Message from the Director

Board of Directors

Financial Summary

Year in Highlights

Exhibitions

Gifts and Donors

Financial Summary

Pictured: Bennett Bean, Triple Vessel, c. 2010. Earthenware. Gift of Julianne and David Armstrong.

Summarized financial information is shown below. The Museum is independently audited every year, and for 2020 the auditors did not identify any material weaknesses, significant deficiencies, or areas of noncompliance with laws and regulations.

Assets20202019
Current assets:
Cash and equivalents – operating$259,035$16,459
Restricted cash and equivalents$349,493$92,466
Fees and charges receivable$1,330$4,395
Investments – operating$133,057$122,533
Restricted investments$3,404,124$3,406,010
Prepaids and deposits$2,026$9,559
Inventory$160,124$158,128
Total current assets$4,309,189$3,809,550
Property and equipment, at cost
Land$2,470,000$2,470,000
Buildings and improvements$1,692,349$1,692,349
Furniture and Equipment$156,314$151,705
Construction in progress$42,431–
Total acquisition costs$4,361,094$4,314,054
Less accumulated depreciation($642,774)($571,896)
Property and equipment, net$3,718,320$3,742,158
Total Assets$8,027,509$7,551,708
Liabilities and Net Assets20202019
Current liabilities:
Accounts payable$28,517$24,700
Deposits held in trust, contra$5,125$1,475
Grant advances$273,800–
Prepaid fees and charges$15,261$66,485
Other current liabilities$925$2,405
Accrued wages payable$33,815$13,366
Accrued payroll tax and benefits payable$303–
Total current liabilities$400,235$149,477
Notes and loans payable less current portion and unamortized loan fees$1,400,747$1,440,191
Total other liabilities$1,400,747$1,440,191
Total Liabilities$1,800,982$1,589,668
Net assets:
Without donor restriction
Undesignated$2,339,853$2,342,506
Designated by the Board$133,057$122,533
Total without donor restriction$2,472,910$2,465,039
With donor restriction
Purpose restrictions$3,753,617$3,497,001
Total with donor restriction$3,753,617$3,497,001
Total net assets$6,226,527$5,962,040
Total Liabilities and Net Assets$8,027,509$7,551,708
Revenue, Support, and GainsWithout Donor RestrictionWith Donor RestrictionTotal
Contributions, contracts, and grants$512,676$369,959$882,635
Exchange portion of membership dues$141,622–$141,622
In-kind contributions$107,905–$107,905
Program service fees$85,350–$85,350
Net investment return$10,480$74,361$84,841
Other revenue$15,835–$15,835
Interest income$12,678–$12,678
Gross rental revenue$98,439–$98,439
Less collection losses–––
Net rental revenue$98,439–$98,439
Gift Shop Sales$41,679–$41,679
Less costs of goods sold($17,177)–($17,177)
Net gift shop sales$24,502–$24,502
Net assets released from restriction$187,704($187,704)–
Total revenue, support, and gains$1,197,191$256,616$1,453,807
Expenses and Losses
Program services expense$885,458–$885,458
Supporting services expense
Management and general$266,480–$266,480
Fundraising$37,382–$37,382
Total supporting services expense$303,862–$303,862
Loss of disposition of assets–––
Total expenses and losses$1,189,320–$1,189,320
Change in net assets$7,871$256,616$264,487
Net assets, beginning of year$2,465,039$3,497,001$5,962,040
Net Assets, End of Year$2,472,910$3,753,617$6,226,527