The accompanying combined financial statements include the accounts of Denver Botanic Gardens Inc. (DBG), established in 1951 and Denver Botanic Gardens Endowment Inc. (DBGE), a separate nonprofit organization established in 1991.
DBG enjoyed another banner year in 2010 with increases in attendance (40%), admission revenue (50%), and membership (51%). Further, DBG completed construction on Mordecai Children’s Garden and a new greenhouse complex, including a beautiful orangery. New gardens, critical infrastructure repairs and technology upgrades were also com- pleted during 2010.
DBG and DBGE combined total assets decreased $628,880. As DBG manages the Gardens for the city and county of Denver, all capital improvements to the Gardens are expensed, not capitalized, leading to a $2.6 million decrease in assets. This decrease in assets was primarily offset by $2 million in market gains in DBGE’s investment portfolio. Of the $26 million in total assets, 97% was in cash, receivables and investments.
Total combined liabilities were $3.1 million at year-end – a $497,713 decrease over 2009, as a result of completed construction projects, for a total net asset decrease of $131,167.
DBG’s combined revenues, gains and support in 2010 was $28.1 million, an increase of $6.2 million over 2009. Major changes in revenues were as follows:
• General donations were $913,786 higher in 2010 than 2009. The Gardens is grateful that giving to support our operations and programming has increased. We attribute this to a number of factors including the popularity of Moore in the Gardens and increased investment in our exhibits program, increased gifts for tributes and memorials in the Gardens and stronger annual giving results for the year.
• Capital Campaign gifts saw a decrease of $1.4 million in 2010. During 2010 we completed several Master Development Plan projects supported by multi-year commitments made in 2009 and 2008, and are presently raising capital campaign funds for several new projects in the Master Development Plan.
• Investment income decreased by $788,338 due to lower market returns in 2010 (13.7%) compared to 2009 (25.6%).
2010 Denver Botanic Gardens Annual Report
• Funding from the City and County of Denver increased by $5.7 million as a result of the Better Denver bond proceeds used to construct a new Greenhouse Complex.
Total program services expenditures (representing core programs in the areas of horticulture, research, education and Denver Botanic Gardens at Chatfield), as well as property improvements not capitalized, were approximately $25 million in 2010 – an increase of $6.1 million over 2009, due primarily to an increase of $4.5 million in non-recurring capital improvements and an increase of $1.6 million in horticultural programs. Total supporting expenditures increased only a half percent of total expenses.
DBGE’s investments were stated at fair market value. The investment portfolio is well-diversified to limit the endowment’s investment risk; the Gardens’ Board of Trustees establishes the portfolio’s investment policy. Investment returns in 2010 continued their recovery from the 2008 market meltdown. In 2010, the DBGE portfolio was up 13.7%. Since its inception in July 1992, the portfolio has earned a compound annual growth rate of 8.2%. The ending market value on December 31, 2010 was $17.9 million, compared to $15.9 million the previous year.
The Finance Committee of the Board of Trustees, the chair of the board, the CEO and the CFO meet monthly during the year to review financial statements. This committee also approves the annual operating budget and the Internal Revenue Service Form 990. In 2011, the Audit Committee met with the independent auditors to review the 2010 audit and related manage- ment letter. There were no reportable items from the auditors regarding the 2010 audit.
In 2011, the Gardens will continue to progress with its Master Development Plan, building of a new visitor center at Chatfield and a new entrance on the west side of the Gardens. We will also break ground on the new Bonsai Pavilion and Waring Green. Additionally, the Gardens will be hosting a new exhibition, Native Roots | Modern Form: Plants, Peoples and the Art of Allan Houser. Denver Botanic Gardens thanks its members, donors, the Scientific and Cultural Facilities District (SCFD) and the City and County of Denver for their foundation of support.
JANETTE W. CHASE Treasurer, Board of Trustees
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