Report of Independent Auditors and Financial
Statements with Additional Information for
Old Globe Theatre
dba The Old Globe
December31,2012and2011
CONTENTS
REPORTOFINDEPENDENTAUDITORS
FINANCIALSTATEMENTS
StatementsofFinancialPosition
StatementsofUnrestrictedRevenues,Expenses,
andOtherChangesinUnrestrictedNetAssets
StatementsofChangesinNetAssets
StatementsofCashFlows
NotestoFinancialStatements
REPORTOFINDEPENDENTAUDITORS
ONTHEADDITIONALINFORMATION
ADDITIONALINFORMATION
ScheduleofUnrestrictedNetAssets
ByNetAssetComponent‐2012
ScheduleofUnrestrictedNetAssets
ByNetAssetComponent‐2011
Page
1
2
3
4
5
6–20
21
22
23
REPORTOFINDEPENDENTAUDITORS
BoardofDirectors
OldGlobeTheatredbaTheOldGlobe
ReportonFinancialStatements
WehaveauditedtheaccompanyingfinancialstatementsofOldGlobeTheatredbaTheOldGlobe(“The
OldGlobe”),whichcomprisethestatementsoffinancialpositionasofDecember31,2012and2011,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
preparationandfairpresentationofthefinancialstatementsinordertodesignauditproceduresthat
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.
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the
financialpositionofTheOldGlobeasofDecember31,2012and2011,anditschangesinnetassetsand
cashflowsfortheyearsthenendedinaccordancewithaccountingprinciplesgenerallyacceptedinthe
UnitedStatesofAmerica.
SanDiego,California
April8,2013
OLDGLOBETHEATREDBATHEOLDGLOBE
STATEMENTSOFFINANCIALPOSITION
DECEMBER31,2012AND2011
December31,
2012
2011
ASSETS
Cashandcashequivalents
Investments
Receivables
Inventories
Prepaidexpensesandotherassets
Propertyandequipment
Endowmentassets:
Investments
Pledgesreceivable
$ 4,694,413
4,594,317
10,530,799
118,441
819,197
29,942,597
$
2,799,295
1,530,765
Totalassets
$ 55,029,824
6,963,203
4,247,675
11,915,294
111,890
720,466
31,406,321
2,754,154
1,475,811
$
59,594,814
$
1,513,034
4,015,791
500,000
3,769,933
9,798,758
LIABILITIESANDNETASSETS
Liabilities
Accountspayableandaccruedexpenses
Deferredrevenue
Lineofcredit
Debt
Totalliabilities
$ 993,713
3,459,015
‐
3,609,532
8,062,260
CommitmentsandContingencies(Notes8,13,and14)
NetAssets
Unrestricted:
Undesignated
Designatedforpropertyandequipment
Totalunrestricted
Temporarilyrestricted
Permanentlyrestricted
Totalnetassets
166,856
8,805,032
8,971,888
33,665,616
4,330,060
46,967,564
Totalliabilitiesandnetassets
$ 55,029,824
Seeaccompanyingnotes.
158,785
9,125,289
9,284,074
36,282,017
4,229,965
49,796,056
$
59,594,814
2
OLDGLOBETHEATREDBATHEOLDGLOBE
STATEMENTSOFUNRESTRICTEDREVENUES,EXPENSES,ANDOTHER
CHANGESINUNRESTRICTEDNETASSETS
YEARSENDEDDECEMBER31,2012AND2011
YearsEndedDecember31,
2012
2011
UNRESTRICTEDNETASSETS
OperatingRevenue
Ticketsales
Enhancements
Retail
Investmentincome
Otherrevenue
Education
Royalties
Totaloperatingrevenue
OperatingExpenses
Programservices
Managementandgeneral
Totaloperatingexpenses
$ 11,687,919
2,042,060
642,084
267,776
235,266
36,171
31,039
14,942,315
$
11,914,039
793,311
701,250
245,446
220,262
36,413
13,643
13,924,364
19,539,595
2,556,300
22,095,895
18,481,070
3,088,241
21,569,311
(7,153,580)
(7,644,947)
3,126,165
3,312,740
6,438,905
1,731,680
588,052
339,254
9,097,891
3,146,295
3,500,037
6,646,332
1,530,434
806,194
325,663
9,308,623
Expenses
Fund‐raising
Specialevents
Totalexpenses
Netcontributedincome
1,349,410
916,778
2,266,188
6,831,703
1,276,124
568,740
1,844,864
7,463,759
ChangeinUnrestrictedNetAssetsBeforeGains(Losses)
(321,877)
(181,188)
Gains(Losses)
(Loss)ondisposalofpropertyandequipment
Netrealizedandunrealizedgainsoninvestments
Totalgains
(8,432)
18,123
9,691
‐
127,452
127,452
Operating(loss)
ContributedIncome
Contributions
Netassetsreleasedfromrestrictions
Specialevents
Governmentgrants
In‐kindcontributions
Totalcontributedincome
CHANGEINUNRESTRICTEDNETASSETS
$ (312,186)
$
(53,736)
3
Seeaccompanyingnotes.
OLDGLOBETHEATREDBATHEOLDGLOBE
STATEMENTSOFCHANGESINNETASSETS
YEARSENDEDDECEMBER31,2012AND2011
YearsEndedDecember31,
2012
2011
UNRESTRICTEDNETASSETS
Totalrevenue,contributedincome,andgains(losses)
Netassetsreleasedfromrestrictions
Totalexpenses
(Decrease)inunrestrictednetassets
$
20,737,157
3,312,740
(24,362,083)
(312,186)
$
19,860,402
3,500,037
(23,414,175)
(53,736)
TEMPORARILYRESTRICTEDNETASSETS
Contributions
In‐kindcontribution
Changeinallowanceonpledgesreceivable
Endowmentearnings
Appropriatedendowmentearnings
Netassetsreleasedfromrestrictions
(Decrease)intemporarilyrestrictednetassets
526,862
‐
2,560
385,617
(218,700)
(3,312,740)
(2,616,401)
817,533
460,946
130,110
72,441
(170,587)
(3,500,037)
(2,189,594)
PERMANENTLYRESTRICTEDNETASSETS
Contributions
Unrealizedgains(losses)oninvestments
Increaseinpermanentlyrestrictednetassets
88,835
11,260
100,095
95,403
(8,108)
87,295
CHANGEINNETASSETS
(2,828,492)
(2,156,035)
NETASSETS
Beginningofyear
49,796,056
51,952,091
Endofyear
$ 46,967,564
$
49,796,056
Seeaccompanyingnotes.
4
OLDGLOBETHEATREDBATHEOLDGLOBE
STATEMENTSOFCASHFLOWS
YEARSENDEDDECEMBER31,2012AND2011
YearsEndedDecember31,
2012
2011
OPERATINGACTIVITIES
Changeinnetassets
Reconciliationtonetcashfromoperatingactivities:
Depreciation
Lossondisposalofpropertyandequipment
Changeinallowanceonpledgesreceivable
Changeindiscountonpledgesreceivable
Netrealizedandunrealized(gain)oninvestments
Temporarilyrestrictedcontributions‐pledgesreceivable
Permanentlyrestrictedcontributions‐pledgesreceivable
(Increase)decreaseinoperatingassets:
Receivables
Inventories
Prepaidexpensesandotherassets
Increase(decrease)inoperatingliabilities:
Accountspayableandaccruedexpenses
Deferredrevenue
Netcash(usedin)operatingactivities
$ (2,828,492)
$
(2,156,035)
1,693,419
8,432
(2,560)
(207,182)
(315,487)
(260,977)
(450)
1,675,530
‐
(130,110)
(208,014)
(100,304)
(716,753)
‐
(55,424)
(6,551)
(98,731)
(64,005)
5,155
184,668
(519,321)
(556,776)
(3,150,100)
754,803
744,509
(10,556)
INVESTINGACTIVITIES
Proceedsfromsaleofinvestments
Purchasesofinvestments
Proceedsfromsaleofpropertyandequipment
Purchaseofpropertyandequipment
Additionstoconstruction‐in‐progress
Netcash(usedin)providedbyinvestingactivities
3,758,406
(3,834,702)
7,500
(68,302)
(177,325)
(314,423)
3,291,524
(2,173,733)
‐
(920,076)
(96,165)
101,550
FINANCINGACTIVITIES
Collectionsoftemporarilyrestrictedpledgesreceivable
Collectionsofpermanentlyrestrictedpledgesreceivable
Paymentsonlineofcredit
Principalpaymentsondebt
Netcashprovidedby(usedin)financingactivities
1,856,134
‐
(500,000)
(160,401)
1,195,733
1,569,568
29,812
(1,500,000)
(155,708)
(56,328)
(DECREASE)INCREASEINCASHANDCASHEQUIVALENTS
(2,268,790)
34,666
CASHANDCASHEQUIVALENTS
Beginningofyear
6,963,203
6,928,537
Endofyear
Cashpaidforinterest
$ 4,694,413
$
6,963,203
SUPPLEMENTALDISCLOSURESOFCASHFLOWINFORMATION
$ 144,567
$
167,295
Cashpaidfortaxesongainonsaleofinvestmentinlimited‐liability
companyin2011
5
$ 145,200
$ ‐
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, 2012 and 2011, no provision for such taxes is required. The Old Globe has no
unrecognizedtaxbenefitsorliabilitiesasofDecember31,2012and2011.
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 2010 for its federal filings, and for years before
2009foritsstatefilings.
Method of accounting ‐ The accompanying financial statements have been prepared on the accrual
basisofaccounting.
Financialstatementpresentation‐Thefinancialstatementsarepresentedutilizingtheconceptofnet
assetsasdescribedbelow:
 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.
Restricted cash ‐ The Actors’ Equity Association requires The Old Globe to maintain a separate bank
account to insure payments of actors’ benefits. As of December 31, 2012, approximately $150,000 is
heldinacashaccountinTheOldGlobe’sname,butisnotavailabletoTheOldGlobeunlessareleaseis
receivedfromtheActors’EquityAssociation.
6
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
Globe has funds are invested primarily in domestic and international equities. The Old Globe reviews
and evaluates the values and methodology used to determine the fair value provided by the SDF
quarterly.TheOldGlobeagreeswiththevaluationmethodsusedatDecember31,2012and2011.The
fundsheldattheSDFarenotredeemable.
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
remainderinterestatDecember31,2012and2011iscalculatedusinganinterestrateofapproximately
4.5percentandthelifeexpectancyofthedonorbasedonapplicablemortalitytables.Theunobservable
inputsusedinthesecalculationsareevaluatedandadjusted,asnecessary,annually.
Otherreceivablesandgovernmentgrantsarerecordedwhenservicesareprovided.
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.
7
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;
25yearsforbuildingandimprovements;and25to50yearsforleaseholdimprovements.ItisTheOld
Globe’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
Ticketsales‐Ticketsalesarerecordedasoperatingrevenueonaspecificperformancebasis.Ticket
sales for future performances are initially deferred in the statement of financial position and
subsequentlyrecognizedasrevenuewhentheperformancestakeplace.
Enhancements ‐ Enhancements represent funds received from others to expand budgets for
specificproductions.Revenueisrecognizedwhentherelatedproductionisperformed.
Retail‐Retailsalesrepresentrevenueearnedatthegiftshopandpub.Revenueisrecognizedatthe
timeofsale.
Education‐Educationrevenuerepresentsfeeschargedforeducationalprogramsandisrecognized
atthetimetheprogramsareoffered.
Royalties ‐ Royalties represent revenue earned under agreements with other performing‐arts‐
relatedentitiesfortheuseofspecificproductionscreatedbyTheOldGlobe.Revenueisrecognized
asothersperformtheproductions.
8
OLDGLOBETHEATREDBATHEOLDGLOBE
NOTESTOFINANCIALSTATEMENTS
Note1–NatureoftheOrganizationandSignificantAccountingPolicies(continued)
Contributions‐Contributionsarerecognizedasrevenuewhenreceivedorunconditionallypledged.
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
therestriction.Whenadonorrestrictionexpires,temporarilyrestrictednetassetsarereclassifiedto
unrestrictednetassetsandreportedinthestatementofchangesinnetassetsasnetassetsreleased
fromrestrictions.Donor‐restrictedcontributionswhoserestrictionsaremetinthesamereporting
periodarereportedasunrestrictedcontributions.
Governmentgrants‐Revenuefromgrantsisrecognizedtotheextentofeligiblecostsincurred,up
tothemaximumgrantamount.
In‐kind donations ‐ The value of services, facilities, and non‐capitalized equipment donated is
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.
AdvertisingcostsfortheyearsendedDecember31,2012and2011wereapproximately$762,000and
$847,000, 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.
Functionalallocationofexpenses‐Thecostsofprovidingtheprogramsandotheractivitieshavebeen
summarized on a functional basis in the statements of unrestricted revenues, expenses, and other
changesinunrestrictednetassets.Accordingly,certaincostshavebeenallocatedamongtheprograms
andsupportingservicesbenefited.
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.
9
OLDGLOBETHEATREDBATHEOLDGLOBE
NOTESTOFINANCIALSTATEMENTS
Note1–NatureoftheOrganizationandSignificantAccountingPolicies(continued)
Subsequent events ‐ Subsequent events are events or transactions that occur after the statement of
financial position date but before the financial statements are issued. The Old Globe recognizes in the
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
statement of financial position, but arose after the statement of financial position date and before the
financialstatementsareavailabletobeissued.TheOldGlobehasevaluatedsubsequenteventsthrough
April8,2013,whichisthedatethefinancialstatementswereavailabletobeissued.Seediscussionof
subsequenteventinNote10.
Note2–Concentrations
The Old Globe maintains its cash and cash equivalents in bank deposit accounts which exceed the
federally‐insureddepositlimits.TheOldGlobehasnotexperiencedanylossesinsuchaccounts.
At December 31, 2012 and 2011, approximately 93 and 86 percent, respectively, of non‐endowment
pledges receivable are due from three donors. At December 31, 2012 and 2011, approximately 95
percentofendowmentpledgesreceivableisduefromtwodonors.
Investments are exposed to various risks such as interest rates, market, and credit risk. It is at least
reasonablypossible,giventhelevelofriskassociatedwithinvestments,thatchangesinthenearterm
could materially affect the amounts reported in the financial statements. In 2013, there has been
volatilityinthedomesticandinternationalinvestmentmarkets.Consequently,thefairvalueofTheOld
Globe’sinvestmentsisexposedtomarketvolatilitywhichcouldresultinasubstantialreductioninthe
futurefairvalueofcertaininvestmentsfromtheamountsreportedasofDecember31,2012.
10
OLDGLOBETHEATREDBATHEOLDGLOBE
NOTESTOFINANCIALSTATEMENTS
Note3–Investments
Non‐endowmentinvestmentsatDecember31,2012and2011arecomprisedofthefollowing:
2012
Certificatesofdeposit
Moneymarketfunds
Fixedincome‐corporatebonds
Domesticandinternationalequities
Cashandcashequivalents
2011
$
3,195,909
53,358
5,939
5,222
2,518
3,262,946
1,331,371
$
3,107,394
3,529
11,917
22,071
2,563
3,147,474
1,100,201
$
4,594,317
$
4,247,675
Accumulatedendowmentearnings
Endowment investments for which the corpus is restricted at December 31, 2012
comprisedofthefollowing:
Equities
Domesticlargecapgrowth
$ 912,051
$
Domesticlargecapvalue
813,064
Internationalnon‐emergingmarkets
543,067
Otherdomesticequities
141,725
Internationalemergingmarkets
93,387
Fixedincome
Corporatebonds
1,196,218
Governmentandgovernmentagencybonds
152,664
Cashandcashequivalents
116,288
Moneymarketfunds
13,928
FundsheldbytheSanDiegoFoundation
148,274
4,130,666
Accumulatedendowmentearnings
(1,331,371)
$ 2,799,295
11
and 2011 are
829,261
765,358
487,310
104,742
79,864
614,137
596,363
43,882
196,424
137,014
3,854,355
(1,100,201)
$ 2,754,154
OLDGLOBETHEATREDBATHEOLDGLOBE
NOTESTOFINANCIALSTATEMENTS
Note4–Receivables
Non‐endowmentreceivablesatDecember31,2012and2011consistofthefollowing:
2012
Pledgesreceivable
Charitableremaindertrust
Otherreceivables
Governmentgrants
2011
$ 9,244,300
712,777
9,957,077
317,861
255,861
$
10,714,913
682,083
11,396,996
306,107
212,191
$
$
11,915,294
10,530,799
Pledgesreceivableandcharitableremaindertrustincludedinnon‐endowmentreceivablesatDecember
31,2012and2011aredueasfollows:
Dueinlessthanoneyear
$ 1,064,992
$ 1,883,615
Dueinonetofiveyears
450,365
1,251,899
Dueinmorethanfiveyears
18,850,000
18,850,000
Totalunconditionalpromisestogive
20,365,357
21,985,514
Lessallowanceforuncollectiblereceivables
(2,068,020)
(2,095,580)
(a)
(8,340,260)
(8,492,938)
Lessdiscounttonetpresentvalue
Netunconditionalpromisestogive
$
9,957,077
$
11,396,996
Endowmentassets–pledgesreceivableatDecember31,2012and2011aredueasfollows:
Dueinlessthanoneyear
Dueinonetofiveyears
Dueinmorethanfiveyears
Totalunconditionalpromisestogive
Lessallowanceforuncollectiblereceivables
Lessdiscounttonetpresentvalue(a)
Netunconditionalpromisestogive
(a)
$
910,262
‐
2,154,000
3,064,262
(998,600)
(534,897)
$
909,812
‐
2,154,000
3,063,812
(998,600)
(589,401)
$
1,530,765
$
1,475,811
Pledges receivable due in more than one year have been discounted to their net present value
usingratesofapproximately3.5to4.5percent.
12
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.
The following fair value hierarchy table presents information about each major category of The Old
Globe’sfinancialassetsmeasuredatfairvalueonarecurringbasisasofDecember31,2012and2011:
Level1
Inputs
Non‐endowment
investments
Endowmentinvestments
Charitableremainder
trust
FairValueMeasurements
Level2
Inputs
$ 67,037
3,982,392
‐
$ 4,049,429
Level1
Inputs
Non‐endowment
investments
Endowmentinvestments
Charitableremainder
trust
3,195,909
‐
$
‐
$
3,195,909
$ 40,080
3,717,341
$
‐
3,107,394
‐
$
$
‐
$
3,107,394
‐
148,274
2012
Total
$
712,777
FairValueMeasurements
Level2
Inputs
$ 3,757,421
13
$
Level3
Inputs
861,051
712,777
$
Level3
Inputs
‐
137,014
819,097
8,106,389
2011
Total
$
682,083
$
3,262,946
4,130,666
3,147,474
3,854,355
682,083
$
7,683,912
OLDGLOBETHEATREDBATHEOLDGLOBE
NOTESTOFINANCIALSTATEMENTS
Note5–FairValueMeasurements(continued)
ChangesinthefairvalueofTheOldGlobe’sLevel3assetsfortheyearsendedDecember31,2012and
2011areasfollows:
Charitable
Remainder
Trust
Balance,January1,2011
$
Interestanddividends
Distributions
Unrealized(losses)
Changeinvalueofcharitableremaindertrust
Balance,December31,2011
Interestanddividends
Distributions
Unrealizedgains
Changeinvalueofcharitableremaindertrust
Balance,December31,2012
$
652,711
Investments
Heldby
SDF
$
145,122
‐
‐
‐
29,372
8,053
(8,053)
(8,108)
‐
682,083
137,014
‐
‐
‐
30,694
6,039
(6,039)
11,260
‐
712,777
$
148,274
The change in value of the charitable remainder trust is included in the statements of changes in net
assetsasacomponentofcontributions.TheunrealizedgainsandlossesoninvestmentsheldbytheSDF
are included as a component of the change in permanently restricted net assets. The change in value
andtheunrealizedgainsfor2012relatetoLevel3assetsstillheldatDecember31,2012.
Note6–PropertyandEquipment
PropertyandequipmentatDecember31,2012and2011arecomprisedofthefollowing:
2012
Leaseholdimprovements
Buildingandimprovements
Furniture,fixtures,andequipment
Land
Construction‐in‐progress
2011
$
33,630,585
4,590,607
4,290,703
1,750,000
177,325
44,439,220
(14,496,623)
$
33,611,408
4,542,177
4,277,492
1,750,000
96,165
44,277,242
(12,870,921)
$
29,942,597
$
31,406,321
Lessaccumulateddepreciation
14
OLDGLOBETHEATREDBATHEOLDGLOBE
NOTESTOFINANCIALSTATEMENTS
Note7–DebtandLineofCredit
InAugust2010,TheOldGlobeissuedtax‐exemptbondsfor$3,802,430.Thebondswerepurchasedbya
bankwhoisthesolebondholder.Thebondsbearinterestat3.850percentwithmonthlyprincipaland
interest payments of $22,659. The bonds mature on September 1, 2030 and are collateralized by first
deeds of trust on property. Proceeds from the bonds were used to repay existing notes payable. The
balance outstanding as of December 31, 2012 and 2011 is $3,481,003 and $3,615,697, respectively.
Totaldebtissuancecostsrelatedtothebondswere$87,900andareamortizedoverthelifeofthebonds.
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, 2012 and 2011 is $128,529 and
$154,236,respectively.
Principalpaymentsonthisdebtaredueasfollows:
YearsendingDecember31,
2013
2014
2015
2016
2017
Thereafter
$
165,627
171,110
176,808
182,400
188,869
2,724,718
$
3,609,532
TheOldGlobehadalineofcreditwithabank,withabalanceof$500,000atDecember31,2011,which
waspaidinfullin2012.ThelineexpiredDecember31,2012.
Interestexpensetotaledapproximately$145,000and$167,000fortheyearsendedDecember31,2012
and2011,respectively.
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.
15
OLDGLOBETHEATREDBATHEOLDGLOBE
NOTESTOFINANCIALSTATEMENTS
Note8–CommitmentsandContingencies(continued)
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$138,000and$143,000weremadebyTheOldGlobeduringtheyearsendedDecember
31,2012and2011,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$229,000and$234,000
toTheOldGlobeintheyearsendedDecember31,2012and2011,respectively.
Note10–TemporarilyRestrictedNetAssets
TemporarilyrestrictednetassetsatDecember31,2012and2011areavailablefor:
Purposerestrictions:
Capitalcampaign
Futureseasonssupport
Endowmentfundaccumulatedearnings
Timerestrictions:
Pledgesreceivableandcharitableremaindertrust
2012
2011
$ 17,140,160
5,237,008
1,331,371
$ 17,155,235
6,629,585
1,100,201
9,957,077
11,396,996
$ 33,665,616
$ 36,282,017
AsofDecember31,2012,TheOldGlobehasa$15,000,000bequestintheformofapledgereceivable
included in temporarily restricted net assets due to the time restriction on the gift. There were no
restrictionsontheuseoftheproceedswhenreceived,buttheBoardofDirectorsintendedtodesignate
themforTheOldGlobe’sendowmentwhenreceived.InFebruary2013,thedonoramendedtheoriginal
gift agreement to restrict this gift for The Old Globe’s endowment. As such, the $15,000,000 will be
transferredtopermanentlyrestrictednetassetsin2013.Theincomeearnedonthefundsafterreceipt
aretobeusedforgeneraloperatingpurposes.
16
OLDGLOBETHEATREDBATHEOLDGLOBE
NOTESTOFINANCIALSTATEMENTS
Note11–EndowmentAssets/PermanentlyRestrictedNetAssets
The Board of Directors of The Old Globe has interpreted California’s enacted version of the 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 explicit
donor stipulations to the contrary. As a result of this interpretation, The Old Globe classifies as
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
educationalprojectsandgeneraloperations.TheBoardofDirectors(the“Board”)approvedaspending
policyfortheuseoftheearningsonendowmentinvestmentswhichstatesthatamaximumof5percent
of the trailing three‐year average market value of the investments is available for use in operations,
unlessotherwiserestricted.
17
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.
AtDecember31,2012and2011,theBoardhasnotdesignatedanyendowmentfunds.
Donor‐restrictedendowmentnetassetcompositionbytypeoffundatDecember31,2012and2011is
asfollows:
Temporarily
Restricted
Endowment
Fund‐
Accumulated
Permanently
2012
Earnings
Restricted
Total
Donor‐restrictedendowmentfunds
Endowmentfund‐accumulated
earnings
Pledgesreceivable
$
‐
$
1,331,371
‐
$
1,331,371
$
‐
$
1,100,201
4,330,060
$
2,754,154
$
4,229,965
5,661,431
2011
Total
$
‐
1,475,811
$
2,799,295
1,331,371
1,530,765
Permanently
Restricted
1,100,201
‐
$
$
‐
1,530,765
Temporarily
Restricted
Endowment
Fund‐
Accumulated
Earnings
Donor‐restrictedendowmentfunds
Endowmentfund‐accumulated
earnings
Pledgesreceivable
2,799,295
2,754,154
1,100,201
1,475,811
$
5,330,166
18
OLDGLOBETHEATREDBATHEOLDGLOBE
NOTESTOFINANCIALSTATEMENTS
Note11–EndowmentAssets/PermanentlyRestrictedNetAssets(continued)
ChangesinendowmentnetassetsfortheyearsendedDecember31,2012and2011areasfollows:
Temporarily
Restricted
Endowment
Fund‐
Accumulated
Permanently
Earnings
Restricted
Total
EndowmentnetassetsJanuary1,2011
$ 1,273,206
Contributions
Investmentincome:
Interestincome
Realizedandunrealizedlosses
Appropriatedearnings
Reclassificationofearnings
EndowmentnetassetsDecember31,2011
Contributions
Investmentincome:
Interestincome
Realizedandunrealizedgains
Appropriatedearnings
Reclassificationofearnings
EndowmentnetassetsDecember31,2012
$
4,142,670
$
5,415,876
‐
95,403
95,403
91,481
(19,040)
(170,587)
(74,859)
‐
(8,108)
‐
‐
91,481
(27,148)
(170,587)
(74,859)
1,100,201
4,229,965
5,330,166
‐
88,835
88,835
99,513
286,104
(218,700)
64,253
‐
11,260
‐
‐
99,513
297,364
(218,700)
64,253
$ 1,331,371
$
4,330,060
$
5,661,431
Permanentlyrestrictednetassetsarerestrictedforinvestmentinperpetuity,theincomefromwhichat
December31,2012and2011isexpendabletosupport:
2012
2011
Generaloperatingexpenses,including
artisticandeducationalprojects
TheatreprogramsheldbytheSanDiegoFoundation
PagliottiFund
19
$ 4,163,904
148,274
17,882
$ 4,075,269
137,014
17,682
$ 4,330,060
$ 4,229,965
OLDGLOBETHEATREDBATHEOLDGLOBE
NOTESTOFINANCIALSTATEMENTS
Note12–NetAssetsReleasedfromRestrictions
DuringtheyearsendedDecember31,2012and2011,netassetswerereleasedfromdonorrestrictions
by incurring expenditures satisfying the restricted purposes and satisfying time restrictions in the
amountof$3,312,740and$3,500,037,respectively.
Note13–GovernmentGrants
IncomefromgovernmentgrantsatDecember31iscomprisedofthefollowing:
2012
2011
CityofSanDiego
CountyofSanDiego
NationalEndowmentfortheArts
$
403,052
175,000
10,000
$ 630,194
170,000
6,000
$ 588,052
$ 806,194
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
CertainmembersoftheBoardofDirectorsareemployedatbanksthathaveprovidedfinancingtoThe
OldGlobe(Note7)andinwhichTheOldGlobemaintainscashandinvestmentaccounts.
20
ADDITIONALINFORMATION
REPORTOFINDEPENDENTAUDITORS
ONTHEADDITIONALINFORMATION
BoardofDirectors
OldGlobeTheatredbaTheOldGlobe
WehaveauditedthefinancialstatementsofOldGlobeTheatredbaTheOldGlobe(“TheOldGlobe”)asof
andfortheyearendedDecember31,2012,andourreportthereondatedApril8,2013,whichexpressed
anunqualifiedopiniononthosefinancial statements, appears onpage1.Our auditwasconductedfor
the purpose of forming an opinion on the financial statements taken as a whole. The schedules of
unrestrictednetassetsbynetassetcomponentarepresentedforpurposesofadditionalanalysisandare
not a required part of the financial statements. Such information is the responsibility of management
and was derived from and relates directly to the underlying accounting and other records used to
preparethefinancialstatements.Theinformationhasbeensubjectedtotheauditingproceduresapplied
in the audit of the financial statements and certain additional procedures, including comparing and
reconciling such information directly to the underlying accounting and other records used to prepare
the financialstatements or to the financial statements themselves, and other additional procedures in
accordancewithauditingstandardsgenerallyacceptedintheUnitedStatesofAmerica.Inouropinion,
theinformationisfairlystatedinallmaterialrespectsinrelationtothefinancialstatementsasawhole.
SanDiego,California
April8,2013
OLDGLOBETHEATREDBATHEOLDGLOBE
ADDITIONALINFORMATION
SCHEDULEOFUNRESTRICTEDNETASSETSBYNETASSETCOMPONENT
YEARENDEDDECEMBER31,2012
UnrestrictedNetAssets
Designatedfor
Property
and
Undesignated
Equipment
OperatingRevenue
Ticketsales
Enhancements
Retail
Investmentincome
Otherrevenue
Education
Royalties
Totaloperatingrevenue
OperatingExpenses
Programservices
Managementandgeneral
Totaloperatingexpenses
$ 11,687,919
2,042,060
642,084
267,776
235,266
36,171
31,039
14,942,315
$
‐
‐
‐
‐
‐
‐
‐
‐
$
2012
Total
11,687,919
2,042,060
642,084
267,776
235,266
36,171
31,039
14,942,315
18,167,926
2,234,550
20,402,476
1,371,669
321,750
1,693,419
19,539,595
2,556,300
22,095,895
(5,460,161)
(1,693,419)
(7,153,580)
3,126,165
2,337,173
5,463,338
1,731,680
588,052
339,254
8,122,324
‐
975,567
975,567
‐
‐
‐
975,567
3,126,165
3,312,740
6,438,905
1,731,680
588,052
339,254
9,097,891
Expenses
Fund‐raising
Specialevents
Totalexpenses
Netcontributedincome
1,349,410
916,778
2,266,188
5,856,136
‐
‐
‐
975,567
1,349,410
916,778
2,266,188
6,831,703
ChangeinUnrestrictedNetAssets
Before(Losses)
395,975
(717,852)
(321,877)
Gains(Losses)
Netrealizedandunrealizedgains(losses)
Totalgains(losses)
18,123
18,123
(8,432)
(8,432)
9,691
9,691
OtherChangesinNetAssets
Acquisitionofpropertyandequipment:
Operations
Interimconstruction
Paymentsonlong‐termdebt
Totalotherchanges
(68,302)
(177,325)
(160,400)
(406,027)
68,302
177,325
160,400
406,027
‐
‐
‐
‐
ChangeinUnrestrictedNetAssets
8,071
(320,257)
(312,186)
UnrestrictedNetAssets
Beginningofyear
158,785
9,125,289
9,284,074
Operating(loss)
ContributedIncome
Contributions
Netassetsreleasedfromrestrictions
Specialevents
Governmentgrants
In‐kindcontributions
Totalcontributedincome
Endofyear
$ 166,856
$
8,805,032
$
8,971,888
22
OLDGLOBETHEATREDBATHEOLDGLOBE
ADDITIONALINFORMATION
SCHEDULEOFUNRESTRICTEDNETASSETSBYNETASSETCOMPONENT
YEARENDEDDECEMBER31,2011
UnrestrictedNetAssets
Designatedfor
Property
and
Undesignated
Equipment
OperatingRevenue
Ticketsales
Enhancements
Retail
Investmentincome
Otherrevenue
Education
Royalties
Totaloperatingrevenue
OperatingExpenses
Programservices
Managementandgeneral
Totaloperatingexpenses
$ 11,914,039
793,311
701,250
245,446
220,262
36,413
13,643
13,924,364
$
‐
‐
‐
‐
‐
‐
‐
‐
$
2011
Total
11,914,039
793,311
701,250
245,446
220,262
36,413
13,643
13,924,364
17,123,890
2,769,891
19,893,781
1,357,180
318,350
1,675,530
18,481,070
3,088,241
21,569,311
(5,969,417)
(1,675,530)
(7,644,947)
3,115,566
2,597,417
5,712,983
1,530,434
806,194
325,663
8,375,274
30,729
902,620
933,349
‐
‐
‐
933,349
3,146,295
3,500,037
6,646,332
1,530,434
806,194
325,663
9,308,623
Expenses
Fund‐raising
Specialevents
Totalexpenses
Netcontributedincome
1,276,124
568,740
1,844,864
6,530,410
‐
‐
‐
933,349
1,276,124
568,740
1,844,864
7,463,759
ChangeinUnrestrictedNetAssets
Before(Losses)
560,993
(742,181)
(181,188)
Gains
Netrealizedandunrealizedgains
Totalgains
127,452
127,452
‐
‐
127,452
127,452
OtherChangesinNetAssets
Acquisitionofpropertyandequipment:
Operations
Interimconstruction
Paymentsonlong‐termdebt
Totalotherchanges
(428,402)
(96,165)
(155,708)
(680,275)
428,402
96,165
155,708
680,275
‐
‐
‐
‐
ChangeinUnrestrictedNetAssets
8,170
(61,906)
(53,736)
UnrestrictedNetAssets
Beginningofyear
150,615
9,187,195
9,337,810
Operating(loss)
ContributedIncome
Contributions
Netassetsreleasedfromrestrictions
Specialevents
Governmentgrants
In‐kindcontributions
Totalcontributedincome
Endofyear
$ 158,785
$
9,125,289
$
9,284,074
23