The J. Paul Getty Trust 2010 Report
Financial Information
Endowment Value
Amounts in billions
Footnote: Endowment Value is from Financial Statements and includes investments net of payables and receivables, investments loaned under a securities lending agreement, and it excludes investments whose use is limited.
Statements of Financial Position
June 30, 2010 and 2009
| (Amounts in thousands) | 2010 | 2009 |
|---|---|---|
| Assets | ||
| Cash$ | 275 | 253 |
| Receivables: | ||
| Investments | 48,267 | 76,645 |
| Interest and dividends | 1,967 | 2,690 |
| Other | 4,943 | 1,643 |
| Investments | 4,839,187 | 4,335,106 |
| Investments loaned under securities lending agreement | – | 126,203 |
| Investments whose use is limited | 2,771 | 1,640 |
| Collateral held under securities lending agreement | – | 128,220 |
| Property and equipment, net | 1,260,959 | 1,305,159 |
| Collections and other assets | 1,935,235 | 1,914,480 |
| $ | 8,093,604 | 7,892,039 |
| Liabilities and Net Assets | ||
| Liabilities: | ||
| Accounts payable$ | 10,183 | 15,013 |
| Payables on investment purchases | 58,339 | 72,893 |
| Accrued and other liabilities | 171,347 | 130,992 |
| Interest rate swaps | 110,190 | 73,883 |
| Payable under securities lending agreement | – | 130,828 |
| Bonds payable | 622,555 | 626,630 |
| 972,614 | 1,050,239 | Net assets: |
| Unrestricted | 7,118,780 | 6,840,223 |
| Temporarily restricted | 1,445 | 1,017 |
| Permanently restricted | 765 | 560 |
| 7,120,990 | 6,841,800 | |
| $ | 8,093,604 | 7,892,039 |
Statements of Activities
Years ended June 30, 2010 and 2009
| (Amounts in thousands) | 2010 | 2009 |
|---|---|---|
| Change in unrestricted net assets: | ||
| Revenues and other support: | ||
| Sales and other income$ | 26,173 | 24,505 |
| Contributions | 4,137 | 4,396 |
| Investment income (loss): | ||
| Interest and dividend income, net | 37,531 | 45,617 |
| Net realized and unrealized gain (loss) on investments | 563,979 | (1,290,686) |
| Net investment income (loss) | 601,510 | (1,245,069) |
| Net realized and unrealized loss on interest rate swap agreements | (36,307) | (47,696) |
| Net assets released from restriction | 469 | 386 |
| Total revenues, other support, and investment income (loss) | 595,982 | (1,263,478) |
| Expenses: | ||
| Program services: | ||
| Museum | 162,980 | 170,197 |
| Research Institute | 44,139 | 53,042 |
| Conservation Institute | 26,951 | 33,015 |
| Foundation and Grants | 37,216 | 33,259 |
| Total program services | 271,286 | 289,513 |
| Supporting services: | ||
| General and administrative | 10,458 | 11,240 |
| Total expenses | 281,744 | 300,753 |
| Pension and other postretirement plans | (35,681) | (20,590) |
| Change in unrestricted net assets | 278,557 | (1,584,821) |
| Change in temporarily restricted net assets: | ||
| Contributions | 897 | 487 |
| Net assets released from restriction | (469) | (386) |
| Change in temporarily restricted net assets | 428 | 101 |
| Change in permanently restricted net assets: | ||
| Contributions | 205 | 10 |
| Change in net assets | 279,190 | (1,584,710) |
| Net assets, beginning of year | 6,841,800 | 8,426,510 |
| Net assets, end of year$ | 7,120,990 | 6,841,800 |
Statements of Cash Flows
Years ended June 30, 2010 and 2009
| (Amounts in thousands) | 2010 | 2009 |
|---|---|---|
| Cash flows from operating activities: | ||
| Change in net assets$ | 279,190 | (1,584,710) |
| Adjustments to reconcile change in net assets to net cash used in operating activities: |
||
| Depreciation and amortization | 47,345 | 47,889 |
| Net realized and unrealized (gain) loss on investments | (563,979) | 1,290,686 |
| Unrealized loss on interest rate swap agreements | 36,307 | 47,696 |
| Noncash contributions of art | (3,850) | (4,025) |
| Unrealized loss on property and equipment | 1,294 | – |
| Loss on disposition of property and equipment | 161 | 4,342 |
| Gain on disposition of collection items | (97) | – |
| Pension-related changes | 36,013 | 25,251 |
| Contributions restricted for long-term investment | (205) | (10) |
| Changes in operating assets and liabilities: | ||
| Interest and dividends receivable | 723 | 3,257 |
| Other receivables | (3,300) | 487 |
| Other assets | (1,203) | 259 |
| Accounts payable | (4,830) | (12,897) |
| Accrued and other liabilities | 4,344 | 982 |
| Net cash used in operating activities | (172,087) | (180,793) |
| Cash flows from investing activities: | ||
| Proceeds from sales of investments | 8,052,506 | 5,271,979 |
| Purchases of investments | (7,856,320) | (5,061,538) |
| Purchases of collection items | (15,682) | (24,012) |
| Proceeds from the sale of collection items | 97 | – |
| Purchases of property and equipment | (4,659) | (4,991) |
| Proceeds from sale of property and equipment | 37 | 3,235 |
| Net cash provided by investing activities | 175,979 | 184,673 |
| Cash flows from financing activities: | ||
| Proceeds from bonds payable | 161,125 | 350,475 |
| Payments on bonds payable | (165,200) | (354,400) |
| Contributions restricted for long-term investment | 205 | 10 |
| Net cash used in financing activities | (3,870) | (3,915) |
| Net increase (decrease) in cash | 22 | (35) |
| Cash, beginning of year | 253 | 288 |
| Cash, end of year$ | 275 | 253 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid during the year for interest$ | 23,428 | 20,715 |