As we look back at our 50th Anniversary year, we continue to be inspired by our vital mission, the generosity of our supporters, and the commitment of our staff. During these unprecedented and uncertain times, our parks are a constant source of renewal and joy, and it is caring people like you who have ensured that the Common, Garden, and Mall are always the healthy, beautiful oases and gathering places the community deserves. Thank you for helping us make meaningful progress toward our goals as we plan a strong future for the parks.
Friends like you have ensured time and time again that we are able to continue our essential care for the trees and lawns, sculptures and fountains, landscape improvements, and so much more. These parks at the heart of many neighborhoods downtown enhance the health and wellbeing of all who visit. As we explore the events of the past year, and take pride in the progress of the Shaw 54th Regiment Memorial restoration project, we are reminded that we have the honor of working with a remarkably productive and rewarding partnership to restore this treasure and ensure that its legacy speaks to us today of the work of racial justice still to be done. The next time you are able to visit in person, take a moment with this, or any monument, to see its story anew. A moment taken with a nod towards the history we are all making today.
As we look forward to better days, your support for our parks is more important and impactful than ever before. Only together, as we enter our next 50 years of care and advocacy, can we ensure the health and lasting beauty of these parks.
With grateful appreciation,
Leslie S. Adam
|Public Programs & Revenue||112||218|
|Draw on Invested Funds||804||744|
|Release of Temporarily Restricted Funds||600||770|
|Common, Garden & Mall||$680||$1,311|
|Personnel & Overhead||565||550|
|Total Parks Care||$1,573||$2,152|
|Communications & Development:|
|Personnel & Overhead||678||377|
|Total Communications & Development:||$722||$578|
|Transfer to Temporarily Restricted Funds||$(580)||$(600)|
|Cash & Cash Equivalents||$638||$711|
|Pledges & Accounts Receivable||334||173|
|Total Current Assets||$1,008||$914|
|Property & Equipment||703||747|
|LIABILITIES & NET ASSETS|
|Accounts Payable & Accruals||$310||$543|
|Pilot Bathrooms (fiscal agent)||1,093||1,093|
|Total Net Assets||$27,798||$25,181|
|Total Liabilities & Net Assets||$29,366||$27,026|
Notes to Operating Results and Statements of Financial Position
Total Income was $3.1 million in 2020, 14% lower than the $3.6 million received in 2019. Support, which consists of Membership, Designated and Undesignated Contributions, Bequests, and Special Event proceeds, was 16% lower than the previous year primarily due to the cancelation of the Green & White Gala. Sponsorships for Benches and Trees were down 25% compared to 2019, but we still exceeded budget for those programs in 2020. In spite of economic conditions resulting from the pandemic, Membership Renewals came in 4% higher than in 2019. The Duckling Day and Making History on the Common events went virtual and Brewer Fountain Plaza programming was cancelled. The rolling three-year average of our investments, measured at September 30, 2019 for the 2020 draw, increased from $18.6 million to $20.1 million. Income from Temporarily Restricted Assets decreased due to a smaller pool of funds available from the previous year.
Total Expenses for 2020 were 16% lower than in 2019 offsetting the decrease in Income. Parks Care spending came in 48% lower compared to the previous year, but we were still able to meet our goal of providing essential tree, soil and turf care work and some sculpture maintenance in the parks. Spending on Public Programs was higher due to the 50th anniversary temporary art project on the Common, which will be installed in the fall of 2021. In Development, while we saved the expenses of the canceled Green & White Gala, we added the cost of having a consultant provide development and 50th anniversary capital campaign help after the departure of our Development Director early in 2020. The consultant also led a successful search for a new Vice President of Advancement & External Affairs. The decrease in Administration resulted primarily from the cancellation of the in-person Annual Meeting and a reduction in office operations. We transferred $580,000 to Temporarily Restricted Funds for tree work in the three parks and 50th anniversary projects in 2021. We ended the year with a small Net Surplus.
Investment performance for 2020 was 14%, in line with our benchmark. Our performance remains in the top 25% of the Cambridge Associates universe of endowments of less than $100 million. The increase in Pledges Receivable was due to pledges made for the 50th anniversary capital campaign. The decrease in Accounts Payable was due to payments made to Shaw/54th Memorial project contractors. Lastly, we are acting as the fiscal agent for a $1.5 million grant from a charitable trust for a multi-year pilot program to bring temporary public restrooms to the Boston Common. Due to the pandemic, the 2020 season was cancelled so no grant money was spent.