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UNRESTRICTEDTEMPORARILY

RESTRICTED TOTAL

INCOMEContributions $2,367,774 $2,367,774 Government and Other Grants $782,408 $782,408 Program Service Revenues $1,884,929 $8,508,058 $10,392,987 Interest and Dividends $203,353 $203,353

TOTAL OPERATING REVENUES & SUPPORT $5,238,464 $8,508,058 $13,746,522

EXPENSES

Program ExpensesCommunity Media $4,774,587 $4,774,587 Contemporary Arts $428,678 $428,678 Performing Arts $3,379,604 $3,379,604 Interdisciplinary $94,264 $94,264 Art Education $496,495 $496,495

Support ServicesManagement and General $1,655,430 $1,655,430 Fundraising $390,384 $390,384

TOTAL OPERATING EXPENSES $11,219,442 $11,219,442

CHANGE IN NET ASSETS FROM OPERATIONS $(5,980,978) $8,508,058 $2,527,080

Non-operating Revenue (Expense)Other Grants $2,191,010 $2,191,010 Other miscellaneous income $12,500 $12,500 Unrealized Gain on Investments $34,639 $34,639 Depreciation Expense $(1,110,524) $(1,110,524)Below the Line Expense $(68,403) $(68,403)Net Assets Released from Restrictions $9,221,242 $(9,221,242) $0

CHANGE IN NET ASSETS $4,299,486 $(713,184) $3,586,302

NET ASSETS, BEGINNING OF YEAR $12,963,623 $14,260,320 $27,223,943

NET ASSETS, END OF YEAR $17,263,109 $13,547,136 $30,810,245

LIABILITIESAccounts Payable and Accrued Expenses $468,253 Deferred Revenue $1,416,128 Accrued Vacation $198,699 Total Liabilities $2,083,080

NET ASSETSUnrestricted: Operating $15,873,903 Board Designated Fund $1,389,206 Total Unrestricted $17,263,109 Temporarily Restricted $13,547,136 Total Net Assets $30,810,245

TOTAL LIABILITIES & NET ASSETS $32,893,325

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