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The following financial information is a condensed version of the audited financial statements as of September 30, 2007. A copy of the audited financial statements for the year ended September 30, 2007 may be obtained upon request.
Statement of Financial Position
| Assets |
| Cash and cash equivalents | $332,719 |
| Receivables | $1,930,362 |
| Investments | $11,462,464 |
| Inventories | $245,922 |
| Beneficial interest in perpetual trust | $176,205 |
| Property and equipment, net | $18,467,958 |
| Other assets | $596,677 |
| Total assets | $33,212,307 |
| Liabilities |
| Line of Credit | $2,589,457 |
| Accounts payable, trade | $228,916 |
| Accrued liabilities | $481,755 |
| Unearned revenue | $97,794 |
| Deferred revenue, membership dues | $201,850 |
| Capital leases payable | $27,847 |
| Liability under trust agreement | $94,830 |
| Total liabilities | $3,722,449 |
| Net assets |
| Operating | $414,077 |
| Other unrestricted | $24,208,213 |
| Temporarily restricted | $1,169,201 |
| Permanents restricted | $3,698,367 |
| Total net assets | $29,489,858 |
| Total liabilities and net assets | $33,212,307 |
Operating Activity
Operating Revenue
Operating Expenses
| Total Revenues and Other Support | $7,432,588 |
| Total Expenses | $7,363,055 |
| Change in net operating assets before transfers | $69,533 |
| Transfers | ($38,328) |
| Change in net operating assets | $31,205 |
| Net operating assets, beginning of year, as restated* | $382,872 |
| Net operating assets, end of year | $414,077 |
*At September 30, 2007, the Museum recorded deferred revenue for membership dues applicable to September 30, 2006, which is required for the financial statements to be presented in accordance with U.S. generally accepted accounting principles. This resulted in a prior period adjustment totaling $214,595 as of October 1, 2006. This correction decreased total net assets for the year ending 2006.
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