Operating Financial Statement
April 1, 2022 to March 31, 2023
| REVENUE | FY 2023 | FY 2022 | PERCENT INCREASE (decrease) | PERCENT OF TOTAL |
|---|---|---|---|---|
| Investment Return Designated for Operationsa | $6,815,000 | $6,548,000 | 4% | 32% |
| Revenue from Operations | $2,870,000 | $2,462,000 | 17% | 14% |
| Contributed Income | $11,049,000 | $8,903,000 | 24% | 53% |
| Contributed Income for Property and Long Term Investments | $149,000 | $899,000 | -83% | 1% |
| Total Revenue | $20,883,000 | $18,812,000 | 11% | 100% |
| EXPENSES | FY 2023 | FY 2022 | PERCENT INCREASE (decrease) | PERCENT OF TOTAL |
|---|---|---|---|---|
| Museum Operations | $5,686,000 | $5,720,000 | -1% | 36% |
| Preservation Maintenance | $2,485,000 | $2,830,000 | -12% | 16% |
| Collections and Exhibitions | $1,644,000 | $1,443,000 | 14% | 11% |
| Education & Public Programming | $1,474,000 | $1,264,000 | 17% | 10% |
| Administration | $1,469,000 | $1,308,000 | 12% | 9% |
| Fundraising | $1,132,000 | $1,009,000 | 12% | 7% |
| Revenue Generating Projects | $950,000 | $579,000 | 64% | 6% |
| Preservation Easement Program | $480,000 | $417,000 | 15% | 3% |
| Marketing | $328,000 | $266,000 | 23% | 2% |
| Total Expenses | $15,648,000 | $14,836,000 | 5% | 100% |
| Net Income from Operationsb | $5,235,000 | $3,976,000 |
| Endowment Assetsc | $124,916,000 | $124,663,000 |
This financial statement represents the general operating activities for Historic New England only. Other non-operating activity, including realized and unrealized gains on restricted assets, can be found within the audited financial statements. In FY 2023, total operating expenses were spent as follows: 81% program expenses, 12% administration and marketing, and 7% fundraising.
a “Investment Return Designated for Operations” represents the endowment fund draw approved by the Board of Trustees to support annual operations. The annual draw is based on appropriating 5% of the preceding twenty-quarter fair market value of the investments as of December 31.
b “Net Income from Operations” includes contributions for long-term investment of $0.1 million in FY 2023 and $0.9 million in FY 2022.
c “Endowment Assets” excludes beneficial interest in perpetual trusts which equaled $10.1 million in FY 2023 and $11.4 million in FY 2022.