The Fine Print: The Art of Nonprofit Finance
Walker Art Center takes its role as a nonprofit seriously. In December, WAC released financials for its 2018–2019 fiscal year. Bottom line? Revenue and expenses were both $21 million, with a net profit of a mere $16,350—very close to no profit at all.
Donations, WAC’s endowment draw, and its annual Avant Garden Gala fundraiser accounted for $16.2 million, 77 percent of all revenue. Less than 25 percent comes from museum admissions and events like Rock the Garden and Mini Golf (counted under “program earned income”). But not to worry: WAC’s endowment stands at $224 million.