A 40-page annual report released by the Academy of Motion Pictures Arts and Sciences on Friday, reveals that The Academy Awards and related Oscar activities brought huge revenues last year and higher profits are expected this year.
The report showed that it made a total of $93.7 million in revenue in 2013, while Oscar–related expenses amounted to $39.7 million. In total, the Academy took in $134.4 million in total revenue in 2013 and racked up $97.3 million in expenses. Both those numbers preceded the revenue made in 2012 which amounted to a total of $103.3 million, while the expenses were $88.6 million. The increase in unrestricted net assets from continuing operations in 2013 amounted to $37 million in 2013, up from $14.7 million in 2012. The Academy’s net assets grew from $299.5 million in 2012 to $385.3 million in 2013, according to the Hollywood Reporter.
In her introduction to the report, the Academy president Cheryl Boone Isaacs, cited new accomplishments on part of the organisation. “I’m particularly excited about our rapid progress on the Academy Museum. We’ve made great progress towards our fund-raising goals and we are now well on our way to the opening of the museum in 2017.”
The report detailed some of the latest additions to the Academy’s collection: The late Shirley Temple and her family contributed artifacts from her career; Harpo Marx’s blonde wig and a trunkful of props, drawings and production designs from designer Michael Woulfe.
The Academy reported that it has received more than $200,000 in donor commitments toward the museum’s $300,000 capital campaign. Among its expenses, it reported $4.1 million in museum development costs, down slightly from $4.4 million in 2012. It also reported that it has entered into $24 million in museum development-related contracts. And it listed $48.6 million in temporarily restricted net assets available for the museum, up from $2.9 million in 2012.
The Academy also awarded a total of $450,000 in grants to 23 festivals and $325,000 in grants to 27 film-related organisations.
Published in The Express Tribune, March 3rd, 2014.
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