual
basisofaccounting.
Netassets–Netassetsareclassifiedasunrestricted,temporarilyrestricted,orpermanentlyrestricted
baseduponthefollowingcriteria:
 Unrestricted net assets represent expendable funds available for operations which are not
otherwiselimitedbydonorrestrictions.
 Temporarily restricted net assets consist of contributed funds subject to specific donor‐imposed
restrictions contingent upon specific performance of a future event or a specific passage of time
beforeTheOldGlobecanspendthefunds.
 Permanently restricted net assets are subject to irrevocable donor restrictions requiring that the
assetsbemaintainedinperpetuity,usuallyforthepurposeofgeneratinginvestmentincometofund
currentoperations.
Cash and cash equivalents – The Old Globe considers all highly‐liquid investments with original
maturitiesofthreemonthsorlesstobecashandcashequivalents.
Restrictedcash–TheActors’EquityAssociationrequiresTheOldGlobetomaintainaseparatebank
account to insure payments of actors’ benefits. As of December 31, 2014, approximately $150,000 is
heldinacashaccountinTheOldGlobe’sname,butisnotavailabletoTheOldGlobeunlessareleaseis
receivedfromtheActors’EquityAssociation.
7
OLDGLOBETHEATREDBATHEOLDGLOBE
NOTESTOFINANCIALSTATEMENTS
Note1–NatureoftheOrganizationandSignificantAccountingPolicies(continued)
Investments–Thefairvalueofinvestmentsinequities,corporatebonds,governmentandgovernment
agencybonds,andmoneymarketfundsisbasedonquotedpricesinanactivemarket.
The fair value of certificates of deposit is determined by discounting the related cash flows based on
currentyieldsofsimilarinstrumentswithcomparabledurationsconsideringthecreditworthinessofthe
issuer.
ThefairvalueofinvestmentsheldbytheSanDiegoFoundation(“SDF”)forwhichquotedmarketprices
arenotavailableisbasedontheunitvalueofTheOldGlobe’sinterestinthepoolsinwhichitisinvested.
Theunitvalueisbasedonthefairvalueoftheunderlyingassetsinthepool.ThepoolsinwhichTheOld
Globehasfundsareinvestedprimarilyindomesticandinternationalequities.ManagementofTheOld
Globereviewsandevaluatesthevaluesandmethodologyusedtodeterminethefairvalueprovidedby
the SDF quarterly. The Old Globe agrees with the valuation methods used at December 31, 2014 and
2013.ThefundsheldattheSDFarenotredeemable.
Donatedinvestmentsareinitiallyrecordedatfairvalueatthedateofthegift.
Investmentincomeorloss(includinginterestandrealizedandunrealizedgainsandlosses)isincluded
inunrestrictedrevenues,unlessrestrictedbydonororlaw.
Receivables–Pledgesreceivablethatareexpectedtobecollectedinfutureyearsarerecordedatfair
valuewhenthepromiseismadebasedonadiscountedcash‐flowmodel.Discountsarecomputedusing
risk‐free rates applicable in the years in which those promises are received. Amortization of the
discountsisincludedincontributions.Conditionalpromisestogivearenotrecordeduntiltheconditions
aresubstantiallymet.
The Old Globe is the beneficiary of an irrevocable charitable remainder trust administered by a third
party.Thetrustterminatesuponthedeathofthegrantor,atwhichtimeTheOldGlobewillreceivethe
remaining trust assets. The fair value of the future benefits to be received by The Old Globe was
determined using a discounted cash‐flow model and was recorded in the statement of changes in net
assetsastemporarilyrestrictedcontributionsintheyearthetrustwasestablished.Thefairvalueofthe
remainderinterestatDecember31,2014and2013iscalculatedusinganinterestrateofapproximately
4.5percentandthelifeexpectancyofthedonorbasedonapplicablemortalitytables.Theunobservable
inputs used in these calculations are evaluated and adjusted by the management of The Old Globe, as
necessary,annually.
Otherreceivablesandgovernmentgrantsarerecordedwhenservicesareprovidedorasexpensesare
incurred.
Anallowanceforestimateduncollectiblereceivablesisbasedonpastexperienceandonananalysisof
current receivable balances. Receivables are considered past due when payments are not received
according to an established payment schedule. Receivables are written‐off in the period deemed
uncollectible.TheOldGlobedoesnotobtaincollateral.
8
OLDGLOBETHEATREDBATHEOLDGLOBE
NOTESTOFINANCIALSTATEMENTS
Note1–NatureoftheOrganizationandSignificantAccountingPolicies(continued)
Inventories–Inventories,whichconsistofgiftshopitems,concessionfoodsandbeverages,andstage
materials,arestatedatthelowerofcost(first‐in,first‐out)ormarketvalue.
Propertyandequipment–Propertyandequipmentarerecordedatcostifpurchasedorestimatedfair
valueatthedateofdonation,ifdonated.Depreciationisprovidedusingthestraight‐linemethodover
theestimatedusefullivesoftheassets,whichisgenerally5yearsforfurniture,fixtures,andequipment;
25 years for building and improvements; and 25 to 50 years for leasehold improvements based on
associatedleaseterms.ItisTheOldGlobe’spolicytocapitalizefixedassetscostinginexcessof$10,000.
Assetsdonatedwithexplicitrestrictionsregardingtheiruseandcontributionsofcashthatmustbeused
toacquirepropertyandequipmentarereportedasanincreaseintemporarilyrestrictednetassets.In
addition, it is The Old Globe’s policy to imply a time restriction, based on the assets’ estimated useful
lives,ondonationsofpropertyandequipmentthatarenotrestrictedastotheirusebythedonor.The
Old Globe reclassifies temporarily restricted net assets to unrestricted net assets ratably over the
donatedpropertyandequipment’sestimatedusefullives.
Impairmentoflong‐livedassets–TheOldGlobeevaluateslong‐livedassetsforimpairmentwhenever
eventsorchangesincircumstancesindicatethatthecarryingvalueofanassetmaynotberecoverable.If
the estimated future cash flows (undiscounted and without interest charges) from the use of an asset
arelessthanthecarryingvalue,awrite‐downisrecordedtoreducetherelatedassettoitsestimatedfair
value.Todate,nosuchwrite‐downshaveoccurred.
Revenuerecognition
Ticket sales – Ticket sales are recorded as operating revenue on a specific performance basis.
Ticketsalesforfutureperformancesareinitiallydeferredinthestatementoffinancialpositionand
subsequentlyrecognizedasrevenuewhentheperformancestakeplace.
Enhancements – Enhancements represent funds received from others to expand budgets for
specificproductions.Revenueisrecognizedwhentherelatedproductionisperformed.
Retail–Retailsalesrepresentrevenueearnedatthegiftshopandpub.Revenueisrecognizedatthe
timeofsale.
Royalties – Royalties represent revenue earned under agreements with other performing‐arts‐
relatedentitiesfortheuseofspecificproductionscreatedbyTheOldGlobe.Revenueisrecognized
asothersperformtheproductions.
Rentalincome–Rentalincomerepresentsrevenueearnedfroma501(c)(3)tenantattheMarket
Streetpropertyandproductionrentals.RevenueisrecognizedfromMarketStreetinthemonththe
rentalpaymentisapplicableandatthetimeofrentalforproductionrentals.
9
OLDGLOBETHEATREDBATHEOLDGLOBE
NOTESTOFINANCIALSTATEMENTS
Note1–NatureoftheOrganizationandSignificantAccountingPolicies(continued)
Revenuerecognition(continued)
Education–Educationrevenuerepresentsfeeschargedforeducationalprogramsandisrecognized
atthetimetheprogramsareoffered.
Contributions – Contributions are recognized as revenue when received or unconditionally
pledged. Contributions subject to donor‐imposed restrictions for use in a future period or for a
specific purpose are reported as either temporarily or permanently restricted depending on the
nature of the restriction. When a donor restriction expires, temporarily restricted net assets are
reclassifiedtounrestrictednetassetsandreportedinthestatementofchangesinnetassetsasnet
assetsreleasedfromrestrictions.Donor‐restrictedcontributionswhoserestrictionsaremetinthe
samereportingperiodarereportedasunrestrictedcontributions.
Governmentgrants–Revenuefromgrantsisrecognizedtotheextentofeligiblecostsincurred,up
tothemaximumgrantamount.
In‐kindcontributions–Thevalueofservices,facilities,andnon‐capitalizedequipmentdonatedis
recordedasunrestrictedcontributionsandexpensedintheyeardonated.Thesecontributionsare
valuedattheestimatedfairvalueofsimilarservicesandmaterials.Donatedassetsarecapitalizedat
fairvalueatthedateofdonationandrecordedaspermanentlyrestricted,temporarilyrestricted,or
unrestricted in‐kind contribution support, depending on the wishes of the donor. The Old Globe
receivesdonatedservicesfromavarietyofunpaidvolunteersassistingintheoperationsofTheOld
Globe which have not been recognized in the accompanying financial statements because the
criteriaforrecognitionhavenotbeensatisfied.
Marketingandproductioncosts–Costsofmarketing(whichincludesadvertising),scenery,costumes,
and stage properties are recorded as expenses in the year the related production is first performed.
AdvertisingcostsfortheyearsendedDecember31,2014and2013wereapproximately$844,000and
$788,000, respectively. Marketing and production costs relating to future performances are deferred
and included in prepaid expenses in the statements of financial position until the production is
presented.
Functional allocation of expenses – The costs of providing the programs and other activities have
beensummarizedonafunctionalbasisinthestatementsofunrestrictedrevenues,expenses,andother
changesinunrestrictednetassets.Accordingly,certaincostshavebeenallocatedamongtheprograms
andsupportingservicesbenefited.
10
OLDGLOBETHEATREDBATHEOLDGLOBE
NOTESTOFINANCIALSTATEMENTS
Note1–NatureoftheOrganizationandSignificantAccountingPolicies(continued)
Use of estimates – The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets
andliabilitiesatthedateofthefinancialstatements,andthereportedamountsofrevenueandexpenses
duringthereportingperiod.Actualresultscoulddifferfromthoseestimates.
Reclassifications – Certain accounts in the December 31, 2013 statement of unrestricted revenues,
expenses,andotherchangesinunrestrictednetassetsandstatementofchangesinnetassetshavebeen
reclassified for comparative purposes to conform with the presentation in the December 31, 2014
financialstatements,withnoeffectonnetassets.
Subsequent events – Subsequent events are events or transactions that occur after the statement of
financialpositiondate,butbeforethefinancialstatementsareissued.TheOldGloberecognizesinthe
financial statements the effects of all subsequent events that provide additional evidence about
conditionsthatexistedatthedateofthestatementoffinancialposition,includingtheestimatesinherent
in the process of preparing the financial statements. The Old Globe’s financial statements do not
recognizesubsequenteventsthatprovideevidenceaboutconditionsthatdidnotexistatthedateofthe
statementoffinancialposition,butaroseafterthestatementoffinancialpositiondate,andbeforethe
financialstatementsareavailabletobeissued.TheOldGlobehasevaluatedsubsequenteventsthrough
April1,2015,whichisthedatethefinancialstatementswereavailabletobeissued.
Note2–Concentrations
The Old Globe maintains its cash and cash equivalents in bank deposit accounts which exceed the
federally‐insureddepositlimits.TheOldGlobehasnotexperiencedanylossesinsuchaccounts.
ForbothoftheyearsendedDecember31,2014and2013,approximately86percentofnon‐endowment
pledgesreceivableisduefromthreedonors.ForbothoftheyearsendedDecember31,2014and2013,
approximately99percentofendowmentpledgesreceivableisduefromtwodonors.
Investments are exposed to various risks such as interest rates, market, and credit risk. It is at least
reasonablypossible,giventhelevelofriskassociatedwithinvestments,thatchangesinthenearterm
couldmateriallyaffecttheamountsreportedinthefinancialstatements.Consequently,thefairvalueof
The Old Globe’s investments is exposed to market volatility which could result in a reduction in the
futurefairvalueofcertaininvestmentsfromtheamountsreportedasofDecember31,2014.
11
OLDGLOBETHEATREDBATHEOLDGLOBE
NOTESTOFINANCIALSTATEMENTS
Note3–Investments
InvestmentsatDecember31,2014and2013arecomprisedofthefollowing:
Certificatesofdeposit
Moneymarketfunds
Domesticandinternationalequities
Fixedincome‐corporatebonds
Cashandcashequivalents
Accumulatedendowmentearnings
2014
2013
$502,155
277,179
133,497
31,281
19,943
964,055
1,931,158
$3,487,339
279,506
74,657
21,361
117,795
3,980,658
1,893,573
$2,895,213
$5,874,231
Endowment investments for which the corpus is restricted at December 31, 2014 and 2013 are
comprisedofthefollowing:
Equities
Domesticlargecapgrowth
Domesticlargecapvalue
Internationalnon‐emergingmarkets
Domesticlargecapblend
Otherdomesticequities
Internationalemergingmarkets
Fixedincome
Corporatebonds
Governmentandgovernmentagencybonds
Moneymarketfunds
Cashandcashequivalents
FundsheldbytheSanDiegoFoundation
Accumulatedendowmentearnings
12
$1,051,999
1,041,630
628,276
516,687
111,314
92,528
$1,166,245
1,195,160
692,303
‐
166,917
98,427
1,600,353
100,502
21,246
8,203
155,751
5,328,489
(1,931,158)
1,432,532
151,255
142,384
19,949
157,962
5,223,134
(1,893,573)
$3,397,331
$3,329,561
OLDGLOBETHEATREDBATHEOLDGLOBE
NOTESTOFINANCIALSTATEMENTS
Note4–Receivables
ReceivablesatDecember31,2014and2013consistofthefollowing:
Pledgesreceivable
Charitableremaindertrust
Governmentgrants
Otherreceivables
2014
2013
$3,971,641
652,711
4,624,352
234,614
232,150
$3,804,146
744,852
4,548,998
220,537
152,402
$5,091,116
$4,921,937
Pledges receivable and charitable remainder trust included in receivables at December 31, 2014 and
2013aredueasfollows:
Dueinlessthanoneyear
Dueinonetofiveyears
Dueinmorethanfiveyears
Totalunconditionalpromisestogive
Lessallowanceforuncollectiblereceivables
Lessdiscounttonetpresentvalue(a)
Netunconditionalpromisestogive
$799,836
1,435,000
3,850,000
6,084,836
(550,000)
(910,484)
$622,157
2,472,500
3,000,000
6,094,657
(550,000)
(995,659)
$4,624,352
$4,548,998
Endowmentassets–pledgesreceivableatDecember31,2014and2013aredueasfollows:
Dueinlessthanoneyear
Dueinonetofiveyears
Dueinmorethanfiveyears
Totalunconditionalpromisestogive
Lessallowanceforuncollectiblereceivables
Lessdiscounttonetpresentvalue(a)
Netunconditionalpromisestogive
(a)
$‐
‐
17,149,000
17,149,000
(1,700,000)
(8,184,693)
$500
‐
17,149,000
17,149,500
(1,700,000)
(8,127,735)
$7,264,307
$7,321,765
Pledges receivable due in more than one year have been discounted to their net present value using
ratesof4.5percent.
13
OLDGLOBETHEATREDBATHEOLDGLOBE
NOTESTOFINANCIALSTATEMENTS
Note5–FairValueMeasurements
Fairvalueisthepricethatwouldbereceivedtosellanassetorpaidtotransferaliabilityinanorderly
transaction between market participants at the measurement date. A fair value hierarchy requires an
entity to maximize the use of observable inputs and minimize the use of unobservable inputs when
measuringfairvalue.Therearethreelevelsofinputsthatmaybeusedtomeasurefairvalue:
Level1‐ Quotedpricesinactivemarketsforidenticalassetsorliabilities;
Level2‐ Observable inputs other than Level 1 prices, such as quoted prices for similar assets or
liabilities;quotedpricesinmarketsthatarenotactive;orotherinputsthatareobservableor
canbecorroboratedbyobservablemarketdataforsubstantiallythefulltermoftheassetsor
liabilities;and
Level3‐ Unobservableinputsthataresupportedbylittleornomarketactivityandthataresignificant
tothefairvalueoftheassetsorliabilities.
SeeNote1forthevaluationmethodologiesusedforinstrumentsmeasuredatfairvalueonarecurring
basisandrecognizedintheaccompanyingstatementsoffinancialposition.SeeNote3forinvestments
andendowmentinvestmentsbyclass.
The following fair value hierarchy table presents information about each major category of The Old
Globe’sfinancialassetsmeasuredatfairvalueonarecurringbasisasofDecember31,2014and2013:
Level1
Inputs
FairValueMeasurements
Level2
Level3
Inputs
Inputs
2014
Total
$461,900
Investments(a)
(a)
5,172,738
Endowmentinvestments
Charitableremainder
trust
‐
$502,155
‐
$‐
155,751
$964,055
5,328,489
‐
652,711
652,711
$5,634,638
$502,155
$808,462
$6,945,255
Level1
Inputs
FairValueMeasurements
Level2
Level3
Inputs
Inputs
2013
Total
$493,319
Investments(a)
(a)
5,065,172
Endowmentinvestments
Charitableremainder
trust
‐
$3,487,339
‐
$‐
157,962
$3,980,658
5,223,134
‐
744,852
744,852
$5,558,491
$3,487,339
$902,814
$9,948,644
(a)
14
Investments exclude accumulated endowment earnings and endowment investments include
accumulatedendowmentearningsinthefairvaluemeasurementstable.
OLDGLOBETHEATREDBATHEOLDGLOBE
NOTESTOFINANCIALSTATEMENTS
Note5–FairValueMeasurements(continued)
ChangesinthefairvalueofTheOldGlobe’sLevel3assetsfortheyearsendedDecember31,2014and
2013areasfollows:
Balance,January1,2013
Interestanddividends
Distributions
Unrealizedgains
Changeinvalueofcharitableremainder
trust
Balance,December31,2013
Interestanddividends
Distributions
Unrealized(losses)
Changeinvalueofcharitableremainder
trust
Balance,December31,2014
Charitable
Remainder
Trust
Investments
Heldby
SDF
Total
$712,777
$148,274
$861,051
‐
‐
‐
6,359
(6,359)
9,688
6,359
(6,359)
9,688
32,075
‐
32,075
744,852
157,962
902,814
‐
‐
‐
5,254
(5,254)
(2,211)
5,254
(5,254)
(2,211)
(92,141)
‐
(92,141)
$652,711
$155,751
$808,462
The change in value of the charitable remainder trust is included in the statements of changes in net
assets as a component of contributions. The unrealized gains on investments held by the SDF are
includedasacomponentofthechangeinpermanentlyrestrictednetassets.Thechangeinvalueandthe
unrealizedgainsfor2014relatetoLevel3assetsstillheldatDecember31,2014.
15
OLDGLOBETHEATREDBATHEOLDGLOBE
NOTESTOFINANCIALSTATEMENTS
Note6–PropertyandEquipment
PropertyandequipmentatDecember31,2014and2013arecomprisedofthefollowing:
Leaseholdimprovements
Buildingandimprovements
Furniture,fixtures,andequipment
Land
Construction‐in‐progress
Lessaccumulateddepreciation
2014
2013
$33,904,951
4,619,593
4,410,768
1,750,000
59,707
44,745,019
(17,741,928)
$33,660,169
4,619,593
4,318,769
1,750,000
19,290
44,367,821
(16,109,563)
$27,003,091
$28,258,258
Note7–Debt
InAugust2010,TheOldGlobeissuedtax‐exemptbondsfor$3,802,430.Thebondswerepurchasedbya
bankwhoisthesolebondholder.Proceedsfromthebondswereusedtorepayexistingnotespayable.
Thebondsbearinterestat3.850percentwithmonthlyprincipalandinterestpaymentsof$22,659.The
bonds mature on September 1, 2030 and are collateralized by first deeds of trust on property. The
balance outstanding as of December 31, 2014 and 2013 is $3,194,714 and $3,340,622, respectively.
Total debt issuance costs, included in prepaid expenses and other assets on the accompanying
statementsoffinancialposition,relatedtothebondswere$87,900andareamortizedoverthelifeofthe
bonds.
TheOldGlobehasanunsecured,non‐interest‐bearingnotepayabletotheCityofSanDiegoassuccessor
agencytotheRedevelopmentAgencyoftheCityofSanDiegoforanamountdueinlieuofpropertytaxes
on a building purchased in 2007. Payments of $25,706 are due annually through the maturity date of
April 2018. The balance outstanding on this loan at December 31, 2014 and 2013 is $77,118 and
$102,824,respectively.
Principalpaymentsondebtaredueasfollows:
YearsendingDecember31,
2015
2016
2017
2018
2019
Thereafter
$176,808
182,400
188,869
169,557
176,201
2,377,997
$3,271,832
Interestexpensetotaledapproximately$126,000and$132,000fortheyearsendedDecember31,2014
and2013,respectively.
16
OLDGLOBETHEATREDBATHEOLDGLOBE
NOTESTOFINANCIALSTATEMENTS
Note8–CommitmentsandContingencies
Leases–TheOldGlobe’sfacilitiesareonlandleasedfromtheCityofSanDiegoandTheOldGlobealso
leases rehearsal space from the City of San Diego. The leases expire in August 2029 and 2026,
respectively. In lieu of rental payments, The Old Globe is obligated to conduct a minimum number of
specifictheatricalperformancesannually.AsTheOldGlobeisrequiredtoconducttheseperformances
in connection with the leases, no amount is recorded in the accompanying financial statements for an
estimatedfairvalueoftheleases.
Benefit plan – The Old Globe offers a 401(k) plan which is available to eligible employees with an
employer contribution of 3 percent of annual eligible compensation. Contributions totaling
approximately$157,000and$152,000weremadebyTheOldGlobeduringtheyearsendedDecember
31,2014and2013,respectively.
Legal matters – The Old Globe is involved in legal matters in the ordinary course of business.
Management is not aware of any legal matters that could have a material adverse impact on The Old
Globe’scurrentfinancialposition.
Note9–GlobeGuilders
The Old Globe is supported, in part, by the Globe Guilders (the “Guilders”), a volunteer service
organization.TheGuildersraisemoneyandprovidevolunteerservicestoTheOldGlobethroughoutthe
year.TheGuilders’annualfundraisinggoal,whichissetinconjunctionwithmanagement,isincludedin
theoperatingbudgetofTheOldGlobe.TheGuilderscontributedapproximately$272,000and$256,000
toTheOldGlobeintheyearsendedDecember31,2014and2013,respectively.
Note10–TemporarilyRestrictedNetAssets
TemporarilyrestrictednetassetsatDecember31,2014and2013areavailablefor:
Purposerestrictions:
Capitalcampaign
Futureseasonssupport
Endowmentfundaccumulatedearnings
Timerestrictions:
Pledgesreceivableandcharitableremaindertrust
2014
2013
$15,922,678
4,014,051
1,931,158
$16,750,615
4,435,039
1,893,573
4,624,352
4,548,998
$26,492,239
$27,628,225
17
OLDGLOBETHEATREDBATHEOLDGLOBE
NOTESTOFINANCIALSTATEMENTS
Note11–EndowmentAssets/PermanentlyRestrictedNetAssets
TheBoardofDirectorsofTheOldGlobe(the“Board”)hasinterpretedCalifornia’senactedversionofthe
Uniform Prudent Management of Institutional Funds Act (“UPMIFA”) as requiring the preservation of
the fair value of the original gift as of the gift date of the donor‐restricted endowment funds, absent
explicitdonorstipulationstothecontrary.Asaresultofthisinterpretation,TheOldGlobeclassifiesas
permanentlyrestrictednetassets(a)theoriginalvalueofgiftsdonatedtothepermanentendowment,
(b) the original value of subsequent gifts to the permanent endowment, and (c) accumulations to the
permanentendowmentmadeinaccordancewiththedirectionoftheapplicabledonorgiftinstrumentat
the time the accumulation is added to the fund. The remaining portion of the donor‐restricted
endowmentfundthatisnotclassifiedinpermanentlyrestricted netassetsisclassifiedastemporarily
restrictednetassetsuntilthoseamountsareappropriatedforexpenditurebyTheOldGlobeinamanner
consistentwiththestandardofprudenceprescribedbyUPMIFA.
Endowment investments held by the SDF are managed in accordance with UPMIFA. The Old Globe
classifies as permanently restricted net assets endowment investments held by the SDF consistently
with(a)through(c)aboveand alsoclassifiesaspermanentlyrestrictednetassetsinvestmentincome
andrealizedandunrealizedgainsandlossesontheseinvestmentsinexcessofamounts appropriated
forexpenditure.
Endowment assets managed by The Old Globe (held and administered by Goldman Sachs) – In
accordance with UPMIFA, The OldGlobe considers the following factors in making a determination to
appropriateoraccumulatedonor‐restrictedendowmentfunds:
-
Thedurationandpreservationofthefund;
ThemissionofTheOldGlobeandthedonor‐restrictedendowmentfund;
Generaleconomicconditions;
Thepossibleeffectofinflationanddeflation;
Theexpectedtotalreturnfromincomeandtheappreciationofinvestments;
OtherresourcesofTheOldGlobe;and
TheinvestmentpoliciesofTheOldGlobe.
Inordertomeetitsneeds,theinvestmentstrategyofTheOldGlobeistoemphasizetotalreturn;thatis,
the aggregate return from capital appreciation and dividend and interest income. Specifically, the
primary objective in the investment management of the endowment assets is to emphasize long‐term
growthofprincipalwhileavoidingexcessiverisk.Short‐termvolatilitywillbetoleratedinasmuchasit
isconsistentwiththevolatilityofacomparablemarketindex.
The Old Globe has adopted investment and spending policies for endowment assets that attempt to
provideapredictablestreamoffundingtoprograms.Theoverridingobjectiveofthisendowmentisto
growtheaggregateportfoliovalueattherateofinflationovertheendowment’sinvestmenthorizon.
Endowment earnings are undesignated, allowing The Old Globe to use it to support artistic and
educational projects and general operations. Board approved a spending policy for the use of the
earnings on endowment investments which states that a maximum of 5 percent of the trailing three‐
year average market value of the investments is available for use in operations, unless otherwise
restricted.
18
OLDGLOBETHEATREDBATHEOLDGLOBE
NOTESTOFINANCIALSTATEMENTS
Note11–EndowmentAssets/PermanentlyRestrictedNetAssets(continued)
InvestmentsheldbytheSDF–TheOldGlobeestablishedacharitableendowmentfundwiththeSDF,
an unrelated not‐for‐profit corporation. The SDF has the contractual right to make all decisions
regarding the investment of the funds held and to determine the distribution rate. Endowment
investments held by the SDF are invested in a “Balanced Pool” portfolio, which is structured for long‐
term total return. To provide diversification and to moderate risk, the investments are divided into
carefullydefinedassetclasses.TheSDF’sspendingpolicyistodisburse5percentannually,basedupon
endowmentprincipalmarketvalueoverthelast36months.Thesecalculationsaremadeonamonthly
basis.Ifthemarketvalueoftheendowmentprincipalofanyfundattheendofeachmonthislessthan
theinitialvalueofallcontributionsmadetotheendowmentprincipal,thendistributionswillbelimited
tointerestanddividendsreceived.
At December 31, 2014 and 2013, there is approximately $310,000 and $198,000, respectively, of
unrestrictednetassetsdesignatedbytheBoardforendowment.
Thenetassetcompositionofboard‐designatedanddonor‐restrictedendowmentsatDecember31,2014
and2013isasfollows:
Board‐designatedendowmentfunds
Donor‐restrictedendowmentfunds
Endowmentfunds‐accumulated
earnings
Pledgesreceivable
Board‐designatedendowmentfunds
Donor‐restrictedendowmentfunds
Endowmentfunds‐accumulated
earnings
Pledgesreceivable
Board‐
Designated
Temporarily
Restricted
Accumulated
Endowment
Earnings
Permanently
Restricted
2014
Total
$310,413
‐
$‐
‐
$‐
3,397,331
$310,413
3,397,331
‐
‐
1,931,158
‐
‐
7,264,307
1,931,158
7,264,307
$310,413
$1,931,158
$10,661,638
$12,903,209
Board‐
Designated
Temporarily
Restricted
Accumulated
Endowment
Earnings
Permanently
Restricted
2013
Total
$198,690
‐
$‐
‐
$‐
3,329,561
$198,690
3,329,561
‐
‐
1,893,573
‐
‐
7,321,765
1,893,573
7,321,765
$198,690
$1,893,573
$10,651,326
$12,743,589
19
OLDGLOBETHEATREDBATHEOLDGLOBE
NOTESTOFINANCIALSTATEMENTS
Note11–EndowmentAssets/PermanentlyRestrictedNetAssets(continued)
ChangesinendowmentnetassetsfortheyearsendedDecember31,2014and2013areasfollows:
EndowmentnetassetsJanuary1,2013
Contributions
Investmentincome:
Interestincome
Realizedandunrealizedgains
Appropriatedearnings
Reclassificationofearnings
Board‐
Designated
Temporarily
Restricted
Accumulated
Endowment
Earnings
Permanently
Restricted
Total
$‐
$1,331,371
$4,330,060
$5,661,431
198,690
‐
198,773
397,463
‐
‐
‐
‐
99,745
656,772
(194,315)
‐
‐
9,688
‐
6,112,805
99,745
666,460
(194,315)
6,112,805
1,893,573
10,651,326
12,743,589
111,723
‐
12,523
124,246
‐
‐
‐
135,496
119,787
(217,698)
‐
(2,211)
‐
135,496
117,576
(217,698)
$1,931,158
$10,661,638
$12,903,209
EndowmentnetassetsDecember31,2013 198,690
Contributions
Investmentincome:
Interestincome
Realizedandunrealizedgains
Appropriatedearnings
EndowmentnetassetsDecember31,2014 $310,413
Permanentlyrestrictednetassetsarerestrictedforinvestmentinperpetuity,theincomefromwhichat
December31,2014and2013isexpendabletosupport:
Generaloperatingexpenses,includingartisticand
educationalprojects
TheatreprogramsheldbytheSanDiegoFoundation
PagliottiFund
2014
2013
$10,488,005
155,751
17,882
$10,475,482
157,962
17,882
$10,661,638
$10,651,326
Note12–NetAssetsReleasedfromRestrictions
DuringtheyearsendedDecember31,2014and2013,netassetswerereleasedfromdonorrestrictions
by incurring expenditures satisfying the restricted purposes and satisfying time restrictions in the
amountof$2,390,960and$2,860,968,respectively.
20
OLDGLOBETHEATREDBATHEOLDGLOBE
NOTESTOFINANCIALSTATEMENTS
Note13–GovernmentGrants
IncomefromgovernmentgrantsatDecember31iscomprisedofthefollowing:
CityofSanDiego
CountyofSanDiego
NationalEndowmentfortheArts
2014
2013
$426,351
44,500
12,000
$416,398
52,000
4,000
$482,851
$472,398
TheOldGlobe’sgrantswithgovernmentagenciesaresubjecttoaudit.Noprovisionhasbeenmadefor
any liabilities that may arise from such audits since the amounts, if any, cannot be determined.
Managementbelievesthatanyliabilitywhichmayresultfromsuchauditswouldnotbematerial.
Note14–CollectiveBargainingAgreement
Substantially,allactorsemployedbyTheOldGlobearesubjecttoacollectivebargainingagreementwith
theActors’EquityAssociationwhichexpiresApril14,2017.
Note15–RelatedParties
Certain members of the Board are employed at banks that have provided financing to The Old Globe
(Note7)andinwhichTheOldGlobemaintainscashandinvestmentaccounts.
21
SUPPLEMENTARYINFORMATION
REPORTOFINDEPENDENTAUDITORS
ONTHESUPPLEMENTARYINFORMATION
BoardofDirectors
OldGlobeTheatredbaTheOldGlobe
WehaveauditedthefinancialstatementsofOldGlobeTheatredbaTheOldGlobe(“TheOldGlobe”)asof
andfortheyearendedDecember31,2014,andourreportthereondatedApril1,2015,whichexpressed
an unmodified opinion on those financial statements, appears on pages 1 and 2. Our audit was
conducted for the purpose of forming an opinion on the financial statements taken as a whole. The
scheduleofunrestrictednetassetsbynetassetcomponentispresentedforpurposesofsupplementary
analysisandisnotarequiredpartofthefinancialstatements.Suchinformationistheresponsibilityof
managementandwasderivedfromandrelatesdirectlytotheunderlyingaccountingandotherrecords
usedtopreparethefinancialstatements.Theinformationhasbeensubjectedtotheauditingprocedures
appliedintheauditofthefinancialstatementsandcertainadditionalprocedures,includingcomparing
and reconciling such information directly to the underlying accounting and other records used to
prepare the financial statements or to the financial statements themselves, and other additional
proceduresinaccordancewithauditingstandardsgenerallyacceptedintheUnitedStatesofAmerica.In
ouropinion,theinformationisfairlystatedinallmaterialrespectsinrelationtothefinancialstatements
asawhole.
SanDiego,California
April1,2015
22
OLDGLOBETHEATREDBATHEOLDGLOBE
SUPPLEMENTARYINFORMATION
SCHEDULEOFUNRESTRICTEDNETASSETSBYNETASSETCOMPONENT
YEARENDEDDECEMBER31,2014
Undesignated
OperatingRevenue
Ticketsales
Enhancements
Retail
Otherrevenue
Investmentincome
Rentalincome
Education
Royalties
Totaloperatingrevenue
UnrestrictedNetAssets
Designatedfor
Property
and
Designatedfor
Equipment
Endowment
2014
Total
$ 11,760,584
1,953,957
726,948
101,348
237,534
84,580
36,505
96,692
14,998,148
$‐
‐
‐
‐
‐
‐
‐
‐
‐
$‐
‐
‐
‐
‐
‐
‐
‐
‐
$ 11,760,584
1,953,957
726,948
101,348
237,534
84,580
36,505
96,692
14,998,148
17,416,735
2,307,861
19,724,596
1,307,976
326,267
1,634,243
‐
‐
‐
18,724,711
2,634,128
21,358,839
(4,726,448)
(1,634,243)
‐
(6,360,691)
4,132,356
1,419,847
5,552,203
1,520,442
482,851
228,556
7,784,052
‐
971,113
971,113
‐
‐
‐
971,113
111,723
‐
111,723
‐
‐
‐
111,723
4,244,079
2,390,960
6,635,039
1,520,442
482,851
228,556
8,866,888
Expenses
Fund‐raising
Specialevents
Totalexpenses
Netcontributedincome
1,834,818
375,172
2,209,990
5,574,062
‐
‐
‐
971,113
‐
‐
‐
111,723
1,834,818
375,172
2,209,990
6,656,898
ChangeinUnrestrictedNetAssets
BeforeGains(Losses)
847,614
(663,130)
111,723
296,207
Gains(Losses)
Netrealizedandunrealizedgains(losses)
Totalgains(losses)
24,372
24,372
(4,856)
(4,856)
‐
‐
19,516
19,516
OtherChangesinNetAssets
Acquisitionofpropertyandequipment:
Operations
Interimconstruction
Paymentsonlong‐termdebt
Transfertopropertyandequipmentfund
Totalotherchanges
(324,226)
(59,707)
(171,614)
(300,000)
(855,547)
324,226
59,707
171,614
300,000
855,547
‐
‐
‐
‐
‐
‐
‐
‐
ChangeinUnrestrictedNetAssets
16,439
187,561
111,723
315,723
UnrestrictedNetAssets
Beginningofyear
236,765
8,536,346
198,690
8,971,801
$ 253,204
$ 8,723,907
$310,413
$ 9,287,524
OperatingExpenses
Programservices
Managementandgeneral
Totaloperatingexpenses
Operating(loss)
ContributedIncome
Contributions
Netassetsreleasedfromrestrictions
Specialevents
Governmentgrants
In‐kindcontributions
Totalcontributedincome
Endofyear
‐
23
OLDGLOBETHEATREDBATHEOLDGLOBE
SUPPLEMENTARYINFORMATION
SCHEDULEOFUNRESTRICTEDNETASSETSBYNETASSETCOMPONENT
YEARENDEDDECEMBER31,2013
Undesignated
OperatingRevenue
Ticketsales
Enhancements
Retail
Otherrevenue
Investmentincome
Rentalincome
Education
Royalties
Totaloperatingrevenue
UnrestrictedNetAssets
Designatedfor
Property
and
Designatedfor
Equipment
Endowment
2013
Total
$ 11,314,647
2,018,719
692,897
598,078
223,280
80,391
39,875
21,657
14,989,544
$‐
‐
‐
‐
‐
‐
‐
‐
‐
$‐
‐
‐
‐
‐
‐
‐
‐
‐
$ 11,314,647
2,018,719
692,897
598,078
223,280
80,391
39,875
21,657
14,989,544
17,340,815
2,227,209
19,568,024
1,327,670
331,180
1,658,850
‐
‐
‐
18,668,485
2,558,389
21,226,874
(4,578,480)
(1,658,850)
‐
(6,237,330)
3,268,996
1,885,401
5,154,397
1,440,764
472,398
248,057
7,315,616
‐
975,567
975,567
‐
‐
‐
975,567
198,690
‐
198,690
‐
‐
‐
198,690
3,467,686
2,860,968
6,328,654
1,440,764
472,398
248,057
8,489,873
Expenses
Fund‐raising
Specialevents
Totalexpenses
Netcontributedincome
1,775,318
376,962
2,152,280
5,163,336
‐
‐
‐
975,567
‐
‐
‐
198,690
1,775,318
376,962
2,152,280
6,337,593
ChangeinUnrestrictedNetAssets
BeforeGains(Losses)
584,856
(683,283)
198,690
100,263
Gains(Losses)
Netrealizedandunrealizedgains(losses)
Totalgains(losses)
31,268
31,268
(131,618)
(131,618)
‐
‐
(100,350)
(100,350)
OtherChangesinNetAssets
Acquisitionofpropertyandequipment:
Operations
Interimconstruction
Paymentsonlong‐termdebt
Transfertopropertyandequipmentfund
Totalotherchanges
(86,839)
(19,290)
(166,086)
(274,000)
(546,215)
86,839
19,290
166,086
274,000
546,215
‐
‐
‐
‐
‐
‐
‐
‐
ChangeinUnrestrictedNetAssets
69,909
(268,686)
198,690
(87)
UnrestrictedNetAssets
Beginningofyear
166,856
8,805,032
‐
8,971,888
$ 236,765
$ 8,536,346
$198,690
$ 8,971,801
OperatingExpenses
Programservices
Managementandgeneral
Totaloperatingexpenses
Operating(loss)
ContributedIncome
Contributions
Netassetsreleasedfromrestrictions
Specialevents
Governmentgrants
In‐kindcontributions
Totalcontributedincome
Endofyear
‐
24