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Financial Results

Growth in the Colonial Williamsburg Fund 2005-2014

Growth in the Colonial Williamsburg Fund - 2005-2014

Growth in Total Donors - 2005-2014

Growth in Total Donors - 2005-2014

Condensed Consolidated Statements of Operations and Changes in Net Assets

Condensed Consolidated Statements of Operations and Changes in Net Assets

A variety of new programs have been initiated throughout the organization.

Colonial Williamsburg

A variety of new programs have been initiated throughout the organization.

Statement of Financial Position

The Foundation's total assets were $1.25 billion as of December 31, 2014. The endowment, representing approximately 60% of total assets, had a market value of $772 million. For calendar year 2014, the endowment's investment return was 9 percent, before spending and gifts.

Debt decreased by $13 million on a year-over-year basis due to the maturity of a tax-exempt bond issued in 1994 and scheduled bond amortization.

The Foundation's net assets decreased by $49 million in 2014, ending the year at $858 million, largely as a result of non-cash actuarial adjustments of $56 million associated with pension-related charges resulting from a lower interest rate environment.

Operating Results

Total revenues for 2014 were even with 2013 revenues. Operating revenues, which include admission ticket sales, hotel and restaurant revenues, retail sales, and rental of commercial and residential real estate in and around the Historic Area, were slightly lower than in 2013, reflecting lower hotel and restaurant revenues and admission ticket sales in 2014. Gifts to the Colonial Williamsburg Fund totaled $15 million, reflecting strong donor support of Colonial Williamsburg's mission. Total revenues for the calendar year, including budgeted endowment support, were $181 million.

Expenses for 2014 were $223 million, an increase of $8 million compared with 2013 mainly as a result of budgeted increases in compensation combined with higher employer portion of group medical expenses and higher other operating costs, which were partially offset by restricted gift support. Operating expenses exceeded operating revenues by $42 million.

Financial Reporting Formats

Colonial Williamsburg monitors and reports internally on the regularly recurring, or operating, revenues and expenses resulting from routine activities in order to assess the financial performance of educational and for-profit activities. It reports in the audited financial statements all revenues and expenses in accordance with generally accepted accounting principles to reflect the consolidated financial impact of all activities of the Foundation and its subsidiaries. A third reporting format is required by the Internal Revenue Service on Form 990, an annual information return for The Colonial Williamsburg Foundation, the 501(c)(3) entity that is exempt from federal income taxes on most of its activities. The financial results on Form 990 represent the unconsolidated financial results of only this 501(c)(3) organization; the Foundation's taxable subsidiaries — for example, Colonial Williamsburg Company — report their financial results separately on corporate income tax returns.

The operating results reported in the top half of the Consolidated Income Statement and Statement of Changes in Net Assets table shown in this President's Report refer to: ticket sales; all revenues generated by hospitality and products; unrestricted operating gifts and restricted gifts for operations spent for their intended purpose during the year; the budgeted amount of endowment support provided by our endowment spending policy; and all operating expenses of the Foundation and its subsidiaries.

Below the operating deficit line in the report, we include non-operating items such as the difference between the total return produced by the endowment and the budgeted endowment support; all other gifts and grants, that is to say, pledges; restricted gifts received but not spent; gifts for endowment and capital projects, and gifts of objects; gains on sales of real estate; and the financial statement impact of changes in generally accepted accounting principles. The combination of the operating and non-operating items is reflected as the change in net assets, which is consistent with the audited financial statements.

Looking Forward

In developing the Foundation's 2015 financial plan, the goal has been to balance strategic investment and fiscal discipline with innovative program development throughout Colonial Williamsburg. These objectives require careful resource management, a learning culture, and willingness to improve the guest experience. The Foundation also remains focused on technology and digital media initiatives including the management, production, and delivery of digital media content for a variety of audiences, both online and on-site.