The J. Paul Getty Trust 2014 Report

Financial Information

Endowment Value

2014 Financial Bar Chart

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, 2014 and 2013

(Amounts in thousands) 2014 2013
Assets
Cash$ 5,552 275
Receivables:
Investments 170,685 198,919
Interest and dividends 3,073 1,805
Other 720 1,472
Investments 6,677,971 5,894,798
Investments whose use is limited 6,365 5,221
Property and equipment, net 1,104,506 1,140,894
Collections and other assets 2,166,793 2,096,179
$ 10,135,665 9,339,563
Liabilities and Net Assets
Liabilities:
Accounts payable$ 25,088 11,251
Payables on investment purchases 185,682 234,743
Accrued pension and other post-retirement plans liabilities 150,046 137,875
Accrued and other liabilities 21,052 22,175
Interest rate swaps 126,828 120,495
Bonds payable 616,818 623,417
1,125,514 1,149,956
Net assets:
Unrestricted 9,003,844 8,184,517
Temporarily restricted 4,801 3,639
Permanently restricted 1,506 1,451
9,010,151 8,189,607
$ 10,135,665 9,339,563

Statements of Activities

June 30, 2014 and 2013

(Amounts in thousands) 2014 2013
Change in unrestricted net assets:
Revenue and other support:
Sales and other income$ 32,707 29,544
Contributions 11,055 7,039
Investment income:
Interest and dividend income, net 70,636 69,421
Net realized and unrealized gain on investments 1,002,207 697,316
Net investment income 1,072,843 766,737
Net realized and unrealized (loss) gain on interest rate swap agreements (6,333) 74,030
Net assets released from restriction 958 1,118
Total revenue, other support, and investment income 1,111,230 878,468
Expenses:
Program services:
Museum 145,841 153,586
Research Institute 55,540 51,689
Conservation Institute 30,550 31,619
Foundation and Grants 36,050 29,117
Total program services 267,981 266,011
Supporting services:
General and administrative 11,751 11,489
Total expenses 279,732 277,500
Pension and other postretirement plans (loss) gain (12,171) 53,273
Change in unrestricted net assets 819,327 654,241
Change in temporarily restricted net assets:
Contributions 2,120 1,929
Net assets released from restriction (958) (1,118)
Change in temporarily restricted net assets 1,162 811
Change in permanently restricted net assets:
Contributions 55 235
Change in net assets 820,544 655,287
Net assets, beginning of year 8,189,607 7,534,320
Net assets, end of year$ 9,010,151 8,189,607

Statements of Cash Flows

June 30, 2014 and 2013

(Amounts in thousands) 2014 2013
Cash flows from operating activities:
Change in net assets$ 820,544 655,287
Adjustments to reconcile change in net assets to net cash
used in operating activities:
Depreciation and amortization 47,154 46,866
Amortization of bond premium (1,709) (1,691)
Net realized and unrealized gain on investments (1,002,207) (697,316)
Net realized and unrealized loss (gain) on interest rate swap agreements 6,333 (74,030)
Noncash contributions of art (7,790) (3,523)
(Gain) loss on disposition of property and equipment (4) 58
Gain on disposition of collection items (1,740)
Pension-related changes 12,171 (53,273)
Contributions restricted for long-term investment (55) (235)
Changes in operating assets and liabilities:
Interest and dividends receivable (1,268) 51,493
Other receivables 752 (658)
Other assets 3,467 1,157
Accounts payable 13,837 1,021
Accrued and other liabilities (1,123) 5,123
Net cash used in operating activities (111,638) (69,721)
Cash flow from investing activities:
Proceeds from sales of investments 6,945,568 7,991,507
Purchases of investments (6,748,506) (7,894,993)
Purchases of collection items (67,275) (20,308)
Proceeds from the sale of collection items 2,724
Purchases of property and equipment (10,769) (7,792)
Proceeds from sale of property and equipment 8
Net cash provided by investing activities 121,750 68,414
Cash flows from financing activities:
Proceeds from issuance of bonds 276,800 162,955
Payments on bonds payable (281,690) (167,125)
Contributions restricted for long-term investment 55 235
Net cash used in financing activities (4,835) (3,935)
Net increase (decrease) in cash 5,277 (5,242)
Cash, beginning of year 275 5,517
Cash, end of year$ 5,552 275
Supplemental disclosure of cash flow information:
Cash paid during the year for interest$ 22,199 24,028