The information below was taken from the records of the Milwaukee Art Museum, Inc. All information pertains to activities for the year 2013.
Restricted contributions.................................................... $ 9,200,000
Unrestricted contributions................................................... 56,000,000
Investment income............................................................. 4,000,000
Expenses-administrative....................................................3, 900, 000
Expenses-membership development...................................... 6,000,000
Expenses-fund-raising........................................................1,500,000
Expenses-educational programs...........................................40,000,000
Expenses-research...........................................................15,000,000
Additional information:
1. The Museum holds investments in debt and equity securities. The investment income listed above represents cash receipts of interest and dividends on these investments. $2,500,000 of this amount is donor-restricted to educational programs. The rest is unrestricted. In addition, $500,000 of interest and dividends has accrued as of year-end. All accrued investment income is unrestricted.
2. The investments in debt and equity securities held by the Museum increased in value by $900,000 during 2013. Of this amount, $400,000 relates to shares of stock donated several years ago, where the donor specified that the shares be held as a permanent endowment. $200,000 relates to permanently restricted cash that was invested in securities, with gains and income restricted to research activities, and $300,000 was unrestricted. The value of all these securities at the beginning of 2013 was significantly above their cost or donated value.
3. Included in educational programs expenses is $3,500,000 funded by contributions in past years that were restricted to educational programs. The Museum has just completed a capital campaign to raise money for a new wing to house the works of Wisconsin native Georgia O'Keeffe. During 2013, $4,000,000 was spent to begin construction on the new wing. All funds used were donor-restricted to the capital campaign.
4. All cash received from contributions was recorded as restricted or unrestricted contributions. Restricted contributions include $600,000 in permanently restricted contributions; the rest are temporarily restricted. In addition, documented unrestricted pledges of $2,200,000 were received in 2013, estimated to be 100 percent collectible. Of the cash contributions received in 2013, $1,200,000 recorded as unrestricted contributions relate to pledges made in 2012.
5. The beginning balances of net assets are as follows: Unrestricted, $22,000,000; temporarily restricted, $24,000,000; permanently restricted, $6,000,000.
Required
Prepare Milwaukee Art Museum's 2013 statement of activities.