Financial Health Analysis
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Report
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Overview
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Dashboard
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Overall Annual Performance
Overview
Unrestricted Revenue & Expenses
Unrestricted Surplus (Deficit)
Separating Operating Revenue from Capital
Revenue & Full Cost
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Overview
Earned Revenue Composition
Contributed Revenue Composition
Revenue Sources Relative to Expenses
Expense Composition
Coverage of Estimated Full Costs
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Health of Balance Sheet & Liquidity
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Overview
Asset Composition
Gross Fixed Asset Composition
Accumulated Depreciation
Liabilities as a Percent of Assets
Liability Composition
Total Net Asset Composition
Liquidity of Unrestricted Net Assets
Asset Restriction and Liquidity
Liquidity Indicators
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Financial Statements
Income Statement
Balance Sheet Trends
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Financial Health Analysis
Overview
The Nonprofit Finance Fund (NFF) Financial Health Analysis provides an indepth look at your organization’s financial situation. Whether you are a
business or artistic decision maker, this report can help you assess the impact
of your choices on your organization’s viability and vibrancy.
The analysis in this report provides your staff, board members, funders and
stakeholders with: 1) knowledge about your organization’s business
dynamics, financial strengths and weaknesses, 2) language for
communicating your resource needs and 3) insights to inform future planning
and decision making. The report is meant to be a starting point for dialogue
and exploration.
The Financial Health Analysis can be used by your organization in any
number of ways, including:
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To launch or inform strategic/business planning
As an annual financial “check-up” for review at management and board levels
To communicate financial condition and funding requirements to donors and other stakeholders
As a training resource for new executives and board members
To inform the annual budgeting and financial planning process
To educate program and other “non-financial” staff about the organization’s financial health
To inform consultants working with you on financial planning and other capacity-building efforts
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In reading your report, please remember that, while there may be general ranges of acceptability, there is no “right”
ratio or other metric that defines financial health. Your leadership should be asking what is appropriate for your
organization, considering a host of factors such as: size, stage of growth, business model, riskiness of artistic
programming, environmental risk, and strategic or program ambitions. Ultimately, we hope this report will assist your
leadership in considering which business decisions are most likely to bring your organization into better balance
artistically and financially.
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The Financial Health Analysis consists of three main sections:
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Dashboard – Highlights key financial and business indicators for your organization, and can help answer the
question: what metrics should we look at and what do they mean for our organization?
Graphs and Explanatory Text – These multi-year graphs provide a basic financial overview of your organization.
This section also contains explanatory narrative that provides context about your data and its implications, as well as
key questions to elicit conversation about the connections among your operations, programs and capital structure.
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Financial Statements – Provide a snapshot of your organization’s income statement (also known as the statement
of activity) and balance sheet (also known as the statement of position) over multiple years. NFF has organized the
information in categories we find useful for analysis. If your organization does not produce a balance sheet, sections
of this report that focus on balance sheet health may not apply.
Viewing and Printing Your Report
You can print any individual section of this report from the section itself, or print the report in its entirety, by clicking
the Print button at the top of the page.
Disclaimer: Data used in this document is self-reported by organizations using the
Cultural Data Project (CDP). The CDP accepts no legal liability or responsibility
for the accuracy, reliability, or completeness of any information.
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Financial Health Analysis
Dashboard
Overall Annual Performance
Total expenses (before depreciation)
Expense growth (annual)
Unrestricted surplus/deficit before depreciation *
Unrestricted surplus/deficit as a % of expenses
Unrestricted surplus/deficit after depreciation *
FY 2010
FY 2010
FY 2011
$13,049,998
n/a
$1,365,045
10%
$534,319
$13,049,998
0%
$1,365,045
10%
$534,319
$14,081,502
8%
$1,387,115
10%
$462,383
FY 2010
FY 2010
FY 2011
$15,290,891
$13,880,724
$1,087,500
$0
$16,535,951
$15,236,541
$1,173,459
$0
FY 2010
FY 2010
FY 2011
$14,466,078
$20,137,707
51%
32%
6.1
12.5
$14,466,078
$20,137,707
51%
32%
6.1
12.5
$16,116,191
$20,328,014
51%
33%
6.9
12.9
Revenue and Estimated Full Cost **
Total unrestricted revenue
Estimated full cost
One month of savings
Additional revenue required to meet full cost and achieve one month of
savings
Health of Balance Sheet and Liquidity
Cash and investments (excluding permanently restricted)
Gross fixed assets
Accumulated depreciation as % of gross fixed assets
Liabilities as % of assets
Months of working capital
Months of cash and investments (excluding permanently restricted)
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$15,290,891
n/a
$1,087,500
n/a
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* Unrestricted Revenue may include both operating revenue and capital. Please see the section titled "Separating
Operating Revenue from Capital".
** NFF calculates full cost as the sum of: 1) operating expenses, 2) annual debt repayments, 3) depreciation
expense, and 4) fixed asset purchases. While nonprofits rarely cover full costs every year, NFF encourages you to
consider which of these items should be included in your annual planning.
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Disclaimer: Data used in this document is self-reported by organizations using the
Cultural Data Project (CDP). The CDP accepts no legal liability or responsibility
for the accuracy, reliability, or completeness of any information.
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Financial Health Analysis
Overall Annual Performance
Overview
Unrestricted surpluses, found on the income statement (also known as the statement of activities), are integral to
long-term financial health. Breaking even every year is rarely enough for organizations with a long-term horizon.
Deficits mean that your organization is borrowing money or depleting its cash. Consistent deficits can threaten the
viability of your mission and programs. Nonprofit cultural organizations need surpluses to manage artistic and
environmental risks and to pursue new strategies and innovations. These surpluses should be sufficient in size to
meet annual debt obligations and make critical repairs to and investments in any fixed assets. Surplus cash can also
be set aside as a savings strategy for the longer term. Some arts organizations have programming cycles that
generate surpluses in certain years and deficits in others. In this case, a question to ask is whether the cash
generated in surplus years is sufficient to cover the deficit years, while also contributing to necessary savings.
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NFF encourages cultural organizations to examine annual performance on a strictly operating basis, segregating one
-time or episodic infusions of capital —whether for facilities or other fixed assets, reserves, or organizational growth
or change—from unrestricted revenue. Please see the section titled “Separating Operating Revenue from Capital”
for further information on the distinction between operating revenue and capital.
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Disclaimer: Data used in this document is self-reported by organizations using the
Cultural Data Project (CDP). The CDP accepts no legal liability or responsibility
for the accuracy, reliability, or completeness of any information.
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Financial Health Analysis
Overall Annual Performance
Unrestricted Revenue & Expenses
Does Revenue Consistently Cover Expenses?
This graph shows changes to the size of your organization over time, measured here by expense trends, and
indicates whether expenses are consistently managed in line with unrestricted revenue. If unrestricted revenue
consistently exceeds expenses, your organization is in a better position to preserve key assets, manage cash flow
cycles and repay debts. Surpluses can be saved in reserve for a rainy day or other board-designated purpose,
strengthening long-term financial health. Regular deficits suggest a need to revisit underlying revenue and expense
dynamics with an eye toward making decisions that align costs with revenue realities.
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Note: In the graph below, unrestricted revenue may include capital. See the section titled "Separating Operating
Revenue from Capital" for further information on the distinction between operating revenue and capital.
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Unrestricted Revenue & Expenses
FY 2010
FY 2010
FY 2011
Data Profile line items included in calculations
Investments - realized gains/losses
Investments - unrealized
Total unrestricted revenue
Total depreciation expense
Total expenses
$2,579,681
(1,703,833)
15,290,891
830,726
$13,880,724
$2,579,681
(1,703,833)
15,290,891
830,726
$13,880,724
($183,310)
1,250,644
16,535,951
924,732
$15,006,234
Calculations included in chart
Unrestricted revenue
Expenses (before depreciation)
$14,415,043
$13,049,998
$14,415,043
$13,049,998
$15,468,617
$14,081,502
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During the period analyzed, did your organization regularly cover its expenses?
What might your organization do differently to correct any current imbalance between revenue and expenses?
If you choose to grow or change your organization, how will you need to concurrently adjust your revenue goals
to ensure coverage of expenses?
Disclaimer: Data used in this document is self-reported by organizations using the
Cultural Data Project (CDP). The CDP accepts no legal liability or responsibility
for the accuracy, reliability, or completeness of any information.
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Financial Health Analysis
Overall Annual Performance
Unrestricted Surplus (Deficit)
What is the Size of Unrestricted Surpluses (Deficits)?
This graph illustrates how far above or below the break even mark your organization is performing both before and
after depreciation. Percentage calculations allow you to focus and set surplus targets in relation to your
organization’s budget size. Consistent unrestricted surpluses contribute to covering the full cost of operations, while
also building long-term health. At times, leadership may need to make difficult decisions to bring expenses into
better alignment with revenue while preserving program quality.
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In evaluating your organization’s surplus requirements, it is important to distinguish between results before and after
depreciation. Depreciation reflects the concept that fixed assets lose value over time and need to be replaced. Your
leadership may want to consider setting aside all or a portion of annual depreciation expense for future repairs of and
improvements to fixed assets. (An engineer’s assessment can provide a better estimate of annual and long-term
needs). If your organization is generating surpluses before depreciation but deficits after depreciation, it may be
experiencing difficulty saving funds for fixed asset investments that are critical to program safety and effectiveness.
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Note: In the graph below, unrestricted surplus (deficit) may include capital in the calculation of unrestricted revenue.
See the section titled "Separating Operating Revenue from Capital" for further information on the distinction between
operating revenue and capital.
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Disclaimer: Data used in this document is self-reported by organizations using the
Cultural Data Project (CDP). The CDP accepts no legal liability or responsibility
for the accuracy, reliability, or completeness of any information.
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Financial Health Analysis: Unrestricted Surplus (Deficit)
Unrestricted Surplus (Deficit)
Data Profile line items included in calculations
Investments - realized gains/losses
Investments - unrealized gains/losses
Total unrestricted revenue
Total depreciation expense
Total expenses
Calculations included in chart
Unrestricted surplus/deficit before depreciation
FY 2010
FY 2010
FY 2011
$2,579,681
(1,703,833)
15,290,891
830,726
$13,880,724
$2,579,681
(1,703,833)
15,290,891
830,726
$13,880,724
($183,310)
1,250,644
16,535,951
924,732
$15,006,234
$1,365,045
$1,365,045
$1,387,115
10%
10%
10%
$534,319
$534,319
$462,383
4%
3%
Unrestricted surplus/deficit before depreciation as a % of
expenses
Unrestricted surplus/deficit after depreciation
Unrestricted surplus/deficit after depreciation as a % of
expenses
4%
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How consistent have unrestricted surpluses been over time?
Have results been improving or getting worse?
Does your organization budget for and manage to generate regular surpluses in preparation for future challenges
and mission-related opportunities?
If you have significant fixed assets, are you saving surplus cash to pay for future repairs and replacements (i.e.,
are you covering depreciation)?
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Disclaimer: Data used in this document is self-reported by organizations using the
Cultural Data Project (CDP). The CDP accepts no legal liability or responsibility
for the accuracy, reliability, or completeness of any information.
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Financial Health Analysis
Overall Annual Performance
Separating Operating Revenue from Capital
Is your Organization Profitable on an Operating Basis?
Operating revenue and capital are often conflated in audited financial statements. This practice, while compliant with
generally accepted accounting principles, can mask actual operating performance by making an organization look
more profitable than it actually is. Operating revenue includes only the revenue available to offset expenses
associated with your organization’s regular operations, including programming.
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A few examples of capital include: funds for a facility project, cash reserve or organizational expansion effort, or
gains from one-time events, such as a bequest or the sale of fixed assets. These items often hide the dynamics of an
organization’s true operations and can lead to misinformed planning and decision-making if not properly understood
and considered separately.
NFF encourages your organization to examine annual performance on a strictly operating basis in internal reports
and, if possible, in audited statements. CDP makes it possible to distinguish during annual data entry between
revenue available for operations and capital in lines 37 and 38 of Section 3 of the CDP data profile.
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Disclaimer: Data used in this document is self-reported by organizations using the
Cultural Data Project (CDP). The CDP accepts no legal liability or responsibility
for the accuracy, reliability, or completeness of any information.
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Financial Health Analysis
Revenue & Full Cost
Overview
There is no one ideal mix of revenue, other than the one that consistently covers costs while contributing to long-term
financial health. In addition to mission activities (e.g., performances, classes, exhibits, etc.) that generate earned
revenue from core programming, every nonprofit operates a separate “subsidy business” to obtain supplemental
revenue to fill the gap between earned revenue and expenses. Fundraising, or contributed revenue, is the most
typical form of subsidy. Other examples might include: rental income, endowment income, and revenue from a shop
or café.
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Each type of fundraising, whether from individuals, foundations, corporations or the government, requires a different
set of skills and expertise, and arts organizations should evaluate their existing core competencies before pursuing a
new type of fundraising. The reliability, repeatability and flexibility of revenue, as well as the sufficiency of
unrestricted revenue to cover costs, are often more indicative of financial health than revenue diversity and the
breakdown of earned vs. contributed revenue. The key is to determine the best revenue mix for your organization
and to invest in the related staff and infrastructure to sustain it.
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Revenue goals should be established based on an understanding of the estimated full costs of maintaining a healthy
organization. Your organization’s full costs of doing business likely exceed the program-related and administrative
functions in the annual operating budget. With an understanding of your organization’s full costs, your leadership can
better communicate to funders, board members and other stakeholders the resources needed to truly support
effective and innovative programming. A full-cost analysis should also inform the budgeting process.
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Disclaimer: Data used in this document is self-reported by organizations using the
Cultural Data Project (CDP). The CDP accepts no legal liability or responsibility
for the accuracy, reliability, or completeness of any information.
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Financial Health Analysis
Revenue & Full Cost
Earned Revenue Composition
What Are Your Sources of Earned Revenue?
This graph provides detail about the sources and reliability of earned revenue, which usually derives from activities
relating to cultural programming, such as: tuition, attendance, memberships, etc. Nonprofit “self-sufficiency,”
achieved through earned revenue covering expenses, is rarely possible in our sector. Organizational viability often
depends on securing a mix of relatively reliable earned and contributed funds that collectively cover full costs.
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In reviewing trends in earned revenue over time, consider whether activities that may not be directly associated with
program activity core to your organization’s mission (such as space rental, concession sales, etc.) are generating net
revenue after accounting for related costs and staff time. For example, is renting excess square footage or running
the boutique making or losing your organization money?
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For the purposes of this graph, only the five
largest earned revenue categories are displayed.
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Earned Revenue Detail
Subscriptions - performance
Ticket sales
Other earned revenue
Rental income
Touring fees
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FY 2010
FY 2010
FY 2011
$3,524,100
2,154,347
1,156,482
438,576
$535,413
$3,524,100
2,154,347
1,156,482
438,576
$535,413
$3,586,307
2,606,635
881,301
455,868
$314,367
How has your organization’s earned revenue dynamics changed over time?
Do you have a clear sense of whom your organization serves and your constituents’ willingness and ability to
pay for programs and/or services?
Are your activities reasonably priced, based on an assessment of cost and competition?
Have you invested adequately in marketing resources to promote your core activities?
Are you generating revenue through earned income activities that may not be mission related and if so, do these
activities fully cover their costs?
Disclaimer: Data used in this document is self-reported by organizations using the
Cultural Data Project (CDP). The CDP accepts no legal liability or responsibility
for the accuracy, reliability, or completeness of any information.
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Financial Health Analysis
Revenue & Full Cost
Contributed Revenue Composition
What Are Your Sources of Contributed Revenue?
This graph provides detail about sources of unrestricted contributed revenue and their reliability over time.
Contributed revenue—whether from individuals, foundations, corporations or government agencies—represents
funds for which no products or services are provided in direct exchange. (Institutional funders often provide dollars
that support specific programs, but those programs are not directly benefiting the funders). Nonprofits rely on
unrestricted contributed income to cover the gap between expenses and revenue earned through programs and
other business activity. This dependency on contributions is structural: nonprofits often provide services for which
there is no predictable commercial return. As organizations grow, their need for unrestricted contributed revenue
often increases as the gap between earned income and expenses widens.
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Your organization may experience normal volatility in contributions if your programming goes through cycles where
expenses fluctuate with revenue. Unexpected declines in revenue, however, need to be assessed for cause, with
appropriate action taken to identify replacement revenue or reduce expenses.
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Note: In the graph below, unrestricted revenue streams may include capital if your organization has embarked on a
capital campaign or otherwise received episodic infusions of funds for non-operating purposes.
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For the purposes of this graph, only the six largest
contributed revenue categories are displayed.
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* Net assets released from restriction will represent revenue from some of the same sources but are rarely broken out as such in reviewed,
compiled or audited financial statements
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Contributed Revenue Detail
Individual contributions
Net assets released from restrictions*
Special events - fundraising
Foundation contributions
In-kind contributions
Corporate contributions
Disclaimer: Data used in this document is self-reported by organizations using the
Cultural Data Project (CDP). The CDP accepts no legal liability or responsibility
for the accuracy, reliability, or completeness of any information.
FY 2010
FY 2010
FY 2011
$1,925,791
986,814
1,225,157
826,536
238,775
$392,000
$1,925,791
986,814
1,225,157
826,536
238,775
$392,000
$1,519,546
1,506,801
1,259,968
939,500
389,531
$345,030
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Financial Health Analysis: Contributed Revenue Composition
Which revenue streams appear to be relatively consistent and reliable over time?
Is your organization investing in its capacity (staff, skills, time, etc.) to generate revenue that supports your
activities?
Which revenue streams may be at risk and what are your plans to replace them (or to make offsetting cost
reductions)?
Are you able to turn down funding that might take your organization off course?
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Disclaimer: Data used in this document is self-reported by organizations using the
Cultural Data Project (CDP). The CDP accepts no legal liability or responsibility
for the accuracy, reliability, or completeness of any information.
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Financial Health Analysis
Revenue & Full Cost
Revenue Sources Relative to Expenses
How Much of Your Expenses Are Covered by Each Type of Revenue?
This graph shows the mix among unrestricted earned revenue, contributed revenue, and investment income. It
compares these revenue sources to annual expenses before depreciation, illustrating whether and how your
organization covers its annual expenses. If the total amount of the stacked bars representing revenue in a particular
year is equal to or higher than the concurrent expense line amount, your organization is generating an unrestricted
surplus. Working toward a revenue model that fully covers expenses is critical for organizational stability and health.
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Note: In the graph below, unrestricted revenue streams may include capital if your organization has embarked on a
capital campaign or otherwise received episodic infusions of funds for non-operating purposes.
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Unrestricted Revenue Coverage of Expenses
FY 2010
FY 2010
FY 2011
Data Profile line items included in calculations
Investments - realized gains/losses
Investments - unrealized gains/losses
Interest & dividends
Total earned revenue unrestricted
Total contributed revenue unrestricted
Total depreciation expense
Total expenses
$2,579,681
(1,703,833)
189,237
9,407,867
5,883,024
830,726
$13,880,724
$2,579,681
(1,703,833)
189,237
9,407,867
5,883,024
830,726
$13,880,724
($183,310)
1,250,644
628,932
10,205,881
6,330,070
924,732
$15,006,234
Calculations included in chart
Investment income
Contributed revenue
Earned revenue
Expenses (before depreciation)
$189,237
$5,883,024
$8,342,782
$13,049,998
$189,237
$5,883,024
$8,342,782
$13,049,998
$628,932
$6,330,070
$8,509,615
$14,081,502
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Disclaimer: Data used in this document is self-reported by organizations using the
Cultural Data Project (CDP). The CDP accepts no legal liability or responsibility
for the accuracy, reliability, or completeness of any information.
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Financial Health Analysis: Revenue Sources Relative to
Historically, with what mix of revenue has your organization covered annual expenses?
Has the mix of revenue remained relatively stable over time?
Do you anticipate possible changes to this mix in the future and, if so, have you prepared for those changes?
If your organization has an endowment or other investments, what is their reliable annual income contribution to
your operations?
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Disclaimer: Data used in this document is self-reported by organizations using the
Cultural Data Project (CDP). The CDP accepts no legal liability or responsibility
for the accuracy, reliability, or completeness of any information.
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Financial Health Analysis
Revenue & Full Cost
Expense Composition
What Are the Notable Trends in Expenses?
This graph illustrates your top five expense categories. While financial statements often group expenses by their
functional classification (e.g., program, general and administrative expenses), nonprofit managers and boards need
to understand the specific nature of expenses incurred in running their day-to-day operations. Many arts
organizations will find that they spend a significant portion of their overall costs on salaried personnel and artist fees.
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For the purposes of this graph, only the five
largest expense categories are displayed.
Expenses (before depreciation)
Total salaries & fringe
Artists & performers - non-salaried
Advertising and marketing
Production & exhibition costs
Utilities
Sum of remaining expenses
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FY 2010
FY 2010
FY 2011
$6,469,854
1,062,501
698,462
312,723
386,571
$4,119,887
$6,469,854
1,062,501
698,462
312,723
386,571
$4,119,887
$7,261,058
708,913
663,946
561,046
453,356
$4,433,183
Which have been your organization’s most significant expense drivers over time?
Which expense categories have changed significantly over time?
Which expenses are fixed, meaning they cannot easily be reduced if revenue decreases?
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Disclaimer: Data used in this document is self-reported by organizations using the
Cultural Data Project (CDP). The CDP accepts no legal liability or responsibility
for the accuracy, reliability, or completeness of any information.
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Financial Health Analysis
Revenue & Full Cost
Coverage of Estimated Full Costs
Does Revenue Cover the Full Cost of Doing Business?
This graph estimates your organization’s annual full cost of doing business, which is calculated here as the sum of:
1) operating expenses, 2) annual debt repayments 3) depreciation expense, and 4) fixed asset purchases.
Organizations frequently budget only to meet annual operating expenses before depreciation. However, you should
consider setting annual revenue targets high enough to cover all of these full costs, plus savings goals. Savings
equivalent to one month of cash is used here as a suggested practice.
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The line in the graph shows whether unrestricted revenue covers full costs and one month of savings each year. If
the revenue line is above the top of the stacked bars, your organization is likely maintaining and building a healthy
enterprise that is supportive of your organization’s mission and programs.
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While nonprofits rarely cover full costs every year, NFF encourages you to consider which of these items should be
included in your annual budgeting and fundraising planning. If investments in fixed assets are made to replace
existing depreciating items, rather than to purchase new items, there may be some double counting when you add
depreciation to purchases of fixed assets. Your organization may also set lower or higher annual savings goals
based on individual priorities and needs.
Note: Both operating revenue and capital can be used to cover full costs; therefore, total unrestricted revenue is
used in the graph below.
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Disclaimer: Data used in this document is self-reported by organizations using the
Cultural Data Project (CDP). The CDP accepts no legal liability or responsibility
for the accuracy, reliability, or completeness of any information.
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Financial Health Analysis: Coverage of Estimated Full Costs
Estimated Full Cost Plus Savings
Data Profile line items included in calculations
Investments - realized gains/losses
Investments - unrealized gains/losses
Total unrestricted revenue
Total depreciation expense
Total expenses
Fixed Assets
Land
Building
Furniture, fixtures & equipment
Leasehold improvements
Credit line - total repayments during FY
Mortgages - total repayments during FY
Other loans and notes - total repayments during FY
Calculations included in chart
One month of savings
Depreciation expense
Purchases of fixed assets
Estimated debt principal payment
Expenses (before depreciation)
Unrestricted revenue
FY 2010
FY 2010
FY 2011
$2,579,681
(1,703,833)
15,290,891
830,726
13,880,724
$2,579,681
(1,703,833)
15,290,891
830,726
13,880,724
($183,310)
1,250,644
16,535,951
924,732
15,006,234
1,093,840
15,012,448
4,031,419
0
0
0
$0
1,093,840
15,012,448
4,031,419
0
0
0
$0
1,093,840
15,123,660
4,110,514
0
0
0
($40,000)
$1,087,499
$830,726
$0
$0
$13,049,998
$14,415,043
$1,173,458
$924,732
$190,307
$40,000
$14,081,502
$15,468,617
$1,087,499
$830,726
n/a
$0
$13,049,998
$14,415,043
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Is your organization, on an annual basis, setting revenue goals high enough to cover most or all of its full costs?
Do you take steps to cover depreciation (and set aside those funds so they are available for meeting future
facility needs)?
Are you able to make your debt principal payments on time?
What does your organization consider a reasonable annual savings goal? What steps will you take to achieve
this goal?
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Disclaimer: Data used in this document is self-reported by organizations using the
Cultural Data Project (CDP). The CDP accepts no legal liability or responsibility
for the accuracy, reliability, or completeness of any information.
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Financial Health Analysis
Health of Balance Sheet & Liquidity
Overview
The balance sheet, also known as the statement of financial position, reveals your organization’s ability to manage
risk and pursue opportunities. It is a snapshot of your organization’s financial condition at a specific point in time– in
the case of this report, each fiscal year end. The balance sheet includes your organization’s assets (what it owns),
liabilities (what it owes to others) and net assets (net worth). A strong balance sheet has enough cash (or access to
cash) to maintain and upgrade fixed assets, repay short- and long-term obligations, weather the unexpected and
pursue new innovations. Annual operating performance determines balance sheet health. Net assets will increase
by the size of any surplus each year, while deficits will decrease net assets. Organizations that run deficits resort to
depleting existing cash, extending payables and/or maxing out their line of credit to cover costs in excess of revenue.
E
Your organization’s business and programming needs should inform the magnitude and composition of its assets
and net assets. For example, a museum with a permanent collection might require a building and significant cash in
reserve to maintain it, while a dance company that tours might choose to rent rehearsal space and hold lower levels
of cash on hand. Liabilities should be considered in relation to organizational ability to repay the obligation in a
timely manner. Debt may be an appropriate tool for managing cash flow or financing the purchase of fixed assets but
should be considered a temporary source of capital.
L
Liquidity, which represents cash or access to cash, is an integral part of balance sheet health. Cultural organizations
require liquidity so they can manage the uneven timing of cash flow, cope with the unexpected, and take artistic
risks. Liquidity provides flexibility and allows for adaptation within continuously changing environments. Determining
liquidity is often complex for nonprofit organizations. Receivables can take longer than usual to collect. Cash and
investments are often restricted by donors or associated with a liability (e.g., subscription or tuition revenue received
for programming that occurs at a later date), creating the impression that a nonprofit is flush even when it may be
dealing with a cash crunch. There is no “right” amount of liquidity. Organizations need more or less depending on a
host of factors, including their stage of development, cash flow cycle, facility needs, and risk of artistic programming.
P
M
A
S
Disclaimer: Data used in this document is self-reported by organizations using the
Cultural Data Project (CDP). The CDP accepts no legal liability or responsibility
for the accuracy, reliability, or completeness of any information.
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Financial Health Analysis
Health of Balance Sheet & Liquidity
Asset Composition
How Has Asset Distribution Changed Over Time?
This graph illustrates your organization’s assets grouped by major category. The assets that comprise the balance
sheet often influence business decisions and impact liquidity. Organizations with significant land, buildings and
equipment and/or receivables often need more cash than those with less complex asset structures. Balance sheet
complexity often, but not always, grows along with organizational size.
E
L
P
M
A
S
Disclaimer: Data used in this document is self-reported by organizations using the
Cultural Data Project (CDP). The CDP accepts no legal liability or responsibility
for the accuracy, reliability, or completeness of any information.
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Financial Health Analysis: Asset Composition
Total Assets
Data Profile line items included in calculations
Current Assets
Cash & cash equivalents
Accounts receivable
Pledges receivable - current
Grants receivable - current
Inventory
Endowment investments - board designated
Endowment investments - permanently restricted
Investments - all other marketable securities
Prepaid expenses
Non-Current Assets
Fixed assets - land
Fixed assets - building
Fixed assets - furniture, fixtures & equipment
Accumulated depreciation
Pledges receivable - non-current
Grants receivable - non-current
Other - non-current assets
FY 2010
FY 2010
FY 2011
$4,082,844
81,714
1,276,322
0
32,215
2,082,889
8,115,351
8,300,345
1,187,836
$4,082,844
81,714
1,276,322
0
32,215
2,082,889
8,115,351
8,300,345
1,187,836
$4,115,591
60,369
828,382
719,987
30,088
2,451,099
8,123,149
9,549,501
1,579,599
$1,093,840
15,012,448
4,031,419
(10,294,400)
700,078
0
$91,583
$1,093,840
15,012,448
4,031,419
(10,294,400)
700,078
0
$91,583
$1,093,840
15,123,660
4,110,514
(10,330,223)
27,189
431,000
$97,596
$4,082,844
$2,058,114
$9,843,307
$19,810,219
$4,115,591
$2,066,927
$9,997,791
$21,831,032
P
Calculations included in chart
Cash
Receivables
Fixed assets
Investments & other assets
$4,082,844
$2,058,114
$9,843,307
$19,810,219
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M
What assets does your organization require to support its mission and programs and does your current asset
distribution align with these requirements?
Does your mission require that you own a “home” or might your leadership want to explore other, less costly
space alternatives?
If receivables are significant, how readily do they convert to cash and do you have enough cash on hand in the
interim to meet your expenses?
Do you have adequate liquidity to manage the seasonality of your cash flow and save for a rainy day?
A
S
Disclaimer: Data used in this document is self-reported by organizations using the
Cultural Data Project (CDP). The CDP accepts no legal liability or responsibility
for the accuracy, reliability, or completeness of any information.
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Financial Health Analysis
Health of Balance Sheet & Liquidity
Gross Fixed Asset Composition
What Is the Composition of Fixed Assets?
This graph shows the composition of gross fixed assets and provides detail about leadership’s investment choices.
Each type of fixed asset will require upgrade, replacement and/or repair in different times, and your leadership
should understand and plan for future reinvestment requirements.
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P
Gross Fixed Assets
Leasehold improvements
Furniture, fixtures & equipment
Building
Land
M
FY 2010
FY 2010
FY 2011
$0
4,031,419
15,012,448
$1,093,840
$0
4,031,419
15,012,448
$1,093,840
$0
4,110,514
15,123,660
$1,093,840
A
What have been your most substantial fixed asset purchases, and how do your investments in fixed assets align
with what you need to fulfill your mission?
What are your plans for additional fixed assets (e.g., facility expansion, reconfiguration of leased space, new
sets) and how will you pay for these purchases?
If you plan to invest in fixed assets, how will any expansion impact your regular operations? Will additional
ongoing costs be created and how will you pay for these new expenses?
S
Disclaimer: Data used in this document is self-reported by organizations using the
Cultural Data Project (CDP). The CDP accepts no legal liability or responsibility
for the accuracy, reliability, or completeness of any information.
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Financial Health Analysis
Health of Balance Sheet & Liquidity
Accumulated Depreciation
How Much of Your Fixed Assets Have Depreciated?
This graph shows the percentage of your organization’s fixed assets that have depreciated. A high level of
depreciation suggests deferred repair and replacement costs. Actively raising and setting aside funds to preserve
fixed assets is critical to your organization’s ability to maintain safe operations and program quality.
E
L
P
M
Accumulated Depreciation as % of Fixed Assets
Data Profile line items included in calculations
Land
Building
Furniture, fixtures & equipment
Leasehold improvements
Accumulated depreciation
A
Calculations included in chart
Depreciated fixed assets
Remaining fixed assets
FY 2010
FY 2010
FY 2011
$1,093,840
15,012,448
4,031,419
0
($10,294,400)
$1,093,840
15,012,448
4,031,419
0
($10,294,400)
$1,093,840
15,123,660
4,110,514
0
($10,330,223)
51%
49%
51%
49%
51%
49%
S
What has been the wear and tear on your fixed assets over time?
If you own a building or other significant fixed assets, what investments do you need to make to ensure that
these assets safely and properly support your programs?
Does your leadership prioritize raising and setting aside surplus funds to cover annual depreciation expense (or
a portion thereof)?
Disclaimer: Data used in this document is self-reported by organizations using the
Cultural Data Project (CDP). The CDP accepts no legal liability or responsibility
for the accuracy, reliability, or completeness of any information.
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Financial Health Analysis
Health of Balance Sheet & Liquidity
Liabilities as a Percent of Assets
How Are Your Assets Financed?
This graph shows how much of your organization’s assets are owed to others versus wholly owned (free and clear of
obligations) by the organization. If liabilities as a percent of assets exceeds 100%, your organization has negative
net assets, meaning it owes more to others than it owns in assets. Special attention should be paid to a situation of
steadily increasing liabilities or obligations exceeding 50% of assets. Before taking on debt or deferring payment to
other parties, leadership should assess its ability to fulfill its obligations in a timely fashion.
E
L
P
Liabilities as a % of Assets
Data Profile line items included in calculations
Total liabilities & net assets
Total assets
M
A
Calculations included in chart
Liabilities (dollar amount)
Total net assets (dollar amount)
Liabilities divided by assets (percentage)
Total net assets divided by total assets (percentage)
S
FY 2010
FY 2010
FY 2011
$35,794,484
$35,794,484
$35,794,484
$35,794,484
$38,011,341
$38,011,341
$11,592,755
$24,201,729
32%
68%
$11,592,755
$24,201,729
32%
68%
$12,480,697
$25,530,644
33%
67%
If you have significant fixed assets, have they been financed by debt? If so, what is your organization’s plan to
repay obligations and/or borrow again?
If you have significant receivables and insufficient levels of cash, how have you been bridging the period prior to
the receipt of actual cash? For example, have you delayed payments to vendors, accessed a line of credit, or
drawn down any cash savings?
Are liabilities at a manageable level relative to your ability to repay or fulfill them?
Disclaimer: Data used in this document is self-reported by organizations using the
Cultural Data Project (CDP). The CDP accepts no legal liability or responsibility
for the accuracy, reliability, or completeness of any information.
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Financial Health Analysis
Health of Balance Sheet & Liquidity
Liability Composition
How Has the Distribution of Liabilities Changed Over Time?
This graph shows the composition of your organization’s obligations to others, whether in the forms of debt,
accounts payable, accrued expenses, and/or future programming commitments (i.e., deferred revenue).
When managed properly, liabilities are a normal element of your organization’s financial structure. Debt may be an
appropriate tool for managing cash flow or financing the strategic purchase of fixed assets but should be considered
a temporary source of capital. Organizations that borrow need to understand the size of annual surpluses required
each year to repay borrowed funds over the life of the loan. Organizations that delay payments to others and/or
spend cash restricted or earmarked for future programming may be putting themselves at risk by jeopardizing
relationships with important suppliers or constituents.
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P
M
A
S
Disclaimer: Data used in this document is self-reported by organizations using the
Cultural Data Project (CDP). The CDP accepts no legal liability or responsibility
for the accuracy, reliability, or completeness of any information.
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Financial Health Analysis: Liability Composition
Total Liabilities
Data Profile line items included in calculations
Current Liabilities
Accounts payable
Accrued expenses
Other loans & notes - current
Deferred revenue
Other current liabilities
FY 2010
FY 2010
FY 2011
$1,022,745
355,152
0
3,444,223
$432,273
$1,022,745
355,152
0
3,444,223
$432,273
$896,591
340,178
160,000
4,145,566
$45,282
6,100,000
$238,362
6,100,000
$238,362
6,700,000
$193,080
$1,377,897
$3,444,223
$6,100,000
$670,635
$1,377,897
$3,444,223
$6,100,000
$670,635
$1,236,769
$4,145,566
$6,860,000
$238,362
Non-Current Liabilities
Other loans & notes - non-current
Other - non-current liabilities
Calculations included in chart
Accounts payable and accrued expenses
Deferred revenue
Debt
Other
E
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Has your organization delayed payables, incurred debt, or prematurely spent revenue earmarked for the future
as a way of accessing cash to fund operations?
If your organization has debt, what is the impact of annual debt service on your cash flow?
What is your strategy to reduce payables or accrued expenses that are growing or high?
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M
A
S
Disclaimer: Data used in this document is self-reported by organizations using the
Cultural Data Project (CDP). The CDP accepts no legal liability or responsibility
for the accuracy, reliability, or completeness of any information.
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Financial Health Analysis
Health of Balance Sheet & Liquidity
Total Net Asset Composition
What Is the Composition of Your Net Assets?
The flexibility of your organization’s net worth can be limited by donor-imposed restrictions. While unrestricted net
assets have no donor-imposed stipulations, they may or may not be liquid and available for operations (see next
graph). Temporarily restricted net assets are most useful when they can be released in a timely fashion and are
sufficient to cover the true costs of particular programs or projects. In the cultural sector, permanently restricted net
assets most commonly represent an endowment (but may also be a historical building).
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Total Net Assets
Unrestricted net assets
Temporarily restricted net assets
Permanently restricted net assets
M
A
FY 2010
FY 2010
FY 2011
$12,738,245
$3,303,188
$8,160,296
$12,738,245
$3,303,188
$8,160,296
$14,267,962
$3,125,308
$8,137,374
What portion of your organization’s net assets has been restricted by donors and therefore, is not immediately
available for general operating purposes?
Do you have any ability to negotiate the terms of restricted funds?
Do you have a permanently restricted endowment and, if so, what percent of the annual operating budget does
its annual distribution cover reliably?
Has your leadership considered all options for longer-term financial sustainability, including the benefits and
limitations of a permanently restricted endowment or a more flexible board-designated reserve?
S
Disclaimer: Data used in this document is self-reported by organizations using the
Cultural Data Project (CDP). The CDP accepts no legal liability or responsibility
for the accuracy, reliability, or completeness of any information.
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Financial Health Analysis
Health of Balance Sheet & Liquidity
Liquidity of Unrestricted Net Assets
How Much of Your Unrestricted Net Assets Are Available to Support Operations?
As previously stated, not all unrestricted net assets are liquid and available. This graph shows the composition of
your organization’s unrestricted net assets, divided into three categories: fixed assets net of debt and accumulated
depreciation (i.e., the “home equity” portion of your net worth), board designated reserves, and unrestricted liquid net
assets. Unrestricted liquid net assets, built up through the generation of unrestricted surpluses, provide your
management with the most flexibility as they can be spent for any purpose at management’s discretion. Boarddesignated funds can be established for any number of strategic purposes, including to seed new programs, manage
cash flow, and/or finance fixed asset investments.
Note: Fixed assets that are fully depreciated will no longer show as an asset on your balance sheet.
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L
P
M
A
S
Disclaimer: Data used in this document is self-reported by organizations using the
Cultural Data Project (CDP). The CDP accepts no legal liability or responsibility
for the accuracy, reliability, or completeness of any information.
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Financial Health Analysis: Liquidity of Unrestricted Net Assets
Unrestricted Net Assets
Data Profile line items included in calculations
Fixed Assets
Land
Building
Furniture, fixtures & equipment
Leasehold improvements
Accumulated depreciation
Endowment investments - board designated
Mortgages payable - current
Mortgages payable - non-current
Total unrestricted net assets
Calculations included in chart
Fixed assets, net of debt and accumulated depreciation
Board-designated reserves
Liquid net assets
FY 2010
FY 2010
FY 2011
$1,093,840
15,012,448
4,031,419
0
(10,294,400)
2,082,889
0
0
$12,738,245
$1,093,840
15,012,448
4,031,419
0
(10,294,400)
2,082,889
0
0
$12,738,245
$1,093,840
15,123,660
4,110,514
0
(10,330,223)
2,451,099
0
0
$14,267,962
$9,843,307
$2,082,889
$812,049
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L
$9,843,307
$2,082,889
$812,049
$9,997,791
$2,451,099
$1,819,072
Over time, how much of your organization’s net assets have been liquid and available for operations, as opposed
to invested in property or equipment?
Have you taken action to increase your liquid net assets through the generation of unrestricted surpluses over
time?
Has your leadership established more formal board-designated reserves with specific policies governing their
drawdown and replacement? If not, does your organization have another strategy for raising short-term liquidity
and longer term savings?
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M
A
S
Disclaimer: Data used in this document is self-reported by organizations using the
Cultural Data Project (CDP). The CDP accepts no legal liability or responsibility
for the accuracy, reliability, or completeness of any information.
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Financial Health Analysis
Health of Balance Sheet & Liquidity
Asset Restriction and Liquidity
What is the Risk Profile or Your Organization’s Assets?
This graph illustrates the restriction level and relative liquidity of each of your organization’s asset categories. The
more restricted and fixed your assets, the less flexible their usage. Organizations with highly restricted and illiquid
assets (for example, a building owner with a permanently restricted endowment) put their programs at risk unless
they build unrestricted liquidity alongside these assets. Organizations with relatively more unrestricted and liquid
assets are often better equipped to plan for and manage risk and change.
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2011 Risk Profile: Asset Restriction and Liquidity
Cash
Receivables
Investments & other
Fixed assets
A
Unrestricted
$2,576,177
$470,509
$13,704,182
$9,997,791
Temp. Restricted Perm. Restricted
$1,539,414
$1,585,894
$0
$0
$0
$10,524
$8,126,850
$0
Given the liquidity of and restrictions on your assets, how would you assess your organization’s ability to
withstand risk?
Has your organization had sufficient unrestricted cash to manage the unexpected or has your balance sheet
been more concentrated in less flexible, fixed and/or restricted assets?
If the latter, how might your leadership build an adequate cash cushion to protect against artistic and
environmental uncertainty?
S
Disclaimer: Data used in this document is self-reported by organizations using the
Cultural Data Project (CDP). The CDP accepts no legal liability or responsibility
for the accuracy, reliability, or completeness of any information.
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Financial Health Analysis
Health of Balance Sheet & Liquidity
Liquidity Indicators
What is Your Access to Cash?
This graph shows how much cash or assets readily convertible to cash are available to your organization. Liquidity is
presented in terms of “months of expenses.” Months of cash, for example, measures how long your organization
could operate solely with existing cash at current expense levels. Determining liquidity is often complex for nonprofit
organizations because cash and investments can be restricted or earmarked for future purposes and therefore,
unavailable for general and immediate use. Every organization will be unique in its liquidity needs, and targets
should be set in the context of short and long-term cash needs and priorities.
E
This graph provides several ways to think about liquidity; the bars should be considered independently and not
additively. While unrestricted cash is the most readily available for operations, temporarily restricted cash and
investments may also be accessible for critical program and staff expenses. Months of working capital subtracts
unrestricted current liabilities from unrestricted current assets (excluding investments), providing leadership with a
liquidity measure net of obligations. An available line of credit is another source of liquidity available to bridge gaps
in timing between cash expenditures and cash receipts.
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P
M
A
S
Disclaimer: Data used in this document is self-reported by organizations using the
Cultural Data Project (CDP). The CDP accepts no legal liability or responsibility
for the accuracy, reliability, or completeness of any information.
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Financial Health Analysis: Liquidity Indicators
Liquidity Indicators
Data Profile line items included in calculations
Current Assets
Cash & cash equivalents
Accounts receivable
Pledges receivable - current
Grants receivable - current
Inventory
Endowment investments - board designated
Investments - all other marketable securities
Prepaid expenses
Current Liabilities
Accounts payable
Accrued expenses
Other loans & notes - current
Deferred revenue
Other current liabilities
Total expenses
Monthly expenses (includes depreciation and in-kind
contributions)
Calculations included in chart
Months of unrestricted cash
M
FY 2010
FY 2011
$4,082,844
81,714
1,276,322
0
32,215
2,082,889
8,300,345
1,187,836
$4,082,844
81,714
1,276,322
0
32,215
2,082,889
8,300,345
1,187,836
$4,115,591
60,369
828,382
719,987
30,088
2,451,099
9,549,501
1,579,599
$1,022,745
355,152
0
3,444,223
432,273
$1,022,745
355,152
0
3,444,223
432,273
$896,591
340,178
160,000
4,145,566
45,282
13,880,724
$1,156,727
15,006,234
$1,250,520
2.2
12.5
2.2
12.5
2.1
12.9
6.1
0.0
6.1
0.0
6.9
0.0
13,880,724
$1,156,727
P
Months of total cash and investments excluding permanently
restricted
Months of working capital
Months of available line of credit
FY 2010
E
L
Has your organization had sufficient liquidity on hand or available to manage cash cycles, handle the unexpected
or respond to opportunities?
Do you have enough in reserve to test new artistic ideas or seed innovative cultural programming?
If cash is tight, how does your leadership plan to address this?
If you have a line of credit, are you using it properly as a tool to manage cash flow, as opposed to using it as a
source of cash to cover deficits?
Does your leadership, in collaboration with management, set liquidity goals for the organization and manage to
them?
A
S
Disclaimer: Data used in this document is self-reported by organizations using the
Cultural Data Project (CDP). The CDP accepts no legal liability or responsibility
for the accuracy, reliability, or completeness of any information.
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Financial Health Analysis
Financial Statements
Income Statement
Income Statement
FY 2010
FY 2010
FY 2011
$7,463,442
$879,340
$7,463,442
$879,340
$7,486,020
$1,023,595
$8,342,782
189,237
$8,342,782
189,237
$8,509,615
628,932
1,925,791
224,951
392,000
826,536
63,000
1,463,932
$986,814
1,925,791
224,951
392,000
826,536
63,000
1,463,932
$986,814
1,519,546
286,694
345,030
939,500
83,000
1,649,499
$1,506,801
$14,415,043
$14,415,043
$15,468,617
$6,469,854
1,062,501
698,462
312,723
386,571
414,113
0
$3,705,774
$6,469,854
1,062,501
698,462
312,723
386,571
414,113
0
$3,705,774
$7,261,058
708,913
663,946
561,046
453,356
441,148
437,747
$3,554,288
$13,049,998
$13,049,998
$14,081,502
$1,365,045
830,726
$534,319
$1,365,045
830,726
$534,319
$1,387,115
924,732
$462,383
Additional unrestricted investment activity
Realized gains (losses)
Unrealized gains (losses)
2,579,681
(1,703,833)
2,579,681
(1,703,833)
(183,310)
1,250,644
Net unrestricted activity
Net temporarily restricted activity
Net permanently restricted activity
$1,410,167
$1,371,390
$0
$1,410,167
$1,371,390
$0
$1,529,717
($177,880)
($22,922)
Net total activity
$2,781,557
$2,781,557
$1,328,915
Unrestricted Activity
Earned
Program
Non-program
Total earned
Interest & dividends
Contributed
Individual
Board
Corporate
Foundation
Government
Other
Net assets released from restrictions
Total unrestricted revenue before investment gains/losses
Expenses
Total salaries & fringe
Artists & performers - non-salaried
Advertising and marketing
Production & exhibition costs
Utilities
Interest expense
Royalties/rights & reproductions
Sum of remaining expenses
M
A
Total expenses before depreciation
Unrestricted surplus (deficit) before depreciation
Depreciation
Unrestricted surplus (deficit) after depreciation
S
Disclaimer: Data used in this document is self-reported by organizations using the
Cultural Data Project (CDP). The CDP accepts no legal liability or responsibility
for the accuracy, reliability, or completeness of any information.
P
E
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Financial Health Analysis
Financial Statements
Balance Sheet Trends
Assets
FY 2010
FY 2010
FY 2011
Current assets
Cash
Receivables
Prepaid expenses & other
$4,082,844
1,358,036
1,220,051
$4,082,844
1,358,036
1,220,051
$4,115,591
1,608,738
1,609,687
Total current assets
Investments
Fixed assets (net)
6,660,931
18,498,585
9,843,307
6,660,931
18,498,585
9,843,307
7,334,016
20,123,749
9,997,791
Non-current assets
Pledges receivable - non-current
Grants receivable - non-current
Other - non-current assets
Interfund balances
700,078
0
91,583
0
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L
700,078
0
91,583
0
27,189
431,000
97,596
0
$791,661
$555,785
$35,794,484
$35,794,484
$38,011,341
FY 2010
FY 2010
FY 2011
$1,810,170
0
3,444,223
$1,810,170
0
3,444,223
$1,282,051
160,000
4,145,566
5,254,393
5,254,393
5,587,617
0
0
6,100,000
238,362
0
0
0
6,100,000
238,362
0
0
0
6,700,000
193,080
0
6,338,362
6,338,362
6,893,080
$11,592,755
$11,592,755
$12,480,697
Unrestricted
Temporarily restricted
Permanently restricted
$12,738,245
3,303,188
8,160,296
$12,738,245
3,303,188
8,160,296
$14,267,962
3,125,308
8,137,374
Total net assets
$24,201,729
$24,201,729
$25,530,644
Total liabilities & net assets
$35,794,484
$35,794,484
$38,011,341
Total non-current assets
$791,661
P
Total assets
Liabilities & Net Assets
Liabilities
Current Liabilities
Accounts payable & other
Loans & other debt
Deferred revenue
M
Total current liabilities
Non-current liabilities
Grants payable - non-current
Mortgages payable - non-current
Other loans & notes - non-current
Other - non-current liabilities
Interfund balances
A
S
Total non-current liabilities
Total liabilities
Net Assets
Disclaimer: Data used in this document is self-reported by organizations using the
Cultural Data Project (CDP). The CDP accepts no legal liability or responsibility
for the accuracy, reliability, or completeness of any information.
Page 32 of 32
Report run: 05/29/2012