Based on recent practice, it’s likely that Academy members will get a look at their yearly report this month, before the February 24 awards presentation. We’re hearing it will be an eye-popper.
Total assets, which have been growing as Hollywood’s favorite film group expands, are poised to break the $1 billion mark as of last June 30, when the fiscal year ended, according to people familiar with the numbers. That makes sense, as assets were pegged at $961,531,100 in the report for 2017, and both awards revenue and contributions have increased. Liabilities will be down somewhat, leaving the Academy with net assets in excess of $660 million, compared to $542,873,800 in the earlier year.
There are still some termites in the financial woodwork, of course. Not the least of them is a $132.2 million balloon payment, due in 2021, on a 2015 bond issue that raised $359,525,433 for the construction of that still pending movie museum in the mid-Wilshire district.
Academy officials declined to comment on the coming financial report. But, on request, they did provide copies of so-called “990” tax filings by both the Academy and the related Academy Museum Foundation for the year ended June 30, 2017—that is, a full 19 months ago.
Normally, those forms would long since have been posted at Guidestar.org (which has just merged with the Foundation Center to create a nonprofit monitoring service called Candid). But, as a Guidestar spokesperson explained by email on Wednesday, document postings have been delayed since last fall, when the Internal Revenue Service somewhat weirdly “ran out of the thumb drives they use to share images.” (And that was before the government shutdown.)
One fascinating set of figures in those aging tax filings shows that the Museum Foundation had already spent nearly 60% of its bond proceeds as the 2017 fiscal year ended, and had just $149,397,074 remaining. If spending continued apace, the bond money may soon be exhausted.
Another interesting note in the 990s: Academy chief executive Dawn Hudson’s total compensation fell slightly in the year ended June 30, 2017, to $743,027 (including benefits and deferred compensation), from $760,998 a year earlier. During the same period, museum director Kerry Brougher’s total pay rose to $566,573, from $536,492.
According to the Academy’s 2017 tax form, the group at that point had 223 employees, 41 of whom were paid $100,000 or more.