Expenses rise to $89 mil, partly due to museum development
The Academy of Motion Picture Arts & Sciences released its annual report today, showing a healthy financial profile even amid increased expenses.AMPAS reported $103.3 million in total revenues in 2012 ($89.6 million from the Oscars and related activities), compared with $112 million in 2011. Expenses increased to $88.6 million from $74.5 million the previous year. Net assets for the org now total $299.5 million, an increase of $10 million over where they stood in 2011 and $41 million higher than 2010. The increased outlays in 2012 weren’t concentrated in any particular area. Perhaps most noteworthy is a jump in the category of museum development from $2.3 million in 2011 to $4.9 million in 2012. In October, AMPAS announced that it had raised $100 million toward its $250 million capital campaign for the Academy Museum of Motion Pictures, to be located at the corner of Fairfax and Wilshire in the former May Co. building on the campus of the Los Angeles County Museum of Art. “We have recently passed several major milestones for our museum, a project that will bring together many of our efforts under one roof,” Acad prexy Hawk Koch wrote in a letter to members. The report emphasized Academy programs and outreach, notes that festivals and film-related organizations received more than $1 million in Academy grants for 2012 initiatives. “I’m just back from Cuba, where a delegation from the Academy participated in an eye-opening encounter with Cuban filmmakers. International outreach is a major part of our mission, and we’re continually finding new ways to increase the Academy’s global footprint,” Koch said. “Our Science and Technology Council recently won an Emmy for its development of the Academy Color Encoding System, just one example of our contributions to the ongoing digital revolution,” Koch added. “Our archive and library continue to ensure that we are the guardians of our history by curating and constantly expanding our collections.”
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