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We accept Visa, MasterCard, American Express and Discover. If you have any questions, we encourage you to call the Box Office at (479) 443-5600 before you buy. The Center targets a diversified asset allocation that places a greater emphasis on equity-based investments to achieve its long-term return objectives within prudent risk constraints as managed by the University of Arkansas Total Return Pool. Little Rock, Arkansas | Fayetteville, Arkansas | Raleigh, North Carolina | Phoenix, Arizona Naples, Florida | Yuma, Arizona | www.frostpllc.com, An Independent Member of the BDO Alliance USA 2. If a restriction is fulfilled in the same time period in which the contribution is received, the organization reports the support as unrestricted. We stand with all who oppose policies that unfairly restrict rights of the LGBTQIA+ community, as those policies harm individuals and impact the ability of businesses and industries across the state to bring artists and visitors to our region.As an organization, we will learn from this experience and work to ensure that our entire community, including our LGBTQIA+ partners, understand how we assess operational concerns around events, and will commit to bring community partners into operational conversations earlier in the process. Amortization of the discounts is included in contributions. f. Cash and cash equivalents For purposes of the combined statements of cash flows, the Center considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Total amortization expense for intangible assets was $2,236 and $2,337 for the years ended June 30, 2018 and 2017, respectively. View Financial Statement for Walton Arts Center - DocsLib Art breaks down walls and helps us understand and develop empathy for other. Madonna's North American tour is officially postponed. Call 479.443.5600 for more information. The Center does not expect the implementation of ASU 2017-04 to have a material effect on its combined financial statements. Depreciation of property and equipment is computed on the straight-line method over the estimated useful lives of the assets, which range from 3 to 50 years, except for the cost of art collections, which are not depreciated. Walton Arts Center regrets that our recent operational decision around hosting some NWA Equality Pride Youth Zone activities has upset and hurt many in the community, which was not our intention. Robert Jenrick has cartoon murals painted over at children's asylum May 23, 2023 2:49 pm A total of nine Walton Arts Center board of directors have sent in their resignation letters following an executive decision to ban drag performances where minors would. To satisfy its long-term rate-of-return objectives, the Center relies on a total return strategy in which investment returns are achieved through both capital appreciation (realized and unrealized) and current yield (interest and dividends). Approximately $103,000 and $55,000 of prepaid advertising was included in other current assets for the years ended June 30, 2018 and 2017, respectively. Strategies Employed for Achieving Objectives. We believe the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Absolutely no photography or recording devices of any kind are permitted in the theater, including camera cell phones. Accordingly, over the long term, the Center expects the current spending policy to allow its endowment to grow at a moderate rate. The line of credit matures in December 2019. The IRC further defines the Foundation under Section 509(a)(3) which means that its purpose is to assist publicly supported organizations. Reprint fee of $10 per order will apply to the second reprint of any order. SeatGeek is known for its best-in-class interactive maps that make finding the perfect seat simple. Conditional promises to give are recognized only when the conditions on which they depend are substantially met and the promises become unconditional. 2. The group noted that the. For the comfort and safety of all patrons, staff may request that all large bags and large umbrellas be placed in Coat Check for the duration of the performance. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Accordingly, we express no such opinion. In addition, the amendments provide additional guidance about how to determine whether a contribution is conditional and may include a barrier that must be overcome and either a right of return of assets transferred or a right of release of a promisors obligation to transfer assets. Ninth member resigns from Walton Arts Center board amid drag decision Through this lease agreement, the Center paid rent to the City of Fayetteville for the use of the real property and premises for $1 for the first year of the primary term, with no further rental fees chargeable or payable during the remainder of the term or any renewal term. All material intercompany accounts, transactions, gains and losses have been eliminated. The Center contributed $171,358 and $149,750 to the plan for the years ended June 30, 2018 and 2017, respectively. WALTON ARTS CENTER 7, 1. You should receive a receipt confirming your purchase immediately after completing your transaction. Contributions received are recorded as unrestricted, temporarily restricted, or permanently restricted support depending on the existence or nature of any donor restrictions. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Under this policy, the endowment assets are invested in a manner that is intended to produce results that exceed the price and yield results for certificates of deposit while assuming a moderate level of investment risk. July 17, 2023. Since 2010, NWA Equality has had a similar background check policy and certification requirements for volunteers and staff working with youth programs, including Child Abuse Prevention training.NWA Prides website will contain a more in-depth FAQ available to the public closer to the event, with answers to logistical questions and descriptions of performers, costumes, and books that families can expect.The NWA Pride Youth Zone will be located inside the Fayetteville Town Center. Gifts of land, buildings and equipment are presented as unrestricted support unless explicit donor stipulations specify how the donated assets must be used. Combined, Current assets Cash and cash equivalents $ 10,752,679 $ 186,535 $ - $ 10,939,214 $ - $ 10,939,214 Investments - - - - 6,281,215 6,281,215 Accounts receivable, net 556,664 1,152,950 - 1,709,614 - 1,709,614 Promises to give, current portion 7,923,695 - - 7,923,695 - 7,923,695 Other current assets 181,597 241,952 1,950,475 2,374,024 - 2,374,024 Total current assets 19,414,635 1,581,437 1,950,475 22,946,547 6,281,215 29,227,762, Long-term assets Accounts receivable, noncurrent 11,500 855,000 - 866,500 - 866,500 Promises to give, net of current portion, discount and allowance 670,596 - - 670,596 - 670,596 Restricted investments - - - - 8,511,357 8,511,357 Property and equipment, net 34,254,019 728,215 - 34,982,234 - 34,982,234 Investment in subsidiary 2,511,184 - (2,511,184) - - - Intangible assets, finite-lived, net - 17,516 - 17,516 - 17,516 Goodwill - 157,412 - 157,412 - 157,412 Total long-term assets 37,447,299 1,758,143 (2,511,184) 36,694,258 8,511,357 45,205,615, Total assets $ 56,861,934 $ 3,339,580 $ (560,709) $ 59,640,805 $ 14,792,572 $ 74,433,377, Walton Arts Walton Arts Center NWA Center Council, Entertainment, Foundation, Liabilities and Net Assets Inc. LLC Eliminations Consolidated Inc. Walton Arts Center board members resign over drag ban d. Public support and revenue Annual contributions and grants are generally available for unrestricted use in the related year unless specifically restricted by the donor. Pity the poor 7-footer. The components of the Centers intangible assets, finite-lived and the related accumulated amortization are as follows: Cost $ 42,588 $ 42,588 Less accumulated amortization 25,072 22,836, Intangible assets, finite-lived, net $ 17,516 $ 19,752. The Center had no outstanding balance on this line of credit at June 30, 2018 or 2017. The Center owns land that is restricted to use that will remain in effect for a period of 20 years, which expires on October 2, 2033. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the combined financial statements, whether due to fraud or error. Investment management fees are included in general and administrative expenses. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). Accounting by lessors is largely unchanged from existing standards. Recent accounting pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 is the product of a joint project between the FASB and the International Accounting Standards Board to clarify the principles for recognizing revenue. When approached by NWA Equality for this years Pride events, we reviewed their proposed activities and logistical considerations for our spaces, as we do for all third-party events, according to the statement. PLEASE NOTE: No one admitted under the age of 13 without a parent or guardian. The Center has a conditional grant with a remaining balance of $2,900,000 to support the Centers art education and free student programs. Calendar of Events. The Center utilizes market data or assumptions that the Center believes market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. Art facilities Baum Walker Hall is the main facility of Walton Arts Center. The future leasing income is not included in the above future minimum rental receipts because of their contingent nature. In August 2016, the FASB issued ASU 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities. ASU 2016-14 is a project of the FASB to improve the current net asset classification requirements and information presented in financial statements and notes about a not-for-profit entitys liquidity, financial performance and cash flows. For nonpublic entities, this guidance is effective for fiscal years beginning after December 15, 2021. Different Sides of Bill Walton and Wilt Chamberlain in New Series - The Walton Arts Center's Diversity, Equity and Inclusion Mission Statement. Twitter Logo - Walton Arts Center The ultimate outcome of any current litigation cannot presently be determined. Under existing general accepted accounting principles, the impairment test includes two steps: (1) comparing the fair value of the reporting unit with its carrying amount, including goodwill; and (2) comparing the implied fair value of reporting unit goodwill with the carrying amount of goodwill. As we stated recently, drag is a performance medium that Walton Arts Center recognizes and presents on our stages regularly, and that will not change.NWA Equality has long been a valued event client and partner, and Walton Arts Center has been a consistent advocate for the LGBTQIA+ community since our doors opened more than 30 years ago. As of June 30, 2018 and 2017, the outstanding balance on this line of credit was $1,078,000 and $2,253,000, respectively. Walton Arts Center does not ban drag shows and does not exclude minors from being present at performances that include drag. We have audited the accompanying combined financial statements of the Walton Arts Center (a nonprofit organization), which comprise the combined statements of financial position as of June 30, 2018 and 2017, and the related combined statements of activities and changes in net assets, functional expenses, and cash flows for the years then ended, and the related notes to the combined financial statements . NWA Equality said it requested to book the arts center for programming identical to NWA Pride activities hosted at the facility in previous years. This year, however, they were told by Peter Lane, Walton Arts Center president and chief executive officer, that the events are not permitted, according to the release. All other net assets are considered to be unrestricted. Walton Arts Center 495 W. Dickson St. Fayetteville, AR 72701 Box Office Lobby Hours: Monday-Friday / 10am-2pm; 90 minutes prior to most performances Box Office Phone Hours: Monday-Friday / 10am-5pm; 90 minutes prior to most performances Box Office #: 479.443.5600 Admin Office #: 479.443.9216 Mary Hennigan On May 19, 2023 4:06 pm 8 Comments SIX BOARD MEMBERS WILL LEAVE: The Walton Arts Center Board of Directors team is losing six to resignations based on the heels of the drag ban. The event will occur from11 a.m. to 4 p.m., Saturday, June 24, in conjunction with the NWA Pride Festival and the5 p.m. Casey Hamaker (left) said in an email dated Friday, May 19, 2023 that she and six other members of the board resigned Thursday, May 18, after a decision by Walton Arts Center leadership to. Walton Arts Center on Thursday issued a statement in response to criticism over its recent decision to not allow certain types of drag performances at the venue during the upcoming NWA Pride festival. From time to time, the fair value of assets associated with individual donor-restricted endowment funds may fall below the level that the donor or SPMIFA requires the Center to retain as a fund of perpetual duration. Our Teen Zone is for teens only but has a designated parent/guardian area inside the Teen Zone. Investment income includes dividend, interest and other investment income. As a result of this interpretation, the Center classifies as permanently restricted net assets (a) the original value of gifts donated to the permanent endowment, (b) the original value of subsequent gifts to the permanent endowment, and (c) accumulations to the permanent endowment made in accordance with the direction of the applicable donor gift instrument at the time the accumulation is added to the fund. The Best 10 Fabric Stores near Walton, NY 13856 - Yelp We strive to be an organization that empowers diversity, promotes equality and showcases all forms of art to the public. During the period of April 1, 2018 through June 30, 2018, NWA had revenues of $6.3 million and expenses of approximately $4.3 million. This sponsorship revenue is to be recognized in future years. If you are unable to attend your event, you are also able to donate the value of your tickets to Walton Arts Center. The carrying of weapons and/or firearms is prohibited at Walton Arts Center, Nadine Baum Studios and the Walmart AMP, under Arkansas Code 5-73-306 (B) (1) even if you have a permit. Property and equipment consist of the following: Land $ 3,505,000 $ 3,505,000 Building 12,204,507 11,692,232 Leasehold improvements 23,596,660 23,508,403 Equipment and furniture 3,381,052 3,220,070 Computer hardware and software 1,759,564 1,924,120 Artwork 184,628 184,628 Construction in progress - 520,967 44,631,411 44,555,420 Less accumulated depreciation 9,649,177 8,733,517, Property and equipment, net $ 34,982,234 $ 35,821,903. Managements Responsibility for the Combined Financial Statements. h. Accounts receivable Accounts receivable, which consists primarily of sponsorships, are stated at the amount the Center expects to collect. (KNWA/KFTA) The Walton Arts Center released a statement on May 18 responding to the controversy caused after it decided to not host. The Center has utilized information provided by the University of Arkansas Investment Pool to value its investment and determined that the pool investments are managed by the University of Arkansas Foundation and are considered a Level 2 asset, which is the expected cash flow if the pooled investments were liquidated. American Sign Language interpretation services are available for most performances with two weeks' notice. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the combined financial statements are free from material misstatement. It is located in Fayetteville, Arkansas, near the campus of the University of Arkansas and serves as a cultural center for the Northwest Arkansas area. Justified: City Primeval opens with Raylan Givens in a car, transporting somebody to an unknown place, aimlessly bantering to pass the time. We envision a future in which Walton Arts Center and Walmart AMP, nationally renowned for their innovative, inclusive approach to providing first-class arts experiences, are at the heart of Northwest Arkansas' cultural and entertainment scene - a region in which access to great art is fundamental to the identity of our vibrant community. The results of operations of NWA have been included in the combined financial statements of Walton Arts Center through NWAs fiscal year-end. Changes in the pooled investments are shown as realized or unrealized gains and losses in the accompanying combined statements of activities and changes in net assets and combined statements of cash flows. The latest from the Flyer, straight to your inbox. Whether you're a tour guide or travel agent organizing a tour of Northwest Arkansas attractions or a group of friends planning a night on the town, we can provide special ticket prices for you. Get Tickets Here! The standard delivery method is email. GO. Based on managements review, no triggering events or changes in circumstances occurred resulting in impairment during June 30, 2018 or 2017. n. Functional expenses Expenses are charged to programs based on direct expenditures incurred. Some board members expressed concerns over wording of the statement, but the meeting ended due to lack of quorum before a decision could be reached, one board member told us. Goodwill is reviewed at least annually for impairment by assessing qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is, more likely than not, that the fair value of a reporting unit is less than its carrying amount. Walton Arts Center releases 'deeper explanation' on decision to ban Permanently restricted donor endowment contributions and investments are reported as permanently restricted net assets. Investment earnings available for distribution are recorded in temporarily restricted net assets. Amortization of leasehold improvements is included in depreciation expense. Total in-kind donations included in revenues and support were $624,933 and $630,963 for the years ended June 30, 2018 and 2017, respectively. In accordance with SPMIFA, the Center considers the following factors in making a determination to appropriate or accumulate donor-restricted endowment funds: (1) The duration and preservation of the fund (2) The purposes of the Center and the donor-restricted endowment fund (3) General economic conditions (4) The possible effect of inflation and deflation (5) The expected total return from income and the appreciation of investments (6) Other resources of the Center (7) The investment policies of the Center.