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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