Northwoods Children's Museum
Profit and Loss Information 1998 to 2005

Notes on Profit/Loss
1 - 1998 shows information from May through December - the museum opened on April 18, 1998.
2 - Donations for 1998 were $27,479.04 from Capital Campaign Pledge Payments, $95.00 from Memorials, $2,830.00 in Annual Drive.
3 - Includes $1,828.40 to balance tot eh bank's construction loan balance after a bookkeeping error and $8,250.11 in other accounting adjustments from the 1998 financial audit.  The audit was completed after the executive director and assistant resigned when questioned about administrative details.
4 - Renovation expenses incurred prior to the establishment of a chart of accounts.
5 - Payroll from May through June.  After executive director and assistant resigned, board elected to run the museum on an all-volunteer basis until financials could be sorted out.
6 - Donations for 1999 were $19,434.40 from Capital Campaign Pledge Payments, $570.00 from Memorials and remainder in Annual Drive.
7 - This was a refund from Worker's Compensation overpayment.
8 - Includes $4,124.04 in brochure printing costs and $2,000.00 for the Northern Action brochure distribution system.  This was also the first year for the Benefit Auction and auction expenses totaled $5,210.34.
9 - After writing over 100 grant requests in 1999, grants came in at the end of the year as follows; Prevent Child Abuse $406.50, Vilas Count Safe & Stable Families $13,977.61, Birds of Wisconsin from the Antonia Foundation $5,650.00, Reading Tree from the Verizon Foundation $6,000.00, three sponsored memberships from the Jaycees $135.00, and Camping Funds from the Mead Witter Foundation $4,500.00.
10 - Donations for 2000, $4,265.00 from Capital Campaign Pledge Payments, $75.00 in Memorials and $18,781.50 from the Annual Drive.
11 - 1999 figures included $2,337.00 from the 1998 financial audit.  Accounting costs were greatly reduced (to $280.00) in 2000.  1999 figure also included over $1,600.00 in void sales.  Void sales were reduced to $332.12 in 2000 as we improved cashier training.
12 - In 2000, we expanded the museum's Discovery Store physical size as well as the number of product lines carried.
13 - In 1999, an internal financial committee audit concluded that the museum was significantly underpaying its non-grant funded staff.  In the best interest of the museum, the board instituted a four year plan to gradually increase wages such that if one of the full-time staff needed to be replaced for whatever reason, the museum could recruit nationwide.
14 - New restricted funds received in 2000 included $1,000.00 for the Watershed Exhibit from Wisconsin Valley Improvement Company, 12,861.63 from Vilas County Safe & Stable Families, and $2,548.29 from CESA9 for the Junior Volunteer program.
15 - Donations included $500.00 from Capital Campaign Pledges, $200.00 in Memorials, and $11,491.51 in the Annual Drive.
16 - Accounting expenses increased from $280.00 to $315.00, permit fees were slightly higher than 2000 and Revenue Expenses increased to $4,499.52 including $890 from grant-funded limited income membership expenses, and $2,400.00 in coupon and gift certificate redemption costs.  This was the first year we started selling gift certificates on WRJO FM94.5 radio mall and the first year we started rewarding Junior Volunteers with admit passes after successfully completing 12 hours of volunteering in the grant funded Junior Volunteer program.
17 - In 2001, we paid $46,156.93 against the principal on the construction loan and refinanced at a lower rate to attempt to lower the monthly payment to around $1,000.00.  We did not re-amortize the loan during this refinance - simply shifted to a lower interest rate.  The net result moved the monthly construction loan payment from $1,400.00 to $1,036.00 per month.
18 - Payroll increases remained on target to bring salaries in line with children's museum national averages.
19 - The year's net loss came from the mortgage pay down and a down turn in admissions after 09/11/01.  Discretionary spending (i.e., store, programs and workshop revenues) also trended down at the close of 2001.
20 - Grant funds in 2002 were entirely from Vilas County Safe and Stable Families.
21 - 2002 donations included $275.00 in Capital Campaign Pledge Payments, $355.00 in Memorials and $19,574.04 in the Annual Drive.
22 - Interest rates decreased significantly and the money market balance was drawn down by the 2001 mortgage principal pay down.  These two factors contributed to lower interest received.
23 - Sponsored family usage increased Revenue Expenses.  Sponsored family expenses are covered using Vilas County Safe and Stable Families Funds and Funds from the Rhinelander Kiwanis Club.
24 - Refinancing dropped mortgage payments by approximately $5,000.00 per year.
25 - Includes expense for printing new brochures.
26 - Payroll reflects the continued transition to national compensation levels for staff as well as the addition of 3 part time program facilitators to run the weekly preschool adventures and monthly fun with fathers programs.
27 - Grants for 2003 were entirely from Vilas County Safe & Stable Families.
28 - 2003 donations included $625.00 in Memorials, $300.00 for a scholarship for an outstanding high school volunteer and the remainder from the Annual Drive.
29 - Auction proceeds were up by $5,000.00 and Cranberry Fest Parking Fees increased $2,000.00 after the neighboring businesses asked us to sell parking in their lots during the festival.
30 - Revenue expense increased through sponsored family and fun with fathers program usage increases - both are grant funded.
31 - Shop costs were down because shop sales were down and we ordered less merchandise to keep inventory costs down.
32 - Museum staff includes 2 full time and 9 part time employees  - up three from 2002.
33 - 2004 Grants were from Vilas County Safe & Stable Families and $765.00 from the Verizon Foundation.
34 - Donations increased substantially after reopening the Capital Campaign.  Founder recognition was also reworked to accommodate higher giving levels than originally needed during the 1996 Capital Campaign.
35 - 2004 was a strong year with 27,000 guests served.  Admissions, membership sales, shop sales, and group sales exceeded all previous years earnings.
36 - Payroll for 2004 included 3 full time staff, 9 part time staff and 3 program facilitators.
37 - Social Service grants for Preschool Adventures, Fun with Fathers, Limited Income Memberships and Youth Volunteering were cut by nearly one-third.
38 - One donation was for $80,000.00.
39 - Auction and Birthday Party both did much better than projected and improved greatly over prior year events.
40 - Includes a $90,000 payoff ahead of schedule against the Renovation Mortgage.
41 - In 2005, there were three full time employees, and twelve part-time employees (1.3 Full Time Equivalent).  The museum started a pension plan for full-time staff.
42 - Social Service Grants for Preschool Adventures, Fun with Fathers and Limited Income memberships were again cut by one-third.  Travel vouchers were dropped for Limited Income members in an effort to compensate.  Also new funds were received for a new Geography Theme.  The end of the year saw three substantial grants for rebuilding the museum's theme structure.
43 - Auction and Birthday Party again improved substantially from prior years.
44 - Includes $25,000 principal pay down on the building mortgage.
45 - In 2006, there were three full time employees and ten part-time employees (1.4 Full Time Equivalent).  The museum continued its pension plan for full-time staff.