Beruflich Dokumente
Kultur Dokumente
Prepared by Cindy Huang, OCFC, utilizing audited financial statements for the fiscal years ended December 31, 2003, 2004, 2005, and 2006
As of As of As of As of
12/31/06 12/31/05 12/31/04 12/31/03
Assets
Cash and Cash Equivalents $ 3,766,805 $ 3,443,165 $ 3,546,983 $ 6,390,865
Investments $ 24,686,624 $ 23,033,866 $ 20,406,030 $ 17,689,022
Government Receivable $ 2,110,000 $ 62,409 $ 61,750 $ 3,295,508
Accounts Receivable $ 198,397 $ 135,675 $ 691,027 $ 394,002
Pledges Receivable (net) $ 10,060,735 $ 10,983,567 $ 13,534,271 $ 18,230,190
Other Assets $ 819,157 $ 1,040,122 $ 877,051 $ 1,041,684
Restricted Cash and Cash Equivalents $ 20,000 $ 20,000 $ 20,000 $ 20,000
Restricted Investments (bond) $ - $ - $ - $ 14,738,021
Museum facility (net) $ 72,223,899 $ 76,532,379 $ 80,897,634 $ 60,960,728
In-kind Museum facility (net) $ 14,958,225 $ 15,249,516 $ 15,448,696 $ 14,588,542
Total assets $ 128,843,842 $ 130,500,699 $ 135,483,442 $ 137,348,562
Liabilities
Acct. Payable, Int. Payable and Accru.liabilities $ 1,142,867 $ 1,158,383 $ 2,878,807 $ 3,657,347
Retainage payable $ - $ - $ 1,116,260 $ 2,604,255
Deferred revenue $ 28,349 $ 142,492 $ 456,702 $ -
Line of Credits $ - $ 750,000 $ - $ -
Tax exempt bonds payable $ 50,000,000 $ 50,000,000 $ 50,000,000 $ 50,000,000
Total liabilities $ 51,171,216 $ 52,050,875 $ 54,451,769 $ 56,261,602
Net Assets
Unrestricted $ 76,404,351 $ 75,856,056 $ 78,777,157 $ 64,881,260
Temporarily restricted $ 1,248,275 $ 2,573,768 $ 2,234,516 $ 16,185,700
Permanently restricted $ 20,000 $ 20,000 $ 20,000 $ 20,000
Total net assets $ 77,672,626 $ 78,449,824 $ 81,031,673 $ 81,086,960
Total liabilities and net assets $ 128,843,842 $ 130,500,699 $ 135,483,442 $ 137,348,562
Expenses
Museum Programs $ 3,642,693 $ 4,004,671 $ 3,306,054 $ 2,214,809
Other Programs $ 1,599,884 $ 1,427,935 $ 644,258 $ 7,263,297
Administrative & General $ 1,595,824 $ 1,942,022 $ 2,792,819 $ 1,965,217
Fundraising & Development $ 2,414,738 $ 3,509,197 $ 5,858,812 $ 3,812,251
Interest Expenses $ 2,415,060 $ 1,910,715 $ 732,531 N/A
Depreciation $ 4,473,639 $ 4,520,234 $ 2,184,708 N/A
In-Kind Expenses $ 294,851 $ 444,150 $ 364,842 N/A
Selected ratios:
2. Capitalized Interest
NURF Center capitalized interest cost, including interest expense, letter of credit fees, and amortized bond issuance costs as a component of
construction costs.
Total Interest Expenses incurred on borrowings for project $ 1,470,878
Interest Income from Investment of Proceeds from borrowings $ (623,363)
Net Interest Cost Capitalized -2004 $ 847,515
However, this practice in not common to most entities. To get an better view of the Center's financial performance, we reclassified capitalized
interest to interest expenses
Total interest incurred in 2004 became $ 1,580,046, instead of $ 732,531. the following changes have been observed
Actual Pro-Forma
Net Income $ (55,287) $ (902,802)
Interest Coverage Ratio 12.1 5.61
Liquidity Indicator -11.58 -12.24
D/A 40.19% 40.44%