The J. Paul Getty Trust 2016 Report

Financial Information

Endowment Value

2016 Financial Bar Chart

Amounts in billions

Statements of Financial Position

June 30, 2016 and 2015

(Amounts in thousands) 2016 2015
Assets
Cash$ 4,008 5,009
Receivables:
Unsettled investment sales 60,293 45,317
Interest and dividends 1,367 1,910
Other 22,240 1,145
Investments 6,340,955 6,675,946
Investments whose use is limited 9,255 9,202
Property and equipment, net 1,028,229 1,066,602
Collections and other assets, net 2,348,020 2,287,547
$ 9,814,367 10,092,678
Liabilities and Net Assets
Liabilities:
Accounts payable$ 13,775 31,756
Investments sold short 18,238 28,700
Payables on investment purchases 72,691 48,317
Accrued pension and other postretirement plans liabilities 185,375 134,201
Accrued and other liabilities 19,122 15,268
Interest rate swaps 219,644 145,841
Bonds payable 603,434 610,147
1,132,279 1,014,230
Net assets:
Unrestricted 8,673,097 9,069,336
Temporarily restricted 7,485 7,606
Permanently restricted 1,506 1,506
8,682,088 9,078,448
$ 9,814,367 10,092,678

Statements of Activities

June 30, 2016 and 2015

(Amounts in thousands) 2016 2015
Change in unrestricted net assets:
Revenue and other support:
Sales and other income$ 29,625 28,366
Contributions 12,453 26,674
Investment income:
Interest and dividend income, net 75,529 88,486
Net realized and unrealized (loss) gain on investments (90,855) 205,769
Net investment (loss) income (15,326) 294,255
Net realized and unrealized losses on interest rate swap (73,803) (19,013)
Net assets released from restriction 3,043 1,216
Total revenue, other support, and investment (loss) income (44,008) 331,498
Expenses:
Program services:
Museum 156,130 154,444
Research Institute 61,986 59,382
Conservation Institute 37,241 31,820
Foundation and Grants 32,912 24,733
Total program services 288,269 270,379
Supporting services:
General and administrative 12,788 11,472
Total expenses 301,057 281,851
Pension and other postretirement plans (loss) gain (51,174) 15,845
Change in unrestricted net assets (396,239) 65,492
Change in temporarily restricted net assets:
Contributions 2,922 4,021
Net assets released from restriction (3,043) (1,216)
Change in temporarily restricted net assets (121) 2,805
Change in net assets (396,360) 68,297
Net assets, beginning of year 9,078,448 9,010,151
Net assets, end of year$ 8,682,088 9,078,448

Statements of Cash Flows

June 30, 2016 and 2015

(Amounts in thousands) 2016 2015
Cash flows from operating activities:
Change in net assets$ (396,360) 68,297
Adjustments to reconcile change in net assets to net cash
used in operating activities:
Depreciation and amortization 46,782 46,931
Amortization of bond premium (1,563) (1,691)
Net realized and unrealized loss (gain) on investments 90,855 (205,769)
Net realized and unrealized losses on interest rate swaps 73,803 19,013
Noncash contributions of art (8,332) (25,664)
Gain on disposition of property and equipment 29 (20)
Loss (gain) on disposition of collection items 530 98
Pension-related changes 51,174 (15,845)
Changes in operating assets and liabilities:
Interest and dividends receivable 543 1,163
Other receivables (21,095) (425)
Other assets (302) 1,665
Accounts payable (17,981) 6,668
Accrued and other liabilities 3,854 (5,784)
Net cash used in operating activities (178,063) (111,363)
Cash flow from investing activities:
Proceeds from sales of investments 4,148,908 4,680,448
Purchases of investments (3,905,889) (4,458,788)
Purchases of collection items (52,369) (96,853)
Purchases of property and equipment (8,440) (9,029)
Proceeds from sale of property and equipment 2 22
Net cash provided by investing activities 182,212 115,800
Cash flows from financing activities:
Proceeds from issuance of bonds 162,955 178,140
Payments on bonds payable (168,105) (183,120)
Net cash used in financing activities (5,150) (4,980)
Net (decrease) increase in cash (1,001) (543)
Cash, beginning of year 5,009 5,552
Cash, end of year$ 4,008 5,009
Supplemental disclosure of cash flow information:
Cash paid during the year for interest$ 20,742 21,348