The Film Academy’s Annual Report Shows Assets Way Up, But Bond Proceeds Going Fast
The Academy of Motion Picture Arts and Sciences on Friday sent members its annual report for the fiscal year ended June 30, 2018, along with a video review of the year. As predicted, the big number was really big: Total assets of the nonprofit rose to $1,073,953,000, up almost 12 percent from 961,531,100 a year earlier. Liabilities fell to $411,879,000 from $418, 657,300; so the gain in net assets was a handsome 22 percent, to $662,104,000 from $542,873,800.
Looking a little deeper, it’s clear that last year’s Oscar ratings decline didn’t stop show revenue from growing. Returns from the Academy Awards totaled $131,774,000, up more than 7 percent from $122,887,500 in 2017. Awards-related expense rose slightly, to $41,254,800 from $40,825,300. That means Oscars are still a solid money-maker, notwithstanding the many glitches and complaints of late.
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Total expenses were up some, to $106,557,600 from $100,919,600. The increase came mainly from a boost in spending on museum development, to $12,980,000 from $8,573,900. But administrative expense actually fell a bit, to $15,343,400 from $16,733,900, which is something of surprise, given the growth in membership and expanding effort to connect with those abroad.
Debt at the end of the fiscal year was $353,236,700, thanks to the earlier issuance of so-called “Oscar bonds” to fund construction of the movie museum, which is still a work in progress. Interest payments were $11,905,700 for the year. Bond funds held by the Academy’s trustee as of last June 30 were $73,121,900, down more than half from $159,114,800 a year earlier; so the proceeds of that offering are going fast.
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