HomeMy WebLinkAboutCSD-11-160 - Arts & Culture Sustainability Fund 2012 complete.p~~~..~L 1~~ ~un~~ G~~f~~~~~~ ~f L~n~ ~.Il~i~~~~~r.~~
REPORT T0: Community and Infrastructure Services Committee
DATE OF MEETING: November 28, 2011
SUBMITTED BY: Mark Hildebrand, Director, Community Programs and
Services, 741-2687
PREPARED BY: Cheryl York, Arts Co-ordinator, 741-3400 Ext 3381; Mark
Hildebrand, Director, Community Programs and Services,
741-2687
WARD(S) INVOLVED: All
DATE OF REPORT: November 16, 2011
REPORT NO.: CSD-11-160
SUBJECT: ARTS AND CULTURE SUSTAINABILITY FUND 2012
RECOMMENDATION:
That aone-time allocation of the listed investment amounts for 2012, from the Arts and
Culture Sustainability Fund, be approved subject to finalization through 2012 budget
deliberations.
THEMUSEUM $120,000
Kitchener-Waterloo Art Gallery $ 40,000
Kitchener Waterloo Symphony $ 40,000
Allocation to be leveraged for new torrid-career organizations $ 31,000
BACKGROUND:
Origin of the Arts and Culture Sustainability Fund
The Arts and Culture Sustainability Fund was developed in 2010 as a result of a call to action
from the community for the municipalities (local and regional) to help fund, in part, an estimated
$2.5 to $5.0 million shortfall for community arts organizations.
Headed by the Prosperity Council, 2008 research had shown a funding shortfall of $3.0 million,
based on data collected from a survey of 27 arts and 18 funding organizations. The shortfall
was estimated using figures from the accumulated debt reported by organizations. Anecdotal
information also indicated that about $2 million in additional funding would be needed to put
these organizations' operating budgets on a sustainable footing.
Further supporting the findings above, the gap suggested by the `Earned Revenue Analysis for
the Performing Arts' showed that municipal and senior government funding in the area should
be increased by about $4 million, with additional increases for museums, galleries and festivals.
Taking the expanded cultural sector into consideration, the general magnitude of the gap in
financial resources for arts, culture and heritage operating budgets was estimated between $2.5
million and $5 million.
The Prosperity Council of Waterloo, through its Task Force On Creative Enterprise, proposed
the following to help stabilize arts and culture in the community:
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Staff Report
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1. That there be a commitment to increase funding to arts and culture by
annually in orderto address the sustainability shortfall to be funded as follows
a. $1 million from increased private sector contributions,
b. $1 million from increased municipal support, and
c. $ 1 million increased support from provincial and federal programs
the municipal and private sector support).
$3 million
(leveraging
2. That an "Enabling Organization" be created to support creative enterprises, the budget
to be funded as follows:
a. 25% by regional government
b. 25% by local governments (pro-rated based on population) and
c. 50% other sources (grant applications and private sector)
They further suggested that the $1 million of increased municipal support could be realized by
each of the municipalities, local and regional, by increasing their annual funding by $1 per
capita.
At the time, the City of Kitchener had in place the Arts and Culture Capacity-Building Fund.
$267,000 originally earmarked for Cultural Capitals of Canada was transferred to this fund to be
used for: i) supporting funding partnerships; ii) leveraging funding from other sources at a rate of
10 to 1; and, iii) supporting sustainability strategies. In response to the community's call to
action and the Prosperity Council's proposal (above), $220,000 was allocated from this fund to
the Arts and Culture sustainability Fund, to support the $1 per resident for arts and culture; and
$47,000 was committed to the newly developed Enabling Organization as the City of Kitchener's
contribution to operating costs.
2010/2011 Arts and Culture sustainability Fund Allocations
The Prosperity Council's research in 2008 had concluded that a significant shortfall in funding
contributed to chronic de-stabilization of the arts sector. Based on this research, the City's 2010
and 2011 allocations were meant to assist with the stabilization of 3 anchor arts organizations:
THEMUSEUM, Kitchener-Waterloo Art Gallery and Kitchener Waterloo Symphony. In 2010,
$20,000 of the sustainability funds was also held by the City of Kitchener in the case that there
was other significant need in the arts community. In 2011, $20,000 was ear-marked to assist
new to mid-career creative enterprises. These funds were held by the Creative Enterprise
Enabling Organization (CEEO), who leveraged additional funding and invested in 12 separate
recipients (Appendix D}.
The sustainability Fund was allocated in 2010 and 2011 as follows:
Organization 2010 Allocation 2011 Allocation Notes
THEMUSEUM $120,000 $120,000 Financial information
attached as Appendix A
Kitchener-Waterloo Art Gallery 40,000 40,000 Financial information
attached as Appendix B
Kitchener Waterloo Symphony 40,000 40,000 Financial information
attached as Appendix C
Held for new tomid-career 0 20,000 To leverage funds from
Creative enterprise orgs. other sources. See
Appendix D
Held by City of Kitchener 20,000 0
TOTAL $220, 000 $220, 000
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Staff Report
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REPORT:
This report specifically addresses the 2012 allocation of the Arts and Culture Sustainability Fund
and Council's continued commitment to support the arts and culture sector at the level of $1 per
capita.
Strafe_gv for Disfribufion of Funds 2010 to 2012
In 2010, with the input from the Board Chair of the CEEO, it was agreed by City of Kitchener, as
well as the neighboring municipalities, that the strategy for the sustainability funds should be to
stabilize the 3 major cultural organizations. It was decided that the formal recommendation to
Council, for the distribution of the funds, would come from City staff until such time that the
CEEO was in a better position to advise and potentially participate in the distribution of these
investment funds.
In 2011, since the CEEO had not yet fully come together as a functioning organization (the
organization's Chief Executive Officer was hired March 2011 } the Board Chair met again with
area municipalities to discuss the sustainability funds. Similar to 2010, the strategy was to
continue to stabilize the 3 major cultural organizations. However, discussions began which
addressed ways to better align the distribution of stability funds across the Region, build
capacity and strengthen the creative sector. The 3 major cultural organizations received
funding again in 2011, however $20,000 was earmarked to assist new to mid-career
organizations. These funds were held by the CEEO, who leveraged an additional $30,000 of
private sector investment to initiate a program of investing in cultural and creative organizations
along with organic and emerging creative activity. Applications were received by the CEEO and
considered against a number of filters including the following:
• The application makes good business sense, enables longer term success of the
individual or organization;
• The approach leads to sustainable revenues versus short term revenues;
• Across section of arts disciplines are represented;
• There is a regional cross-section of individuals represented;
Small, mid and large entities are represented;
• It enables the overall creative value of the region in terms of talent attraction and
retention;
• The application moves the organization, product etc. to a tourism ready organization,
product etc. They are saleable to external audiences; andlor
• There is collaboration.
Staff has recently met with the Chair and Chief Executive Officer of the CEEO to discuss the
allocation of the sustainability funds for 2012 and to consider a strategy for 2013 and beyond.
For 2012 decisions on distributing funds will remain with the City of Kitchener; staff, in
consultation with the CEEO, are making recommendations for Council's consideration and
approval. It has been suggested that the responsibility for the allocation and distribution of
funds after 2012 could possibly migrate to the CEEO, in consultation with the municipalities, to
aid in CEEO's efforts to leverage funding from the private sector and senior levels of
government, and to emphasize their role in strengthening the arts and culture sector. Such a
change would be subject to further discussion and the approval of Council.
For 2012, staff is proposing to increase the Arts and Culture Sustainability Fund from $220,000
to $231,000. This increase reflects the population growth in the community and keeps with
Council's commitment to provide $1 per capita for arts and culture. Similar to 2010 and 2011,
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the strategy to stabilize the 3 major cultural organizations remains. Staff is recommending to
fund THEMUSEUM, The Kitchener Waterloo Symphony and Kitchener-Waterloo Art Gallery to
the same level as in 2011. This will be revisited in the coming year as staff and the CEEO
develop a strategy for Council's consideration in 2013.
Recognizing the success of the CEEO in leveraging an additional $30,000 from the City of
Kitchener's 2011 investment of $20,000 for small to mid-career arts organizations, and because
Council has indicated that allocations reaching small and mid-size organizations be considered
a continued priority from this fund, additional dollars are being recommended in 2012 to be
leveraged again by the CEEO and directed to these organizations.
In summary the following allocations are being recommended.
THEMUSEUM $120,000
Kitchener-Waterloo Art Gallery 40,000
Kitchener Waterloo Symphony 40,000
Allocation to be leveraged for new torrid-career organizations 31,000
TOTAL $231, 000
Benefits of 2010, 2011 Fundin_g
The following benefits, as reported by the 3 anchor organizations and CEEO, have been
realized.
THEMUSEUM
• Present high quality exhibits to almost 100,000 visitors including Titanic: The Artifact
Exhibition; Searching for Tom ~ Tom Thomson -Man, Myth and Masterworks; and RAM
- Rethinking Art & Machine;
• Host 34,000 school children and teachers and provide them with educational
opportunities forfield trips;
• Give a boost to Downtown Kitchener by bringing tens of thousands of visitors to the
core;
• Improve tourism to Downtown Kitchener and increase business for restaurants, hotels
and shops (12,000 came from outside of the Region for Titanic);
• Provide access passes to low income families and newcomers to the community;
• Focus more on programming and exhibits with a percentage of financial stability
achieved; and
• Provide an improved quality of life for the residents of Kitchener through improved
economy, arts and culture and expansion of programming offered.
Kitchener-Waterloo Art Gallery
Benefits of past sustainability funding to the Kitchener-Waterloo Art Gallery (KWAG) are
attached to this report as Appendix B. To summarize, more of the permanent collection was
able to be conserved and exhibited; the quality of exhibitions was maintained or increased;
quality educational programming and community outreach were designed and implemented;
and progress was made towards strengthening the funding base in a time of great economic
uncertainty. Plans to launch a "Major Gifts and Endowment Campaign" are imminent. KWAG's
most recent audited financial statements are also attached as Appendix B.
Kitchener Waterloo Symphony
The Kitchener Waterloo Symphony reports significant benefits from the 2011 sustainability
investment in its ability to decrease an accumulated deficit, manage shortfalls in revenue in an
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Staff Report
Krr~.~-~~,i~iER CommunityServicesDepartment www.kitthenerta
economically difficult environment, and leverage provincial grants (Ontario Arts Council
Investment Fund). A more detailed report and financial statements are attached as Appendix C.
The Creative Enterprise Enabling Organization
The CEEO launched a successful "Investment Program" project in 2011. Using the $20,000
allocation from Kitchener's sustainability fund as leverage, an additional $30,000 was raised.
This supported investment in twelve small to mid-size organizations. All recipients are required
to report results back to the CEEO in order to allow ongoing fine-tuning of the program and to
demonstrate measureable benefits. Organizations that were invested in are listed in Appendix
D.
For information purposes, Appendix E shows the total funding received by all municipalities for
the 3 anchor organizations for 2011.
ALIGNMENT WITH CITY OF KITCHENER STRATEGIC PLAN:
Arts and culture make important contributions to "Quality of Life" through creativity, heritage and
diversity. The economic impact of arts and culture activities contributes to the economic viability
of the entire community. Support for arts and culture activities helps to develop Kitchener's
distinct identity as a desirable place to live and to visit. "Development" goals are also served
through arts and culture adding to urban vitality and downtown development.
FINANCIAL IMPLICATIONS:
$220,000 will be transferred to the Arts and Culture sustainability Fund from the Economic
Development Investment Fund for 2012. Ongoing support for the Arts and Culture
sustainability Fund will be addressed during 2013 operating budget discussions.
Staff suggests that the additional $11,000, necessary to meet the $1 per capita for arts and
culture funding considering population growth, be funded using the current balance in the Arts
and Culture sustainability Fund for 2012.
COMMUNITY ENGAGEMENT:
The Arts and Culture Advisory Committee supported the Arts and Culture sustainability Fund at
a meeting held January 19, 2010.
ACKNOWLEDGED BY: Jeff Willmer, Deputy CAO, Community Services Department
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CSD-11-160
Arts and Culture Sustainability Funds 2012
Appendix A:
THEMUSEUM financial statements for the year ended
June 30, 2011
15 pages
9-6
THEMUSEUM of Ideas
Transcending Objects
Financial Statements
For the year ended June 30, 2Q11
Contents
Independent Auditor's Report
Financial Statements
2
Balance Sheet 3
Statement of Fund Balances 4
Statement of Operations 5
Statement of Cash Flows fi
Summary of Significant Accounting Policies 1
Notes to Financial Statements 1 ~
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Independent Auditor's Report
To the Board of Directors of
THEMUSEUM of Ideas Transcending Objects
We have audited the accompanying financial statements of THEMUSEUM of Ideas Transcending
Objects, which comprise the balance sheet as at June 30, 2011 and the statements of operations,
fund balances and cash flows for the year then ended and a summary of significant accounting
policies and other explanatory information,
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial
statements in accordance with Canadian generally accepted accounting principles, and for such
internal control as management determines is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with Canadian generally accepted auditing standards. Those
standards require that we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in 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. In making those risk assessments, the auditor
considers internal control relevant to the entity's preparation and fair presentation of the
financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
entity's internal control. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of accounting estimates made by management, as well as
evaluating the overall presentation of the financial statements.
Opinion
In our opinion, the financial statements present fairly, in all material respects, the financial
position of THEMUSEUM of Ideas Transcending Objects as at June 30, 2011 and the results of its
operations and its cash flows for the year then ended in accordance with Canadian generally
accepted accounting principles.
Qno c.~....~-~,~ L L~P
Chartered Accountants, Licensed Public Accountants
Waterloo, Ontario
September 21, 2011
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THEMUSEUM of Ideas Transcending Objects
Statement of Cash Flows
For the year ended June 30 2011 2010
- .~.
Cash flows from operating activities
Del"iciency of revenues over expenses for the year
Items not involving cash
Amortization of capital assets
Amar~zation of deferred contributions -capital
Increase in fair market value of endowment fund
s {sz,2ss~ $ css,sss>
579,575 535,084
X508,034} (472,059)
X73,076} 488,7, 87)
483,823 (95,328)
Changes in non-cash working capital balances
Accounts receivable
Inventory
Prepaid expenses
Accounts payable and accrued liabilities
Deferred contributions -operating
Cash flows from investing activities
Purchase of capital assets
Proceeds from endowment fund
Proceeds ondisposal ofshort-term investments
Decrease in cash during the year
Cash, beginning of year
(5,328) (3,731)
(4,7Q1} (7,546)
(89,886] 29,222
19,525 {28,383)
139,040) 78,855
(203,253} (24,911 }
(70,026 (248,825)
- 15fi,722
200,000 34
129,974 (92,Ofi9}
(73,279) (716,980)
81,621 198,601
Cash, end of year $ 8,342 $ 81,621
The acca~a~ymg summary of s~ni~cant acaaunti~g palms artd Hates aye an in~gral pa~# of these ~nanaal statement,
96- 12
THEMUSEUM of Ideas Transcending Objects
Summary of Significant Accounting Policies
June 30, 2011
Nature of operations THEMUSEUM of Ideas Transcending Objects
("THEMUSEUM"~ works to scan the globe for fresh, cultural
content to offer the community of Waterloo Region and beyond.
THEMUSEUM provides engaging experiences through
programs and exhibitions that intersect art, science and
technology for audiences of all ages and interests.
THEMUSEUM was incorporated without share capital under the
laws of the Province of Ontario on December 3, 1998, began
operations during 1999 and is a registered charitable
organization. Consequently, it is exempt from income tax.
Revenue Recognition THEMUSEUM follows the deferral method of accounting for
contributions,
Unrestricted donations are recognized as revenue when
received.
Grants and other fundraising income are recognized as
revenue when received or when they become receivable, if the
amount to be received can be reasonably estimated and
collection is reasonable assured.
Donations in kind are recorded at their fair value as received
with the exception of donated time and expertise.
Famed revenue from admissions, memberships and gift shop
are recognized as revenue when services are rendered or
goods are delivered.
Capital contributions are deferred and recognized as revenue in
the year in which the amortization expense is recognized
Endowment contributions are recognized as direct increases in
the Endowment Fund. Distributions from the Endowment Fund
are recognized as revenue in the Endowment Fund when
received.
9T13
THEMUSEUM of Ideas Transcending Objects
Summary of Significant Accounting Policies
June 30, 2011
Fund Accounting The organization uses the principles of fund accounting.
4 eratin Fund
,_...
The operating fund accounts for administrative and operational
costs and is financed by earned income, fundraising and
sponsorships, gifts in kind, government funding, grants and
other miscellaneous income. It also records the current assets,
liabilities and deficit relating to ongoing programs and
administrative operations.
Endowment Fund
The endowment fund reports an endowment received for
restricted purposes. Net assets held in the endowment fund
are invested in a variety of investment vehicles.
Cagitai Fund
The capital fund reports the assets, liabilities, revenues and
expenses related to the organization's capital assets.
Capital Assets Capital assets are stated at cost less accumulated
amortization. Contributed property plant and equipment are
recorded at fair value, when fair value can be reasonably
estimated, at the date of contribution. Amortization based on
the estimated useful life of the asset is calculated as follows;
Computer equipment - 2.25 years straight-line basis
Computer software - 1 year straight-line basis
Equipment - 5 years straight-line basis
Exhibits - 5 years straight-line basis
Leasehold improvements -10 to 15 years straight-line basis
Website design - 5 years straight-line basis
Amortization is provided at 50% in the year of acquisition and
no amortization is provided in the year of disposition.
Contributed Services Volunteers contribute many hours per year to assist the
organization in carrying out its activities. Because of the
difficulty of determining their fair value, contributed services are
not recognized in the financial statements. Contributed
materials are not recognized in the financial statements unless
they wou~ normally be purchased by the organization and their
fair market value can be ascertained.
9814
THEMUSEUM of Ideas Transcending Objects
Summary of Significant Accounting Policies
I~~nn 30.2011
Financial Instruments It is managements opinion that the organization is not exposed
to significant interest, currency or credit risks arising from its
financial instruments.
All transacfions related to financial instruments are recorded on
a trade-date basis. The fair values of financial instruments are
determined using published price quotations, where applicable.
Transaction costs relating to all financial instruments are
expensed as incurred.
The organization classifies its financial instruments into one of
the following categories based on the purpose for which the
asset was acquired. The organization's accounting policy for
each category is as follows:
Held-for-trading
This category is comprised of cash, short-term investments and
long term investments. They are carried on the balance sheet
at fair value with changes in fair value recognized in the
Statement of Operations.
Loans and receivables
~_______
This category includes accounts receivable. They are initially
recognized at fair value and subsequently carried at amortized
cost, using the effective interest rate method, less any provision
for impairment.
Other financial liabilities
Other financial liabilities includes accounts payable and
accrued liabilities. These liabilities are initially recognized at fair
value and subsequently carried at amortized cost using the
effective interest rate method.
Inventory Inventory is stated at the lower of cost and net realizable value.
Cost is generally determined on the first-in, first-out basis.
Use of Estimates The preparation of financial statements in accordance with
Canadian generally accepted accounting principles requires
management to make estimates and assumptions that affect
the reported amounts of assets and liabilities at the date of the
financial statements, and the reported amounts of revenues
and expenses during the reporting period. Actual results could
differ from managements best estimates as additional
information becomes available in the future.
9~s15
THEMUSEUM of Ideas Transcending Objects
Summary of Significant Accounting Policies
June 34.2011
New Accounting
Rronouncements Recent accounting pronouncements that have been issued but
are not yet effective, and have a potential implication for the
company, are as follows:
Accounting Standards for Not-for-Profit Organizations
The Accounting Standards Board has recently approved
generally accepted accounting principles ~GAAP~ for Not-for-
Profit Organizations. Not-for-Profit Organizations will have the
choice of adopting either International Financial Reporting
Standards ~IFRS} or GAAP for Not-for-Profit Organizations for
year ends beginning on or after January 1, 2412. For
Organizations choosing to adapt GAAP for Not-for-Profit
Organizations they would be allowed to early adopt for years
ending on or after Qecember 31, 2014. Until GAAP for Not-for-
Profit Organizations is adopted, Not-for-Profit Organizatons will
continue to follow the current Canadian Institute of Chartered
Accountants Handbook -Accounting,
9 +~ 16
THEMUSEUM of Ideas Transcending Objects
Notes to Financial Statements
Jun®30, 2011
1, Cash
The organization's bank accounts are held at one chartered bank. The bank accounts earn
nominal interest.
The organization has an operating facility available to a maximum of $250,000 in January to
April and $154,000 in May to December each year at the Bank's prime rate plus 0.5°/a. At June
30, 2011, the organization had not used this facility. The operating facility is secured by a
general security agreement.
2. Long Term Investments
During fiscal 2007, THEMUSEUM established the THEMUSEUM of Ideas Transcending
Objects Endowment Fund ("Endowment Fund"}, Since its establishment, a total of $2,383,000
has been deposited with the Kitchener and Waterloo Community Foundation ("the
Foundation"~ under a formal agreement whereby the Foundation will manage funds for a
monthly fee. The management agreement runs until December 15, 2011.
Market value, beginning of year
Reinvested income
Fees
Distributions
2011 2010
$ 2,355,717 $ 2,2fi6,930
83,833 110, 7fi5
(58,882) (fi5,255)
(190,220 (51,052
Unrealized gain during the year
2,191,248 2,2fi1,388
237,545 94,329
$ 2,428,793 $ 2,355,717
9„ 17
THEMUSEUM of Ideas Transcending Objects
Notes to Financial Statements
June 30, 2011
3. Capital Assets
2011
Computer equipment
Computer software
Equipment
Exhibits
leasehold improvements
Website design
2010
Accumulated
Cost Amortization
$ 96,046 $ 75,910 $
35,445 35,445
362,482 291,726
1,861,525 1,638,795
6,333,034 3,047,492
174,026 167,098
Accumulated
Cost Amortization
73,306 $ 65,298
35,445 33,969
351,598 271,077
1,830,385 1,532,402
6,327,772 2,610,104
174,026 164,041
$ 8,862,558 $ 5,256,466 $ 8,792,532 $ 4,676,891
Net book value $ 3,606,092 $ 4,115,641
4. Accounts Payable and Accrued Liabilities
Included in accounts payable is $17,802 denominated in US dollars.
5. Qeferred Contributions -Operating
2011 2010
Balance, beginning of year
Contributions received
Recognized during the year
Balance, end of year
$ 505,571 $ 426,716
466,531 505,571
X505,571 ~ ~42fi, 71 fi~
$ 466,531 $ 505, 571
912 18
THEMUSEUM of Ideas Transcending Objects
Notes to Financial Statements
June 30, 2011
..
6. Deferred Capital Contributions
Balance, beginning of year
Contributions received for capital purposes
Amortization of deferred capital contributions
Current portion
2011 2010
$ 3,890,303 $ 4,205,639
- 158,723
5~ 08,034 X472,059}
3,382,2G9 3,890,303
~505,558~ (508,034
Balance, end of year
$ 2,875,711. _ $_ 3,382,269
T. Commitments
THEMUSEUM leases their premises for a nominal charge from the City of Kitchener under a
lease agreement entered into on December 13, 1999. The term of the lease is 49 years
commencing upon the substantial completion of the leasehold improvements. The lease is to
commence upon receipt of written notice of substantial completion from the consultant hired to
oversee the construction. As at June 30, 2011, no formal notice had been received.
THEMUSEUM has also entered into a contract for $82,500 to be paid for an exhibit taking
place in the 2012 fiscal year.
8. Inter-fund Transfers
During the year, the Board of Directors approved an inter-fund transfer of investment income
from the Endowment Fund to the Capital Fund to cover the cost of capital acquisitions and to
the Operating Fund to cover operating expenses.
9„ 19
THEMUSEUM of Ideas Transcending Objects
Notes to Financial Statements
June 30, 2011
9. Gifts in Kind
2011 2010
Building maintenance services
Other services
Exhibits
Miscellaneous
$ 33,185 $ 49,871
24,429 27,128
2,980 -
8,475 -
$ 69,669 _$ 7fi,999
Building maintenance and other services were provided by the City of Kitchener, owner of the
premises.
10. Goverr~men# Funding
The Regional Municipality of Waterloo
The City of Kitchener
The City of Waterloo
The Ci#y of Cambridge
Government of Canada
Province of Ontario
2011 2010
330,000 $ 307,500
129,581 85,000
39,375 3fi,875
3,500 fi,750
?5,000 37,22fi
36,261 -
~ 613,717 $ 473, 351
9„ 20
THEMUSEUM of Ideas Transcending Objects
Notes to Financial Statements
June 30, 2011
11. Capital Risk Management
The Organizafion's objectives when managing capital are to safeguard the Organ¢ation's
ability to continue as a going concern. Capital is defined by the Organization as all general and
externally restricted funds.
The Operating Fund's objective is to provide working capital for the Organization's operating
expenses. Deposits and withdrawals to this fund are administered by management and are
authorized by Board passage of the annual operating budget.
The Endowment Fund is determined by the Board and it's objective is to set aside funds for
future use.
The Capital Fund's objective is to provide funding for large capital asset purchases or repairs
of existing capital assets. The Board determines what the adequate levels of funding in this
fund are on the basis of cost-projection forecasts prepared by management as part of the
annual budget.
The Organization is in compliance with its externally imposed capital requirements and the
Organization's overall strategy with respect to capital risk management remains unchanged
from the year ended June 30, 2010.
12. Comparative Amounts
The comparative information was reported on by another auditor. Certain comparative
amounts presented in the financial statements have been reclassified to conform to the current
yeas presentation.
9,s 21
CSD-11-160
Arts and Culture Sustainability Funds 2012
Appendix B:
November 2011 Report from Kitchener-Waterloo Art
Gallery: Arts and Culture Sustainability Fund
2 pages
Kitchener-Waterloo Art Gallery financial statements
for the year ended December 31, 2010
12 pages, including cover and table of contents
9-22
Arts and Culture Sustainability Fund
November 2011 Report from Kitchener-Waterloo Art Gallery
APPENDIX B
The grants allocated to the Kitchener-Waterloo Art Gallery from the City of Kitchener's
Arts and Culture Sustainability Fund had the following effects on our organization's
efforts to achieve more fiscal stability.
Within the parameters of KWAG's new Strategic Plan of which the priorities included
Sustainability and Partnerships, Expanded Reach and Engagement and Community
Profile and Leadership, the Sustainability Fund enabled us to do the following in 2010
and 2011:
1. Provide care for and access to our permanent collection. With these funds, the
KWAG was able to put on exhibit significant works of art from the permanent
collection on an ongoing basis over 2010 and 2011. We were also able to allow
public access to our vaults and therefore bepro-active in engaging the community
in this shared community resource. We now have an ongoing list ofcollection-
basedexhibitions in our corridor space curated by community members in
consultation with KWAG staff. The public can also access visuals of the
permanent collection on our website. This puts us on par with our sister
institutions across the country as well as internationally.
Our next objective in this area will be positioning the collection for
outreach in the community and Region through touring collection projects.
We will also need to investigate the~nancial means of conserving more of these
significant works from the collection.
2. Present original exhibitions of high quality. It is critical for a public art gallery
to organize in-house exhibitions of high quality, exhibitions that set the bar and a
high standard in curating by addressing topics in historical and contemporary art
that will have relevance in the field of visual arts. This kind of activity ensures
that the KWAG keeps its position as a leading Canadian cultural institution. Such
original research will provide future generations with important information on
artists working in the Region and contextualizing their practice on a national
level. We were able to upgrade our exhibition status in this regard and provide
our audiences with important original exhibitions curated in-house such as the
KWAG Biennial, The Limits, Althea Thauberger, John Sasaki (which is
touring), among others.
For future programming and sustainability, we plan to implement the addition
of one mini-blockbuster exhibition annually with the objective of attracting
tourists as well as our local audiences.
1 of 2
9 - 23
3. Design and present meaningful education and public programming for all
ages. It is this area that is witnessing the greatest growth and demand. We
continue to offer school programming by offering curriculum based programming
to the Public and Catholic schools as well as Family Sundays, March Break,
Summer Camp, artist talks, curator tours, etc. With the additional funds we were
able to expand our public and education programming providing more free events
and activities that connect people to visual arts through social interaction. Such
programs included Walk the Talk (Thursday evening tours through exhibitions
that introduce people to the world of visual art and its language) and integrated
programming with other arts organizations. We have been able to increase our
programming dynamic through partnerships with Kitchener-Waterloo Symphony
with an After Party at the KWAG as well as participation in CAFKA's biennial
and Regional programming such as Get Off on Art with Cambridge Galleries,
Clay and Glass Gallery and KWAG.
Depending on future sustainability funding and to increase our programming
revenues, based on the responses to our programs we will be working with
multi-cultural partners such as MT Space and various multi-cultural centers on
joint programming, the Kitchener Public Library on literacy and visual literacy
workshops, creative thinking workshops with medical students, corporate
executives and health organizations, and the development of a Youth Council.
4. Financial sustainability. We continue to work diligently on increasing our
membership base, raising funds through our successful Black and Gold gala, and
attract sponsorships such as that from Sun-Life Financial for Free Admission.
Nevertheless the economic climate continues to be challenging and in reality the
Gallery still does not have a sustainable base of funding in the current economy.
During the transition between Executive Directors, although we were able to
begin plans on a Maj or Gifts and Endowment Campaign, we were not able to
launch it. As we currently are working on Business Plans for the next year, the
Major Gift and Endowment Plan will be positioned within it as part of our
usiness revenue strategy.
On behalf of the Board and Staff at KWAG, we thank the City of Kitchener's support
through the Arts sustainability Fund for without it, we would not have been able to
accomplish what we did over the past two years.
2 of 2
9 - 24
AcPP~NDIX S
THE KITCHENER-~VATERLaO ART GALLERY
FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2010
9-25
THE KITCHENER-WATERLOO ART GALLERY
DECEMBER 31, 2010
CONTENTS
Management Responsibility for Financial Reporting
Independent Auditors' Report
Financial Statements
Statement of Revenue and Expenditure
Statement of Changes in Net Assets
Financial Position
Statement of Cash Flows
Explanatory Financial Notes
Schedule
Revenue
Page
l
2
3
3
4
5
6-9
10
9-26
THE HITCHENER-WATERLOO ART GALLERY
MANAGEMENT RESPONSIBILITY FOR FINANCIAL REPORTING
DECEMBER 31, ZO10
The accompanying financial statements and all other information contained in this annual report are the
responsibility of the management of The Kitchener-waterloo Art Gallery. The financial statements have
been prepared by management in accordance with Canadian generally accepted accounting principles and
have been approved by the Board of Directors.
Preparation of financial information is an integral part of management's broader responsibilities for the
ongoing operations of The Kitchener-Waterloo Art Gallery. Management maintains a system of internal
accounting .and administration controls which are designed to provide reasonable assurance that
transactions are accurately recorded on a timely basis, are properly approved and result in reliable
financial information. Such information also includes data based on management's best estimates and
judgments. Management has determined that the enclosed financial statements are presented fairly and on
a consistent basis with prior years, in all material respects.
The Finance Committee meets with the Director General and Manager of Finance and Administration of
The Kitchener-Waterloo Art Gallery on a monthly basis and reports to the Board of Directors thereon. In
addition, the Finance Committee and Board of Directors review and approve the annual financial
statements.
The financial statements -have. been audited by the external auditors, Graham Mathew Professional
Corporation, Chartered Accountants authorized to practice public accounting by The Institute of
Chartered Accountants of Ontario, in accordance with Canadian generally accepted auditing standards.
The external auditors ,have full and free access to management, the Finance Committee and Board of
Directors. The Independent Auditors' Report, dated March 10, 2011, expresses their opinion on the 2010
financial statements.
F ogu
Director' Ge»eral
Shelly Mit~l~iell
Manager cif F finance and Adm~ir~istratior~
9-27
r ~~yy py it r
A `}i3 {psi ~f ii iit 3f11_ar'~ ~~~4 t+tr '~+~i~1 ~ ~r'i1~f,~t'+.~it:e~ i ~~<~?~,r~ ~ ~`r~ sr '~~ j. ~~M~~~
INDEPENDENT AUDITORS' REPORT
To the Members of
The Kitchener-Waterloo Art Gallery
We have audited the accompanying financial statements of The Kitchener-Waterloo Art Gallery (the "Gallery"),
which comprise the statement of financial position as at December 31, 2010, and the statements of revenue and
expenditure, changes in net asset and cash flows for the year then ended, and a summary of significant accounting
policies and other explanatory information,
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with
Canadian generally accepted accounting. principles, and for such internal control as management determines i~s
necessary to enable the preparation of financial statements that are free from material misstatement, whether due to
fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit
in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with
ethical requirements and plan and perform the audit to ,obtain reasonable assurance about whether the financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments,
the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of accounting estimates made by management,
as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified
audit opinion.
Basis for Qualified Opinion
In common with many non-profit organizations, the Gallery derived revenue from fundraising and other sources, the
completeness of which is not susceptible to satisfactory audit verification. Accordingly, our verification of these
revenues was limited to the amounts recorded in the records of the Gallery and we were not able to determine
whether any adjustments might be necessary to fundraising revenues, excess of revenue over expenditure and net
assets.
Qualified Opinion
In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion paragraph,
the financial statements present fairly, in all material respects, the financial position of the Gallery as at
December 31, 2010, and the results of its operations and its cash flows for the year then ended in accordance with
Canadian generally accepted accounting principles.
r r
Cambridge, Ontario
March 10, 2011 CHARTERED ACCOUNTANTS, authorized to practice public
accounting by The Institute of Chartered Accountants of Ontario
THE KITCHENER-WATERLOO ART GALLERY
STATEMENT OF REVENUE AND EXPENDITURE
YEAR ENDED DECEMBER 31, 2010
2010 2009
~ ~
Revenue (page 10}
Government grants 35,551 295,553
Arts agencies 21. ~ 74
~ 208,000
Project grants .b9,596 155,633
Exhibitions 132794 135,565
Education 9,140 92,966
Public support ~.93,3C9 206,116
Foundations ~~,09~ 60,729
Investments note 8
.
--- ,~fl ~1 15 745
.~
~ X99 ~57
1 170 307
Expenditure
Curatorial and exhibition 2~~,401 311,426
Education rograms
p 172,58' 129,600
Marketing and communications 1~3,1~6 122,405
Development and fundraising 14,732 150,810
Administration ~ ~ 243,82b ~. 232,988
Depreciation and amortization 14,943 ~ 12,406
Building and occupancy ~ 12,441 109,767
33
Special projects S1,2a5 ~ 155,6
~,_
110 3~~ 1,225,035
Deficiency of revenue over expenditure before undernoted item 31,094 ( 54,728)
~. ,~,,
Be uest income 3 88t; 153,087
,~_ '
Excess (deficiency) of revenue over expenditure for year (= {~7,2Q~8) 98,359_
STATEMENT OF CHANGES IN NET ASSETS
YEAR ENDED DECEMBER 31, 2010
Invested
in Capital Internally Endowment
Assets Restricted Funds Unrestricted 2010 2009
$ $ ~ ~ $
Net assets (deficiency),
beginning of year 1bb3~ ~ 11,31 ~84,13~ ~ :101,'180} 30,49 208,362
Excess (deficiency) -
n
of revenue over ._
,;
ex enditure
p ( 7,441} ( 19,70?} - . ( ~7,2~8} 98,359
Invested in capital assets 17 ~ ~ '. ~~
Contributions 2~9. . 20~ 3,729
Net assets (deficiency),
end of year 9,21 ~ 11,59Q 384,13 ~ 121.~48~} 28~,4.5~ .` 310,449
The explanatory financial notes form an integral part of these financial statements.
THE KITCHENER-WATERLOO ART GALLERY
FINANCIAL POSITION
DECEMBER 31, 2010
2010 ~ 2009
$ $
ASSETS
Cash 9,$3.1 169,560
Accounts receivable tS,~~9. 2,274
Prepaid expenses 3,9~~ . 31,332
Current assets -' 1~3,~'$9 ~, 203,166
Investments
Allan MacKay Curatorial Fund (note 6) , ~00,~'
.Endowment ~~5,~~~ 430,543
Capital assets. (note 4) .1,000 22,982
$~~,~$G :- 656,691
LIABILITIES
Accounts payable and accrued liabilities ~ ~.
~$,~5~ , ~~;
68,176
Deferred revenue
~~II ~~~ ~~~,.5~3~
.1_4~M~~.I..I~III..I.~III I.II.AI.MI.~h
' 225,309
Current liabilities :.5
;.:
~5~~~$
293,485
Deferred revenue, Endowment ~,
~!~,~~~
46,409
Deferred capital contributions (note S) ~,~`~0 6,348
Deferred revenue, Allan MacKay Curatorial Fund ~~Q ~ ,,~^„_ . ,.._~.
t
. 5~0~~~~ ~
346.242
NET ASSETS
Invested in capital assets (note 7) "9,~21~ ~ 16,634
Internally restricted ,
1~~~~ 11,381
Endowment funds - ~$4,1~~ 384,134
Unrestricted (: ~~1,~$4) ( 101,700)
r
~~3,~5~ 310,449
$03,~8b 656.691
APPROVED BY THE BOARD
~. Pr~sd~r~t
~ Trrt'~SUr~~'
The explanatory financial notes form an integral part of these financial statements.
THE KITCHENER-WATERLOO ART GALLERY
STATEMENT OF CASH FLOWS
YEAR ENDED DECE MBER 31, 2010
2010 2009
~ $
Cash flows from operating activities:
Excess (deficiency) of revenue over expenditure for year ( Z7,Z4$) 98,359
Items not involving cash:
Amortization of capital assets ~~,9~~ ~, 12,406
Amortization of deferred capital contributions ( 3,02) ( 4,787)
~~
r~~~ rw.rr ~~ri ~.~~irr~rr irrir.~ r
(; 1~,'~G7) 105,978
Net change in non-cash working capital
balances relating to operations:
:,
Accounts receivable ( 1~,~'fi) 8,561
Prepaid expenses ;7,41. ( 11,395)
Accounts payable and accrued liabilities ( ~,a23) . 15,445
Deferred revenue 1~Q,4$~
~
~ ( 44,583)
i~r~~~
i r~wi,
rri
~r
~25.1~44 74.006
Cash flows from investment activities:
Change in investments ( . 2~S,G5~) ( 51,616)
Change in deferred revenue, investments ~~,$$~ ~. = ~ 51,616
Purchase of capital assets (~
I. 1.,~ (
rl
.Y
I
i
Mr1 4,149).
I
t`'_ .
.~l
.
. n
. ( Z~Z,'1~~) ( 4,149)
Cash flows from financing activities: r
Capital contributions received ~1,9~4 1,359
Internally restricted contributions
..r~wr ~~9 :
~irdrq
..rr~Nrn.nr. 3,729
~~r.r.~i.. . ~
. ....~~3
. ~ 5~~
_I ..~
Net increase decrease in cash ~
( )
( '4 "~~~
~ ,; ~ 74 945
Cash, beginning of year 1~,~b~ ~
.ir.w~r~rr 94,615
i r. r.
Cash, end of year ~~,$31 169,560
Supplemental cash flow information:
Interest uaid
The explanatory financial notes form an integral part of these financial statements.
. 23 .: 295
9-31
THE HITCHENER-WATERLOO ART GALLERY
EXPLANATORY FINANCIAL NUTES
YEAR ENDED DECEMBER 31, 2010
~^i~~l~Irll~~ll ^
1. Basis of Presentation. of Financial Statements
These financial statements have been prepared by management on a going concern basis, which presumes that
The Kitchener-Waterloo Art Gallery (the "Gallery") will be able to realize its assets and discharge its liabilities
in the normal course of business for the foreseeable future. The Gallery has a working capital deficiency at the
end of the year and a deficiency in its unrestricted fund.
2. Nature of Business
The Gallery enhances interest and builds understanding of the visual arts among the public, gallery members and
the' arts community in the surrounding area. This is accomplished by providing accessible public exhibitions,
sustaining a significant permanent collection of artworks, delivering intriguing special events and tours and
stimulating creativity in generations of children and adults, through studio workshops, lectures and seminars.
The Gallery is incorporated as anon-profit organization without share capital. It is a registered .charity within
the meaning of the Income Tax Act (Canada) and is exempt from income taxes.
3. Summary of Significant Accounting Policies
This summary of the major accounting policies is presented to assist the reader in evaluating the financial
statements contained herein. These policies are in accordance with Canadian generally accepted accounting
principles and have been followed consistently in all material respects for the periods covered:
(a) Amortization of capital assets
The Gallery amortizes capital assets on a straight-line basis over their estimated useful lives:
Computer equipment 5 years
Computer software Z years
Furniture, f xtures and equipment 5 years
Collection management equipment S years
Building improvements 20 years
(b) Works of art
Acquisitions of works of art and related costs are reflected through unrestricted net assets in the year they
are incurred. Donations of works of art are not recorded in the accounts.
The permanent art collection is presently insured for $6,904,000.
(c) Financial instruments
The Gallery's financial instruments are comprised of cash, accounts receivable, investments and accounts
payable and accrued liabilities excluding statutory obligations.
Financial instruments classified as loans and receivables and other financial liabilities are carried at
amortized cost using the effective interest method. Interest income or expense is included in the statement
of revenue and expenditure over the expected life of the instrument. Transaction costs are expensed when
incurred.
All financial instruments described as investments were designated as held-for-trading ("HFT") securities.
HFT securities are carried at fair value and .the unrealized gains and losses are deferred as are realized
gains and losses on sale. The fair value of all HFT securities are determined from quoted market prices.
Unless otherwise noted, it is management's opinion that the organization is not subject to significant credit
risk, market risk (including currency, interest rate and equity risks) or liquidity risks. Liquidity risk is the
risk that the Gallery will not be able to meet all cash outflow obligations as they come due. The Gallery
mitigates this risk by monitoring cash activities and expected outflows. The Gallery does not have material
liabilities that can be called at the demand of a lender nor does it have material commitments for capital
expenditures and there is no need for such expenditures in the near future.
2
THE HITCHENER-WATERLOO ART GALLERY
EXPLANATORY FINANCIAL NOTES
YEAR ENDED DECEMBER 31, 2010
.__
3. Summary of Significant Accounting Policies (Continued)
(d) Deferred revenue
Deferred revenue represents revenue received for which the related expenditures have not been made.
(e) Deferred capital contributions
Capital contributions for the purposes of acquiring amortizable capital assets or reducing debt applicable to
capital assets are deferred and amortized on the same basis as the related capital assets.
(f) Endowment funds
Endowment fund contributions are excluded from revenue and recognized as direct increases in net assets
in the statement of changes in net assets. ,Income earned on resources held for endowment and realized and
unrealized gains are deferred and recognized as income of the operating fund when used in accordance
with the restrictions of the endowment fund,
(g) Revenue recognition
The Gallery follows the deferral method. of accounting for contributions. Restricted contributions are
recognized as revenue in the year in which the related expenses are incurred. Unrestricted contributions are
recognized as revenue when received or receivable, if the amount to be received can be reasonably
estimated and collection is reasonably assured.
Accumulated amortization
Computer equipment 4Q,79'~ 35,434
Computer software _ 12,~~+~ 12,436
Furniture, fixtures and equipment : ~~,b~~ . ~ 49,113
Collection management equipment. ~1,~.2~ 41,122.
Building improvements , 4~,Q~S :: 416,085
~~~,13~,
M~P.1~11~1~1 554,190,
~ I~I~~~1
Net Book Value 1
.~,U~~ ~ 22,982
5. Deferred Capital Contributions
Balance, beginning of year +6,38 9,776
Grant received for purchase of equipment __ _ 1,944 1,359
11,29 ~ 11,135
Amortization ~:~ ~ X50) ~ ( ...4,787}
79!D 6 348
THE KITCHENER-WATERLOO ART GALLERY
EXPLANATORY FINANCIAL NOTES
YEAR ENDED DECEMBER 31, 2010
6. Allan MacKay Curatorial Fund
During fiscal 2010, the Gallery received a grant in the amount of $200,000 from the City of Kitchener
Musagetes Arts & Culture Fund established in the name of Allan MacKay to cover the cost of special exhibits
to be held at the Gallery. Beginning in 2011, the Allan MacKay Curatorial Fund will be disbursed at a rate not
to exceed $10,000 per year plus any income earned on the invested funds. Any amount not spent in a given
year may be spent in any subsequent year. Income earned on the the grant monies invested by the Gallery are
deferred.
Purchase of capital assets, net of disposals I,9~I 4,149
Amounts funded by contributions (: 1,9~4~ . ( 1,359)
._ ~~ ~ , 2,790
Chan a in net assets invested in ca ital assets ~ ~~~ 4,829
8. Investment Income
Investment income earned is reported as follows: ~
Unrestricted resources ~~ ~~2 471
Ontario Arts Council Endowment (note 10) 2,!~~7
Income earned on resources held for endowment:
Unrestricted
ce ~7,~~ . ~ 15,274
i
. w
Total investment income recognized as revenue :~~,3~ :: 15,745
9. Endowment Funds
Contributions restricted for endowment funds consist of restricted donations received by the Gallery. From the
time of its receipt, the endowment principal is to be maintained for not less than 10 years. All donations to the
endowment fund shall be pooled in a separate account held by a third party.
The Board of Directors may make a distribution in each calendar year to the operating account of the Gallery
not exceeding 4% of the market value of the assets of the endowment fund on December 31 of the preceding
year. No distribution is allowed in a calendar year when the market value of the assets of the endowment fund
at the previous December 31 is less than 104% of the sum of all donations to the. endowment fund. However,
the Board of Directors may continue distributions for two calendar years regardless of the market value of the
assets in the endowment fund. After making two such distributions, there shall be no further distribution until
the year after, when the market value of assets in the endowment fund exceeds 104% of the sum of all
donations to the endowment fund.
9-34
THE KITCHENER-V~ATERL00 ART GALLERY
__
- EXPLANATORY FINANCIAL NOTES
YEAR ENDED DECEMBER 31, 2010
10. Ontario Arts Council Endowment Fund
The Gallery has entered into an agreement to establish a permanent endowment fund with the Ontario Arts
Council Foundation. Under the terms of the agreement, the invested capital cannot be withdrawn and only the
related income can be paid to the Gallery. Accordingly, this endowment fund is not presented in these financial
statements.
The estimated market value of the endowment fund as at December 31, 2010 is $92,950 ($88,553 in 2009).
During the year the Gallery received $2,657 from the endowment fund.
11. Commitments and Contingencies
The Gallery has agreed with The Centre in the Square Inc. to occupy the Art Gallery premises fora twenty-
. year period, which commenced on completion of the Art Gallery building in 1980, with successive automatic
renewal periods of ten years. The Gallery has agreed to make an annual contribution to the costs related to the
premises. In 2010 this amount was $87,479 ($87,251 in 2009).
12. Bank Indebtedness
The Gallery has available a revolving line of credit to a maximum of $100,000. The line of credit bears interest
at a rate of prime plus 1.5% and is unsecured..
13. Restrictions on Net Assets
During the prior year, the Gallery received donations towards the Art Angels fund, which. is an internally
restricted fund. The donation proceeds can be used for operational purposes throughout the year under the
restriction that the year ending balance in a separate bank account for the Art Angels fund must equal or exceed
the amount of the donation received. At December 31, 2010 the separate bank account for the Art Angels fund
had a balance of $11,588 ($11,589 in 2009).
14. Capital Management
Capital is comprised of the Gallery's fund balances which includes the Endowment fund, internally restricted
and unrestricted funds and the amount Invested in Capital Assets. At December 31, 2010, the Gallery's fund
balances totalled $283,450 ($310,449 in 2009). The Gallery's objective with respect to capital management is
to ensure the long term strength and stability of the organization. The Board of Directors and management
develops the capital strategy and oversees the capital management of the Gallery.
15. Future Changes in Accounting Standards
The Accounting Standards Board of The Canadian Institute of Chartered Accountants (CICA) and the Public
Sector Accounting Board (PSAB) have worked together to formulate a new basis of financial reporting
standards that will apply to not-for-profit organizations. These standards which were released in December
2010 are contained in Part III of the CICA Accounting Handbook and are referred to as Canadian accounting
standards for not-for-profit organizations.
The existing accounting standards used by not-for-profit organizations will continue to apply until these new
accounting standards are adopted. The new standards are mandatory to 6e adopted for the fiscal year ending
December 31, 2012.
16. Comparative Figures
Comparative figures have, in some instances, been restated to conform with current year presentation.
9-35
THE KITCHENER-WATERLOO ART GALLERY
SCHEDULE OF REVENUE
YEAR ENDED DECEMBER 31, 2010
2410 2009
$ $
Government grants
City of Kitchener -Arts Culture Sustainability Fund 41},t~0
City of Kitchener ~ ~~#~,QbS 237,069
City of Waterloo -~8,~$Cr 58,484
___ City of Waterloo -Sustainability Funding ~8,~00
~, 3~6,~5 ~ 295,553_„
Arts agencies
Ontario Arts Council ~,~.~,~~0 128,000
Canada Council for the Arts 11,00 80,000
Arts Investment Fund ,. ~.9,~~'~ . .
,.
-.~, w.w.~.~.__ ~ .: ~1,3'~A~ r;~l 208,000
Project grants
Canadian Heritage ~8,53~ 61,454
City of Kitchener ~~ x,000 5,000
ArtsAccess 45,063
The Ontario Trillium Foundation ~ 3~i,0~~ ~ 39,116
Ontario Arts Council -Compass Grant
~wrl ~
~w
~~~A~ ~~ 5 000
_I~r•~.
F
~6~,5~G
155,633
.~_
Exhibitions
Corporate sponsorships . ' ~1~',1~~ '~ 114,054
Exhibition fees ~{lll0n 20,300
Sale of catalogues and books
_ . ^
~^M.ww ~ S ~ ~. =
~.ww+r.w-~ w..wir~ 1,211
~~~Ihrwy+w ~~ ~~~,'~~~
~Yrw.NMllww~M~(~il~w~l 135,565
Education
Waterloo Catholic District School Board ~,~'~0 21,750
Waterloo Region District School Board ~0,110~ 20,000
Summer employment grants '~,~~.~8 4,640
Workshop fees ~ ~~;4~' ; ~ 45,851
Tours -other groups ~ S
.._ 725
....
~wwwl~~w~1-I I Y C x
~,~~
~~w~~
92,966
Public support
Corporate donations ~,~Q~ 8,846
Individual donations ~ 1~Q4~~ 119,408
Voluntary admissions ~ , ~,~~4~ ~ 2,177
Fundraising ~,6~3 64,435
Amortization of deferred contributions ~,~02 ~ 4,787
Other ' ~,~~' 6,463
_ , ~ ~9~.~ ~=;
r
l 206,116
~Mi
w
ww
Foundations
Kitchener and Waterloo Community Foundation F ~-lli~~ 22,200
The Frank Cowan Foundation l~,ts~~' ~ 25,000
Brush with Art 5,000
Arts Education Partnerships Initiative 3,500
Other Foundations 4~~ ~ 5,029
O,~I~ ~ 60,729
Investment income 0,~4~ 15,745
Total revenue ~.,Il~,~' 1,170,307
~-36
CSD-11-160
Arts and Culture Sustainability Funds 2012
Appendix C:
November 2011 Report from Kitchener-Waterloo
Symphony: Arts and Culture Sustainability Fund
1 page
Kitchener-Waterloo Symphony financial statements
for the year ended July 31, 2011
16 pages, including cover page
9-37
.tTC~~~.®TE.I~00
E~uv~~ ~urw~~~~ • Music ~~~~~~-~
City of Kitchener Sustainability Support:
The Kitchener-Waterloo Symphony has been fortunate to receive a $40,000
Sustainability Grant from the City of Kitchener in both 2010 and 2011. This
support has been in addition to our annual operating grant, and we are incredibly
honoured and grateful for this support.
In the 2010/11 Season, budgeted ticket sales were unrealistic given the continuing
sluggish economy and the transition from GST to HST. We were very pleased with
the subscription campaign, which achieved 914 more concert subscriptions than the
prior season and $112,332 more in subscription revenue. Single ticket sales were
flat in comparison with the prior year and below budgeted expectations by
($170,000). Overall earned revenue missed goal by ($200,000). This was offset
by nearly an additional $200,000 received in government grants: $60,000 from the
Region, $40,000 from the City of Kitchener, $10,000 from the City of Waterloo and
$84,000 from the Ontario Arts Council Arts Investment Fund. The Annual Fund was
a tough push with a mail strike and foundation giving coming in at lower than
expected levels. Fortunately, we received a very generous matching grant from an
individual donor. This created the momentum necessary to meet the budgeted
annual fund campaign goal. With the endowment draw coming in $78,000 higher
than budgeted and solid cost control across the organization, we were able to
achieve a year end surplus of $102,000.
As delighted as we al I are with th is year end resu It, we need to remember that the
KWS still has an accumulated deficit of $530,601. We will need 6 more years of
managing financial results at 2011 levels to eliminate this deficit and to sustain this
incredible organization over the longer term...a challenge, but one that I know is well
within our grasp. Our strategic plan and our multi-year operating plan has been built
with deficit reduction as a key priority for our continued success in the future.
With the 2011/12 Season underway we are only too aware of tensions within the
economy right now. While we have hit some sales targets, we have also missed
others. We know that our goal to reduce our accumulated deficit further, thereby
strengthening this foundational cultural organization in the City of Kitchener will be
a significant challenge. Given the opportunity we will request and make the case for
sustainability support from the City of Kitchener for 2012.
The KWS supports the Creative Enterprise Initiative and believes that the
sustainability funding allocated by the City of Kitchener should be maintained as
part of the strategy to ensure that arts and culture organizations can be sustainable.
* Note: In reviewing the 2011 FS please note single ticket sales in 2010 included three specials that
increased revenue but did not net any profit to the bottom line.
9-38
KITCHENER-WATERLOO
SYMPHONY ORCHESTRA
ASSOCIATION INC.
9-39
~s ~_: . , .~~ ~d
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INDEPENDENT AUDITORS' REPORT
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9-41
KITCHE[~ER-INATERL~(] SYMPHC)NY ~RCHESTF~A
ASS+aCIAT14N [NC.
Sta4ement of Financial Position
July 31, 2011, with camparati~e figures far 21710
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9-42
~ ~I~~I~ ~f ~~~ ~~~r~:
KITCHENER-WATERLOO SYMPHONY ORCHESTRA
ASSOCIATION INC.
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9-43
KITCHENER-WATERLOO SYMPHONY ORCHESTRA
ASSOCIATION INC.
Statemem of Deficit
"~'`~r ~en~d~d .~ul ~, 11, ~vi~h ~~arr~~~r~ti~re i'i~r~ fir ~~
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3
9-44
KITCHENER-WATERLOO SYMPHONY ORCHESTRA
ASSOCIATION INC.
Statement of Cash Flows
'r ~r~~e~ ~~I ~ , ~~ ~ , its c~a~~~r~v fi~ur~ ~~r 0 ~ ~
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4
9-45
KITCHENER-WATERLOO SYMPHONY ORCHESTRA
ASSOCIATION INC.
Notes to Financial Statements
~~~` r~~~ ~Gll~l ~ r ~~ 1
T~ Iitl~~r-er-"~atrl~a~ r~ h~r~ rch~r~ ~i~io~n ~nco ~~ ~~~~iati~n~
rith~~ut har ~~~it~l ur~~r the ~~ ~~ ~~ari~ ~r~~i its ~rin~i~al ti~rit~' i ~r~vi~iir~g ~l~~an
p~erf~rm~r~ 1~-vr~~u~ i ~er~~er~t~ prrir=~~ril fr~~ tice~ alb, ~ tees, ir~n~, ~~r~~ri~ip
and dnati~r~.
~~ i~nif~a~t a~c~~ur~tir~ p~~iie:
~a ~h ~r~d I~~rt-term in~v~~~ir~t;
ah ~~ shirt-tern ir~v~~rr~ent nl~,de in~estrner~~t it6~ ~r~inal rn~turiti~ ~f tl~~e
rn~r~~h or ~~ and are a~unted ~~r ~~ r~aret value.
~~~ veil un~ nvestr~e~nt;
vial ~ur~~ investrr~en~s ~r ~~r~ted ~~~ at rr~arl~e~ v~~lue. Fair r~are~ ~rJues ire ~e
~~ ~~~t~ed r~~rket ripe ~ the se~uri~ies.
~reai~ ~~~uti~n costs
l~re~ai~ pr+a~u~i~n ~o~sts ~r cat ir~~rr~ed ~~r tt-e yet seesan.
~ aa~a~ Bets:
~~ital assets are r~~~ded ~at f~it~rial ccs~. r~rtiti ~ ~r~vi~ied usir~~ the fll~ir~
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5
9-46
KITCHENER-WATERLOO SYMPHONY ORCHESTRA
ASSOCIATION INC.
Notes to Financial Statements, continued
'~nd~ Sul ~, ~~
1. r~if~~n~ ac~~u~tin ~~li~i ~c~~fiinu~~d~:
vr~~ r~+~~r~iti~r~
Thee o~i~ti~r~ f~~i~~v ~h ~f~rr~l mtf~~c~ ~~ ~~~r~ti~n four a~tri~u~~n ~rl~i~ r~lu~
~~nti~~~ ~~~ r~a~t~. k~it~~ ~~trib~tian ~r r~~ni~ed rev~nu ~~ ~h~ ~~ ire
rhih the relate ~~~ ~r~ ir~~~rr~~. ~Jnr~r#~ ~r~~ri~u~i~r~ ~n~J ~I~~~ ~ir~
r~~on~~e~d ~ r~~r~~u ~~~ received oar r~ei~r~i, wf the ar~~~~~ k ~ r!~d r~ ~~
r~n~l e~tirnked and ~~Il~~i~r~ a r~~r~a~l au~+~d.
v~u fr~rr~ tit end er~~+ic~ ~I i r~~nied hers t~ ~r~e r provided. en~~~
rvr~~ i r~r~~d aver ~~~ rt~tP ~~ri~d.
~ef~rred r~ev~~u:
~rr~ue feci~+~ in ~advar~c, d~~i ~ in r~~ta , repr~~~r~~ r~~u r~i~rd fcr rail
tie relfd civic h~~r n~ den ~rcvd~d or ~~~ r~l~td ~err~itures dare r~~~ +t ~~n
r~~d,
~~ ~frrd ~pitl ~ar~tri~~ti~r~.
tri~~ti~n restricted fir ~~~ p~,r~~ ~r t d~nati~r~ c~ affil ~t ~ ~f~erre~d ~n
~rti~l ir~t~ rv~nu~ on ~raih~-ling ~iP ~t rats ~rre~ndir~ v~ri~l~ tie ar~~rti~ati~n
~~~ ~ tie related coital ~~.
~~ L~~r~ate~d ~errrices.
~~~~t~~l ~vi~ r r~cc~r~i~~ ~~ t~ir fair ~rl~~t v~ ~~ fir is ri ~~r tie fair
~~rt ~rlu i ~iter~x~ir~~le.
~i~ peraticr~:
~~~ ~chet~,a earn i ~~nidre~ ~ ~eri~d ter ~~r~i rv~~ ~r~~ ~~cp~~r~~~~~r ~
recniz~.
~1~ ~ ~~~:
the ~cciati~n i~ ~ rei~ter~ charit~r ~nd~er the li~c~r~~ T~~c t anal, ~ ~ucl~, is ~rpt
~rrr~~ ir~c~me taxes.
6
9-47
KITCHENER-WATERLOO SYMPHONY ORCHESTRA
ASSOCIATION INC.
Cotes to ~ir~nii ~tr~~r~f, a~nf in~e~d
'~~r r~~e~f ~~i ~, C~'C
~. ~r~ifio~n~ a~o~~~ntnc~ ~~l~ ~or~tir~ued~:
~~ Fir~anciaC instrur~~r~te
Thy s~itir~ ~ C~ified its financial instrur~r~ts fr~~vw:
and h~~-ter ~n~rfr~~n'~ are classified as h~l=fir-fr~din.
~~f r~~~ivable ~ assiC~ied ~ ~n r~~ ~~iv~l.
~i~C fur~~ investrr~er~ts are cl~sifi~ v~il~hle-for-sacs.
cco~nt payhl ~~ ~ru~d Ii~hiCities and Loan ~~i ~ I~afi~~ ~~ ~ati~er
liahiCiti~es.
The eciatia~n has elects t~ a tree ~t ~cc~~~ti~ fer re~uCa~-~v~y p~u~eh~ ~n~
i ~ ~ir~~ni~~ ~~ef.
Il financial insfr~ur~er~t~ ~ ir~itr~! r~rd ~n the s~atemr~f ~f '~~~r~i~l p~ific~n at fair
vl~e, ~`~ ~r~e srr~seq~rentl v~lue~ at I~ir v~lu~ or ar~n~rti~ed cst ~epen~din ~n the
classl~iati~n ef~t~~1 fir the financial ~strurnen~. '~a~~nil ~f ire classified e~tl~er
held-fir-tra~inj hel~to-r~tu~it, ~v~il~~le-for-alek or Coar~~ and ~e~iv~hle ~~~ financial
lit~ilties are classified ~ e~hr l~~l~-fir-fr~~in or ether liabilities. ~ir~ni~l gets and
Iibiliti I~sified ~ l~eld~fcr-`l~~d;ir~~ ~r m~~r~d at fair value with ch~ng~ in fair value
recorded ire the ~~trn~n~ ~ operatian. ~ir~~r~~ial ~~t l~ifid as held-te-turif~r ~r
Con rid receivable r~~ fn~r~il li~bilifi~s ~cCassified ~ c~fC~e~ ~i~~lfi ~r~ ~t~se~~entl
rr~~ure~l t ~r~`~~~ti~d cost usir~. the ff~cfiv ir~t~r~~t mth~~. vailabCe-forTsal l~~n~r~~~l
t fh~t by a ducted r~ark~t ~~~ in ~ #ave marlet are r~~e~su~ed ~ f~~ ~~lu Frith
tl~e cC~~r~ ire fair r~lu recorded ire the ttmnf f ~fioi~. such wins +~~ Ise ~r
reclassifi~~ t~ the fteme~nt of operations when kf~ r~lt~ fin~rtcial assef i dis~cs~d ~
Shen the decline ire I~~ ~nid~red tc be otl~er~thar~ terr~pr~r}r.
future ~cc~u~~i~~ f~~r~eor changes:
In ~~ce~b~r ~~~, the ~~~~ntin~ standards ~~~~ ~f the n~~i,~n ln~fitut~ ~f tiered
c+ur~t~nt "-cl""~ and tC~e Public fr c~~ur~tin~ loar released tl~e ~~~untin standards
i.m~actir~ ~I~e f~t~are finar~ci,al re~crtin~ fir rat-fir-profit ~raniations. These star~derds sere
rieased a resu t ~f a ~oinlP ~rr~rehensi+ve s'~andard settir~ roe bar h~th ~t~ar~s. The c~
is r~espc~r~sibl fir the ~cc~~antir~ standards used b rat-for-refit orar~izatio~ns that are nit ~ndr
the r~tr~l f ~ government preferred t~ {'~tl~r r~+~t-fir-profit organizations"~, Thee t~~n~r~s
are efetive fer years hennin a~n or efter ~er~uer ~, 1 rga~izaticr~ lave ~r~ ~~ti~r~ t
earn adopt these rye tndards.
7
9-48
KITCHENER-WATERLOO SYMPHONY ORCHESTRA
ASSOCIATION INC.
Notes to Financial S~a~ements, continued
'~ ~~~~July ~, [~~
r ~utur+~ a~~ur~tin:9 fr~a~r ~~-~rr~s ~~r~t~nu~~:
Tf~~e ~~s~i,~tia~ is ~urr~en~fy ire t pr~~ cif ~~a~lu~ir~~ tl~~ ~~~~~il i~~t ~f ~ptin t~~~
~ch~r~~ ~c~r t~ e~ ndin Sul 1, ~1
~p~rat~~ ~~~ ~ rc~it.
Thy ~~i~i~r~ ~ ~r~k ~rtin lire ~~ edit Tk~ ~~~~in ling ~~ inert ~t tl~ bail
rir~~ r~t~ I~u~ ~ °l~. ~t duly °l , ~1 ~I , t~~r ra n~ r~~ur~t d~~~ ~air~t the ~~r~#ir~~ lire
T~ ~ yr~p~~r~ F~un~aiti~n In~ ~r~~~ ~ ~~rr~~~~ pint tl~~ ~~i~~i~~"~ ~~tir~
~ir~ ~~ ~~it.
Youth r~~e~r~ ~~i~1 i+un~;
1~~~ un~ rp~~~er~t `~u~~i ~r~hs~r f~an~~r~iin ~f~rt~ t~ eft +~~~h rl~~t
~~~k~~~ t~~rr~c~ ~.
~~~ 1~
~~l~r~~, b~~~n~rr~~ ~f yr, ~~ ~~~ 1~ ~ ~,~'
Fundriin r~renu~ ,~'
~~Inc~r end ~f yrF t ~~ ~ 7
8
9-49
KITCHENER-WATERLOO SYMPHONY ORCHESTRA
ASSOCIATION INC.
Notes to Financial Statements, continued
'~'~r ~r~~e .~ul ~1, ~~ 1
p~cia9 fu~~ ~~vntinu~~~F
. ~ernhar~ ~ru~ ~ur~d
fihi ~ur~d ~ initi~~ed b ~f~~ ~e~~h~r~t ~am~l t~ ~ra~vi~ nn~~l ~h~l~ri~ t~ c~~a~i~ rc~~e~~a
mu~i~i~r~, ~ ~~en ~ ~ j~r~~ ~I~c~i~~n ~rnmitt~ ~~ ~h ~iu~r~~+~r ~mmitt~ end ~h
~~~ ~h~~tr~ ~r~initr~~r~.
~~i ~ ~1
Lf~l~~~.,r'4.r~ ~~r4~1 ll~r 5..d~ ~P ~, 1,~~ ~ ~•~~~ ~ 5.. ~~
Int~rt ir1C0~11~
h~larhip e~r~r~~d ~~~~ --- - - ~~~
~I~r~, ~n~ ~f ar, at ~~~ ~i ~f ~
i A'l.tr4J 4J~4F~~L.~~~ 4#~~i..~i~1~.~i.1 ~~~ ~ ~ T ~ g'4:+~1
~~l~r~F send ~f ~r~~r, ~~ rnr~ Diu ~ ~, ~ ~ ~1 ,
~rl ~e ~marial h~b~rh~~ ~Ufl~.
fihi ~~nd ~~~~. ~t up bar ~.n~~ir~ ~~c~~ the ~1e~r f~rnil~r ~ r~i~e ~ Burn fr~rn anr~u~l ~~~~ir~
t~ e,~~i~ d~rvir~ r~rnher ~~ ~~e ~ni~r 1'~u~h r~h~~r~, Its ~~r ~ ~iri ~ I~%~n
~mr~it~~~ ~~ the I~'~+°lur~tr ~rnrni~t~ and ~h b'V '~~h rh~~tr~ ~~r~ini~r~~i~.
C~~ ~ 10
B~i~n~, b'e~r~nin ~ per„ ~~ t ~ ,~ ~ ,~
Ir~~~re~ in~~rr~e
c~i~Barhi~ ~~~~de ~~
~~I~~, n~i f +~~r, at cat ~ ~
,~m~l~i+~ ~nrali~e~ yin ~,' ~~~
~~f~r~e, er~~ ~f ~~r, t rr~~~t vice ~~, X7',0
9
9-50
KITCHENER-'WATERLOO SYNIPHQ[VY ORCHESTRA
ASS~QCIATIQN ANC.
Notes to Financial Statements, continued
Year ended July 31, 2f~11
p~~iJ ~un~ ~~c~r~t~r~u~~~:
1 ~i
T~~~I ~~~ ~~~~~, ~r~d ~f ~a~~ ~t ~~t ~ 1
ur~~uf~t~~ u~reaNiz~~ ~ir~ ~ ir~`u~tr~r~t~
Tta ~~ci~l fungi, ~~ ~f fir, t rat ~+~lu~ ,~~ ,~
capital as~~:
C~~ ~
~ur~~ul~t~d Jet ~~~ hJ~ ~~~k
~t ~r~~~~r~~~i~~ ~l~ v~u
up~r~i ~ff~ ~r~ar ~, ,~~ 1~ ~~,
~rr~putr ~n q~i~nn~r~t ~Q,~~~ (~,~ ,~~~
~~~1~~~~1 r~r~~r~t ~ ~ 1,~ ~ ~~,1
ltillui~l Nr~~r~r~~~t~ ~~~ 'I,~~ ~'~ ,~~
~i I~+~'aJ ~'4a i 9 4d~p !4P'
~~ M
'k~~~Nd.1 ~,+~ pVkF }~sd L
J L
I
~~~~~~~~ '
f ~V~ 'P
'
E
f kf'^~.IVS~
~~k.d~t C~7~~iw7 ~~~ ld"p4~4t~
~~~ ~ W M WL~ y Are
io
9-51
KITCHENER-WATERLOO SYMPHONY ORCHESTRA
ASSOCIATION INC.
ot~ ~~ ~n~ni~i t~trner~~, ~~tir~~~~
~~r ~n~d ~~I~r ~, ~ ~
~~ L~r~ ~~abN~;
~~ l~n p~~~i f r~~-i~at~re~ b~e~inc~ ~n~ tl~~ rin~i~l ~ 1 ~,~~ i die J~~r~~ ,
~. ~~~ ~~ir ~I~ ~f t~~ i~r~ ~a~~l' ~t ~u~ 1, ~1'i ~ ~1~~ ~~ - ~1}, the
~~i~ ~r~l~ ~~ ~h~ ~~an ~a~r~~l ~i~ ti~~~d ~ t~ ~~~n~ ~r~u~ o the fu~~r~ c~l~ ~is~ur~~m~~~
~di~C~unk~~ yin ~~ in~~~ ~~ avai~~bfi ~ t ~~~i~~i~n.
~rr~d c~pr~al c~r~tr~r~~c~n;
~~ ~1
~~I~nF ~~~innar~ ear ,~
~p6t~l ~r~t~ibuti~n r~i~r~ du~in the ~r
~~fi~i~:
T~~ ~~ti~' ~~~ ~f ~iretr ~ ir~t~rnalC r~~rit~ ~~i~l n ~~ut f~n~ ~ ~~~Id
~n r~~t ~~ ~e~ int~rn~i~ r~s~~a~t~~d ~~~~n ~r ~~~ ~~aiGa~1~ ~~r ~~~~r ~~r~~ v~~~ho~t
oral ~ t~ ~~ ~f rr~tr.
1 ~ ~!~~
~n~~rn~lly~ ~~~i~
it find n~~ ~ A~~ ~~ ~I
+.f f ~~~9
~F~'~ ~~~
9-52
KITCHENER-WATERLOO SYMPHONY ORCHESTRA
ASSOCIATION INC.
~t~ ~ Fi~rancial t~t~r~,~~t, ~~nt:inu~~
e~~ r~~e~ ~~I~r ~ P ~~ ~
~. ~~de~rr~r~t ~~ur~:
~h ~~i~n hay r~tr~ ir~~e are~r~rent to ~etahli~ t~vv ~ermnrrt ~n~~rrrer~t f~rr~ r~ith
the ~t~ri~ a!un~l ~~ur~~a~err ~n~ ~~~ Iit~han~r-J~t~e~l~ ~r~~y F~~r~ti~r~. 1~rr~er
the terrri ~f th~~ rr~~, ~f~ capital arrn~t ~ ~+ith~dr~v~r~ ~d ~~l~r the ~1'~t~ in~rn pan
paid' to ~~~ ~~~iatiar~.
'The eti~rte~ ~rret ~r~ ~f the endemant fungi ~ t July ~, ar~~i the ia~~m rei~r~~
~uri~r the ~ from tl~e r~~~u~r~errt Band, are felle~v
~~~ ~1D
P~rr~a received ~ 17,'1
1 F ~nnrrri~r~t:
Ire ~~M tl~e eciakien hay er~~ard into ~ three year nnate~ agram~er~t with ~h centre in tyre
~uara, relatir~ t~ rental of p~en~i~a f~~ ~n~art en a par e~re~rt bi, ~vhih pir July ~,
~.
l~ ~~, the seiatien err#~~i into ~ trr year ~~eer~ent v~itk~ the grad ~hatr erperatierr
t~ ~ tha ~nenainc~ tenant of tha nrad ~en~re icr the r~~rrrrirrg~ Arts u~ith ~ymerrt
~rmitrnr~~ until July ~~.
The cciati~a~ has lease areerr~ent~ fcr effice ~uiprn~nk ~rhicf~ have ~ay~nerrt cer~rr~ritr~rrt
until ~~~,
~rer the rret fire ~i~e~il aa~, tP~~ lease c~arrrr~r~itrr~ent ara ~~ I~+:
(~~ ~1~M
~~ ~,
C~~ ,~
C~1 ,~~
iz
9-53
KITCHENER-WATERLOO SYMPHONY ORCHESTRA
ASSOCIATION INC.
~# t~ ~innci~J t~t~m~n#, ~+~n#iriu~
~1 ~ ~~a~te~ art ~r~n~ati~n:
T~ Iii#~~r-II~trC~ mpi~a~r~y r~chtra'~I~Cur~~~r r~r~i~~~;
Thy i~i~n~r-'f~rl~~ rnph~r~ rh~~~~ '~I~r~~~~r mrnit~~e~ ~"'a~ur~t~eer ~mmitt"~
i ~n ir~~~~~r~~n~ ~r~~ni~~in ~rh~~~ r~~e find' ~in~ pr~~rrr~ Nuntr ~rvi~e ~~r ~h~e
~~iati~n. T'h~ ~~~u~t ~f kl~ '~lunf~r c~r~r~itt~~ ~r nit nl~~9~ ~~ ~~ f~nr~~ial
~~rnc~ t~ ~r, t~ Ol~luntr ~rr~rr~it#~ ~~ntruk~ h~ ~~~ - ~, tc~ tie
~t~i~ti~r~.
~~~ -~+'~' rnph~n F~ur~d~tc~r~ Ir~,~
fi~ -''' mp~~vr~ F~und~~~~r~ ~r~. ~`"F~r~~~ti~n~'~ is ~n ir~d~p~r~dent ar~ni~~#n ~ho~
~ur~~ ~~ ~i~ ~~ pia#i~r~ irti t~ ~~~r~r~rnr~~ ~~ c~r~~~tr,~i mui~ ~r~d pr~d~c~rt ~f
rk~~r~l ~nrf; Thy ~c~un~ ~ tf~ F~r~d~ti~n ~r~e ~n~t included in tree in~r~i~l
C~urr~ tl~ yr, ~~ ~~ur~da~i~n ~r~#rabu~~d ~10,~C~~ ~~ - ,C#~~~ ~~ ~h ~~~aation v~~i
i inclucf~ed in the F~ur~~it~~' ~nd~~vr~ent in~me ir~~ ~r~ t~ ~~tm~r~t of p~~~i~r~,
'I ~ apit~l man~erri~er~t
Tie A~s~i~ti~rr" ~j~i~ den r~~negir~~ pit~l, is ~ ~f~u~rd its a~~lit t~ ~ntinu~
ping ~cr~rn.
Tk~ r~~~ f~~ uiirtit li~~i re~~r i c~~~i~r~ in ~~ pre~~r~~r~ ~f ~r~ ~~r~u~~ ~~~~ and
in tie r~~niforin ~ ~r ~I~w~ end ~#u~i ~~er~~~ar~ ~~~ul~ ~rnp~r~ t~ f~ k~u~~e~. ~~
~iati~n i nit ~a~jet ~ ~~t~t+~r a~i~~l reuirern~r~t, ~t ~~~ a~~r~ t~ ~~it~l
r~r~~r~t irn~~r~ an ~n rtr~~ fungi.
~f ~p~lr~~r~~~l ~~ ~I~ inf~rr~~ati~n;
~~~ ~~
~~ paid fir ~r~teret end dank ~~ ~i ~, ~,
n~ re~ied fir in~eref, r~ludin end~r~en# in~~r~ ~ ~ "~ 8,
13
9-54
CSD-11-160
Arts and Culture Sustainability Funds 2012
Appendix D:
Creative Enterprise Enabling Organization 2011 List
of Investment Program Recipients
1 page
9-55
CEEO -INVESTMENT PROGRAM REVIEW COMMITTEE MEETING
WalterFedy, September 27, 2011
4:00-6:30 pm
Investment Program Recipients
:14
J~
t
tiYif^y
i.
;~~ REAT~I~E
L'~i~N
rF{v
.~. ~ ~~~
~~ ~~ j~11~'IAT~'~~
..~.ti
;~ppllcant
~~~ ~ ~~~
R~qu~s~ed
~~
, ~ ~ ~~ Synopsis
''
,;
A#lacated
CAFKA ~ Midsize organization
$10000
$10000 Move over threshold
i with 10K of their own
Match ng $
. budget
New Quarterly ~ 4 0
$6 0 6390
$ l.~terary focus
Kwartzlab 6000
$ 5955
$ Collaborative
iar er membershi
Attract g p
Arks Education Initiative Collaborative
$5000 $8000 Working on behalf of 3 organizations
and potential to engage others
Kitchener Blues Festival Strategic planning
$5000
$10000 Capacity building
i nificant illar event
Sg p
Shore up funding
Maxwell's Music House
$5000
$10000 Good business plan
n ble oals
Reaso a g
Uptown ~laterloo Comedy Festival
~~
$3300
$10000 Attract big name talent
in mentorin su ort CEEO
Market g/ g pp
;Waterloo Jazz Festival
$3300
$10000 Attract big name talent
~
i rk in mentorin su ort CEEO
Ma et g/ g pp
;Grand River Film Festival
$3000
$loooo Heather to contact re. specific use of
funds
Lost & Found Theatre Patron technolo license
gY
$2000 $1975 Pilot project -share experience with
CEEO
i Canadian Clay & Glass Gallery
~ $500 $10000 Software purchase
'~ McDonald Art $500 $10000 For initial consultant fee
91- 56
CSD-11-160
Arts and Culture Sustainability Funds 2012
Appendix E:
Cultural organizations receiving new funding
resulting from $1 per capita sustainability
commitment (2011 $)
1 page
9-57
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