Numismatic collection counts as asset
- Published: Oct 24, 2011, 8 PM
The 31,000-member American Numismatic Association’s total assets increased by more than $40 million during a 19-month reporting period. However, the bulk of the gain did not come as the result of traditional investments.
According to financial statements disclosed Oct. 14 with an independent auditor’s report and 990 forms filed with the Internal Revenue Service, the collector organization’s total assets ballooned to $64,638,115, resulting largely from the addition of a valuation of the numismatic holdings in the association’s museum. The value of some 300,000 numismatic items in the collection was reported to be $35,983,385.
The reporting period covered the 19 months beginning April 1, 2009, through Oct. 31, 2010. Adding an extra seven months to the reporting period resulted from a change in the end of the fiscal year, from March 31 to Oct. 31.
The previous financial statement, for the one-year period ending March 31, 2009, reported the association’s total assets at $24,285,875.
The ANA Board of Governors accepted the audited financial report and approved the 990 form for filing during a meeting in Pittsburgh in which it also approved a balanced budget of $5,944,334 for its next fiscal year that begins Nov. 1 and ends Oct. 31, 2012.
Complete copies of the financial documents and 990 forms are available at the ANA’s website at www.money.org/Content/NavigationMenu/Communications/FinancialReports/default.htm.
There was no public discussion of items within the newly approved budget, but immediately after a 9 to 0 vote of approval, Michael Ellis convinced fellow governors to add $22,500 to the expense side of the ledger for use in refurnishing the permanent “History of Money” exhibit on the main floor of the Edward C. Rochette Money Museum. Gov. Clifford Mishler expressed the hope that the needed funding could be covered by new donations so that endowment funds would not have to be tapped to cover the costs.
The ANA Board also approved the appointment of David Sklow as historian and Jerome Walton, Kenneth Bressett and Kenneth Hallenbeck as assistant treasurers.
ANA President Thomas Hallenbeck noted that his father, Kenneth, would not sign any checks written to him. ¦
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