Another year, and more major accomplishments in our parks thanks to you! Your support allowed us to invest $1,247,590 this year on our core parks care priorities: the trees, the grass, the sculpture and the fountains in the Common, the Garden, and the Mall. It takes a committed and diverse group of people to renew, care, and advocate for these urban greenspaces. Long-term conservation and care require sustained investment, and we are grateful that you recognize this. Know that your support enables ongoing parks care as well as timely responses to emerging issues. Your generosity and dedication is at the heart of every success story in our parks.
We are so grateful for the trust you place in us as stewards of your parks. Your support enables us to protect the history and beauty of the parks we all love so much, now and into the future. Thank you, you make it all possible!
Leslie and Liz
|Public Programs & Revenue||170||85|
|Draw on Invested Funds||686||684|
|Release of Temporarily Restricted Funds||400||175|
|Common, Garden & Mall||$1,248||$1,040|
|Personnel & Overhead||441||355|
|Total Parks Care||$1,883||$1,530|
|Communications & Development:|
|Personnel & Overhead||371||334|
|Total Communications & Development:||$536||$505|
|Transfer to Temporarily Restricted Funds||$(770)||$(600)|
|Cash & Cash Equivalents||$673||$716|
|Pledges & Accounts Receivable||355||644|
|Total Current Assets||$1,064||$1,394|
|Property & Equipment||784||817|
|LIABILITIES & NET ASSETS|
|Accounts Payable & Accruals||$489||$117|
|Pilot Bathrooms (fiscal agent)||1,335||—|
|Total Net Assets||$21,534||$23,269|
|Total Liabilities & Net Assets||$23,610||$23,705|
Notes to Operating Results and Statements of Financial Position
Total Support was $2.1 million, 14% higher than the $1.9 million received in 2017. Support consists of Membership, Designated and Undesignated Con- tributions, Grants, Bequests, and Special Event proceeds. Designated Contributions exceeded budget by $159,000 primarily due to the continued popu- larity of the Sponsored Benches & Trees programs. We also received two unexpected undesignated gifts totaling $300,000. The rolling three-year average of our investments, measured at September 30, 2017 for the 2018 draw, remained at $17.1 million. Income from Temporarily Restricted Assets increased due to a larger pool of funds available from the previous year. Total Income rose 21% to a new high of $3.4 million.
Total Expenses for 2018 were 20% higher than in 2017 primarily due to a $208,000 increase in Parks Care spending. The increase in Personnel & Over- head expenses is mostly due to an increase in the use of professional services – public relations, legal, IT, and contract labor. We transferred $770,000 to Temporarily Restricted Funds: $300,000 to a new Brewer Fountain & Mall Sculpture Lighting Fund, $170,000 to a new Friends 50th Anniversary Fund, and then $100,000 each to the Common Fund, the Garden Fund, and the Mall Fund. These distributions will support much of the work set out in the 2019 budget. We ended the year with a small surplus, just as in 2017.
Due to the market downturn during the fourth quarter, investment performance for 2018 was -6.8%, which is less negative than our benchmark for the year. Our endowment performance remains in the top 25% of the Cambridge Associates universe of endowments of less than $100 million. The decrease for Pledges Receivable is due to the receipt of many pledges made for the Henry and Joan Lee Sculpture Endowment. The increase in Accounts Payable is primarily due to future in-kind payments that will be due to contractors for restoration of the Shaw/54th Memorial. Lastly, we are acting as the fiscal agent for a $1.5 million grant from a charitable trust for a multi-year pilot program to bring temporary public restrooms to the Boston Common.