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Deficit/Surplus The Ackland Art Museum considers it good financial practice to carry <br />ov er cash reserv es from one fiscal year to the next. In this way, we <br />ensure that we are prepared to meet our commitments in such <br />situations as delays in receiv ing inv estment income payments, <br />reductions in state funding, and market downturns that affect <br />endowment performance or donation rev enue. In addition, our cash <br />reserv es include funds that are earmarked for specific purposes; <br />such funds sometimes accumulate until we hav e staff capacity to <br />manage such programs. The Ackland Art Museum will show positiv e <br />net assets to begin fiscal year 2023 (FY23). This surplus is restricted <br />funds that includes cash reserv es from prev ious years, the <br />temporary reclassification of some acquisition funds for operations, <br />and multiyear projects funded by restricted endowment funds. <br />Ackland leadership will carefully monitor expenses throughout FY23. <br />As cash assets from prev ious years are used, the Ackland <br />recognizes that expenses for FY23 and future years will need to bring <br />rev enue and expenses into balance. <br />Are you an entity of <br />UNC-Chapel Hill or <br />another unit of state <br />government? <br />Yes <br />W hat percentage of <br />your FY22 operating <br />budget was provided <br />by the state? <br />In FY22, roughly 22 percent of the Ackland’s total operating budget is <br />state supported, and less than 2 percent comes from Univ ersity <br />contributions. The majority of these funds are used to cov er staff <br />salaries, which makes up almost 70 percent of the Museum’s annual <br />expenses. No state or Univ ersity support will be used for the <br />proposed program, Enliv ening Ackland F.A.M. <br />PROJECT/PROGRAM <br />INFORMATION <br />Tell us about your project or program <br />Title of Grant <br />Request <br />Enliv ening Ackland F.A.M. (Families at the Museum) <br />Grant Amount <br />Requested <br />3,000 <br />Is the person in <br />charge of this <br />program or project <br />different from the <br />Authorizing Official? <br />Yes <br />Project Director <br />Name <br />Allison Portnow Lathrop <br />Project Director Title Head of Public Programs <br />DocuSign Envelope ID: 0D2AFD45-3C8E-43B8-8720-60054E1F7869