REPORT
October 1, 2022 – September 30, 2023
The Audain Art Museum continues to shine as a cultural leader in British Columbia and expand its reputation across Canada. Our dedicated Museum team, supported by the Board of Trustees, work tirelessly to reflect the vision of Michael Audain and Yoshiko Karasawa and we have seen incredible results over the past twelve months.
In-house produced Special Exhibitions such as Out of Control: The Concrete Art of Skateboarding represented a strategic effort to present works by leading contemporary artists, while connecting with a younger demographic. Similarly, offering emerging artists such as Svava Tergesen an opportunity to make site-specific work at the AAM, Ornamental Cookery in partnership with the Capture Photography Festival placed us at the forefront of the Vancouver art scene.
Hosting the Collectors Cosmos: The Meakins-McClaren Print Collection exhibition from the National Gallery of Canada reinforced the Museum’s reputation as a venue for historic art of international consequence. The commissioning of Karin Bubaš to create Winter Scene at Alexander Falls for her Garden of Shadows exhibition at the AAM was an exceptional way to bring local imagery into the Permanent Collection.
Additionally, the acquisition of works by Vikky Alexander and Angela Grossman furthered our vision of an equitable balance of important artists in a specialized collection that is truly unique to Canada. Among the greatest strengths of the Permanent Collection is a significant selection of works by Emily Carr and with the purchase this past year of her c. 1940 work Survival, courtesy of funds from Michael Audain and Yoshiko Karasawa, this distinction continues.
From 2022 to 2024, Wolves: The Art of Dempsey Bob was presented in Calgary, Toronto, Montreal and Kelowna. This represented the AAM’s first national touring exhibition and underlines this institution’s role as a leading visual arts producer in Canada. Manabu Ikeda: Flowers from the Wreckage offered more firsts for the Museum, as the incredibly popular exhibition included a summer artist residency, an exceptional dinner series with Chef Koji Chiba, and will be on display at the Museum of Contemporary Art in Cleveland.
The dazzling 2023 Illuminate Gala at the Fairmont Chateau Whistler was the AAM’s most successful fundraiser ever, and allowed us to enhance our Special Exhibitions and Permanent Collection with additional engagement activities for children and adults alike. These achievements over the course of just a single year are only possible with the support of our Founders, Trustees, members, volunteers, the Audain Art Museum Foundation, the Audain Foundation, corporate sponsors and supporters. Thank you for believing in us and allowing us to continue on this path of excellence.
August 18, 2022 - January 8, 2023
Upper Galleries
September 17, 2022 – January 8 2023
Tom and Teresa Gautreau Galleries
Out of Control: The Concrete Art of Skateboarding revealed the intersection between contemporary art and skateboarding. The exhibition brought together 19 local, national, and international artists, who embody diversity in their practice and explore aesthetic, social, environmental, political, and architectural aspects of skateboarding.
Featured artists included Raymond Boisjoly, Karin Bubaš, Andrew Dadson, Hannah Dubois, Noah Friebel, Tim Gardner, Dan Graham, Bracken Hanuse Corlett, Christian Huizenga, Mikaela Kautzky, Andrew Kent, Cameron Kerr, Alex Morrison, Michelle Pezel, Samuel Roy-Bois, Ron Terada, Ian Wallace, Amir Zaki, and Raphaël Zarka.
Out of Control was organized by the Audain Art Museum. The exhibition was guest curated by Patrik Andersson, in collaboration with the Museum’s Gail & Stephen A. Jarislowsky Curator Kiriko Watanabe.
The Museum is grateful to Presenting Sponsor TD Bank Group, Major Sponsors RAB Foundation and Herschel Supply Co., and Susan L. Roop for their exceptional support; government partners Canada Council for the Arts, the Resort Municipality of Whistler, and the Consulate General of France in Vancouver, hotel partner The Fairmont Chateau Whistler and printing partner Tricera Printing. The accompanying book was proudly supported by Hemlock Printers and produced 100 percent carbon neutral.
January 12 – March 13, 2023
Upper Galleries
This exhibition showcased three sculptural works from the Audain Art Museum Permanent Collection that explore the significance of trees in both form and function within the art of British Columbia. Artists Jim Hart, Liz Magor, and Brian Jungen infuse their respective contemporary pieces with multiple meanings, drawing upon the treatment and cultural connection of this culturally and naturally significant element.
January 28 – May 15, 2023, Tom and Teresa Gautreau Galleries
The Collectors’ Cosmos: The Meakins–McClaran Print Collection provides a glimpse into the making of what became one of the foremost private collections of European prints in Canada. Built over the course of four decades, the core of this collection comprises a wealth of sixteenth- and seventeenth-century Dutch and Flemish prints. Drs. Jonathan Meakins and Jacqueline McClaran recently donated a significant portion of these works to the National Gallery of Canada, thus doubling the holdings of early Dutch and Flemish prints in the national collection. This generous gift advances the study of early Northern European printmaking, and includes an impressive number of print series depicting seasons or months of the year, times of the day, planets, elements, animalia and more. These works enrich our understanding of the role played by prints in Early Modern Europe, illustrating humanity’s quest to make sense of the world and find order in chaos.
This touring version of The Collectors’ Cosmos at the Audain Art Museum features over 170 works and includes prints by such notable European Masters as Rembrandt van Rijn, Hendrick Goltzius and Jacob van Ruisdael.
The exhibition was made possible by Supporting Sponsor Burgundy Asset Management, government partners Canadian Heritage and the Resort Municipality of Whistler, and hotel partner Fairmont Chateau Whistler.
April 1 – June 11, 2023, Upper Galleries
Ornamental Cookery is a site-specific installation by Vancouver-based emerging artist Svava Tergesen. Exploring the symbolic potential of everyday objects, Tergesen’s work often starts as a sculpture or collage in which she employs foods and other household items to create intricate, surreal arrangements. Combining handicraft techniques such as cooking and textile art with photography, Tergesen’s practice explores the domestic sphere and the gender roles therein. By repositioning and glamourizing photographic images – those she has taken herself as well as re-purposed found imagery – Tergesen considers the ways in which photography can create a novel encounter with the familiar.
The title of the exhibition, Ornamental Cookery, refers to Roland Barthes’s eponymous 1957 text in which he examines the way women’s magazines present glossy images of food as representative of a fantastical lifestyle – a façade of gentility – while obscuring, or perhaps serving to entrench, economic issues and gender divides. Tergesen’s work brings these issues to the fore by combining imagery drawn from a myriad of sources, including vintage cookbooks, etiquette manuals, and online open-access museum archives, to create still life collages that imagine new lives for domestic objects. Exploring the tension between the functionality and decorative qualities of everyday objects, her work presents a vision of domestic space, both physical and symbolic, as one rife with possibilities. Activating the upper floor of the Audain Art Museum, this site-specific installation included large-scale collages assembled in situ and mounted directly on the gallery walls as well as smaller photographic images.
June 24 - October 9, 2023, Tom and Teresa Gautreau Galleries
June 24 - September 11, 2023, Upper Galleries
Manabu Ikeda: Flowers from the Wreckage featured Ikeda’s meticulously detailed pen-and-ink drawings that are filled with astonishing images. This Japanese artist seeks inspiration from his surroundings to bring attention and awe to viewers, as a way of sending warnings about the painful reality of environmental disasters. Central to his practice are metaphors of grief and the undeniable aspects of life that are often beyond society’s control, including the fundamental forces of Mother Nature. Ikeda’s drawings also reveal human resilience and the ability to rise above devastating situations when it appears impossible.
Curated by Kiriko Watanabe, the Audain Art Museum’s Gail & Stephen A. Jarislowsky Curator, this was Ikeda’s first solo retrospective in North America showcasing over 60 works from national and international collections. Flowers from the Wreckage included Foretoken (2008), Meltdown (2013) and Rebirth (2013-2016), a selection of Ikeda’s large-scale drawings that relate to the 2011 Great East Japan Earthquake; the most devastating earthquake, tsunami and nuclear power disaster in the country’s recorded history.
A studio was activated in the Museum’s Upper Galleries, where visitors had the opportunity to observe the process of Ikeda drawing his latest work and interact with him during open studio hours.
Garden of Shadows is an exploration of the artist’s ongoing ‘Studies of Women in Landscapes’ series, featuring enigmatic photographs of women in remote outdoor settings, alongside her innovative photographic sculptures that layer images to depict West Coast forests and floral arrangements. Both types of work invite viewers to contemplate the hidden aspects of nature and human experience.
This Vancouver-based artist infuses photography with an air of intrigue, while deftly intertwining the ethereal and mundane. Her ‘Studies of Women in Landscapes’ series draws inspiration from mysterious moments in modernist cinema. These images present solitary women within seemingly idyllic and apocalyptic settings extending from Canada to Iceland. The interplay between nature and culture comes alive through the carefully selected haute couture-inspired clothing worn by her models that echo the landscape’s tone and subtly contrast surrounding flora. The figure-landscape combinations in this exhibition are contrasted by a series of paper toles that are a return to an aesthetic exploration by Bubaš dating back twenty-five years.
Bubaš’ toles draw viewers deeper into her artistic practice, and reference the works of 19th century French painter Édouard Manet. These meticulously assembled three-dimensional pieces bring fragility and depth to still-life arrangements, casting shadows that blur the line between reality and illusion. Hence, the Garden of Shadows exhibition offers an immersive experience that challenges perceptions and invites contemplation.
Karin Bubaš, Garden of Shadows Curated by Dr. Curtis Collins, the Audain Art Museum’s Director & Chief Curator. Generously supported by Anne Ferreira, Jane Irwin & Ross Hill.
Winter Scene at Alexander Falls by Karin Bubaš represents an innovative commission by the Audain Art Museum that responds to the local environment and is now a part of the Permanent Collection.
- Dr. Curtis Collins
Audain Art Museum
Whistler, BC
April 2 – August 14, 2022
Glenbow Museum
Calgary, AB
September 10 – November 20, 2022
McMichael Canadian Art Collection
Kleinburg, ON
December 10, 2022 – April 16, 2023
Montreal Museum of Fine Arts
Montreal, QC
May 15 – September 10, 2023
Kelowna Art Gallery
Kelowna, BC
October 14, 2023 – February 18, 2024
Wolves: The Art of Dempsey Bob at the Audain Art Museum from April 2 to August 14, 2022 was the first-ever retrospective of this brilliant carver’s career from the 1970s to the present. The exhibition featured a critical selection of masks, panels, wall sculptures, vessels and regalia, complemented by Bob’s work in bronze casting, goldsmithing, printmaking and vestment production from public and private collections across Canada. Following the grand opening of Wolves in Whistler, the exhibition toured across Canada in 2023 and 2024.
Dempsey Bob is from the wolf clan via matrilineal descent, and traces his ancestry through Tahltan and Tlingit peoples. As a child, Bob learned traditional stories from his extended family and these narratives would become the subject matter of his art. During the 1970s, the aspiring artist apprenticed with the noted Haida carver Freda Diesing followed by courses at the Gitanmaax School of Art in Hazelton. Through the 1980s he studied old Tlingit poles and masks, as well as taught and made art in Ketchikan, Hoonah, and Sitka, Alaska. From the 1990s onward, Bob has gained a reputation as one of British Columbia’s most gifted carvers with solo and group shows in Vancouver and across Canada, while totem pole raisings in the United States, England and Japan attest to his international standing.
This exhibition is a co-production of the Audain Art Museum and McMichael Canadian Art Collection, and among the masterpieces on display are Wolf Chief’s Hat (c. 1993), Raven Panel (1989) and Northern Eagles Transformation Mask (2011). Such works exhibit an expertise in carving cedar and alder, while underlining Bob’s signature torqueing of the form, highly polished surfaces, and ability to orchestrate materials including mirrors, operculum shell, acrylic paint and sea lion whiskers.
Generously supported by RBC, Brian & Andrea Hill, Canada Council for the Arts, Shell, Skeena Resourses, SAM Foundation, Pacart, Fairmont Chateau Whistler, and Tantalus Vineyards.
The Audain Art Museum strives to play a vital role in enhancing appreciation for the visual arts. The experience of viewing the AAM’s unique and evolving art provides an excellent opportunity for regional, national, and international visitors to enjoy the rich artistic heritage of British Columbia. Thanks to the generous contributions of Michael Audain and Yoshiko Karasawa, the Museum acquired Emily Carr’s c. 1940 oil on canvas painting, Survival. This artwork is significant as it earned Emily Carr a critical international acclaim, establishing her as the first female Canadian artist to be featured in the inaugural presentation at the XXVI Venice Biennale in 1952. This important addition elevates the AAM’s collection of Emily Carr’s paintings as one of the most significant holdings in Canada.
The Art Acquisition Committee, led by Martha Sturdy and comprised of members Michael Audain, Tom Gautreau, and Emmy Lee Wall, continue to strategically advance the Audain Art Museum’s Permanent Collection. A guiding principle of this body is to acquire works by artists from British Columbia who have achieved national and international recognition. Each purchase or donation offer undergoes careful consideration to ensure it represents a major signature work by the artist under review and can be effectively showcased in the Permanent Collection galleries. The establishment of the Audain Art Acquisition Fund in 2020 has notably influenced the composition of new acquisitions, with a predominant focus on women artists, both contemporary and historical. The current momentum towards a more inclusive art history is unavoidable in the expanding representation of British Columbia’s female artists within the Museum’s collection.
Purchased with funds from Michael Audain and Yoshiko Karasawa
Emily Carr Survival, c. 1940 oil on canvas
Purchased with funds from the Audain Art Acquisition Fund
Vikky Alexander
Between Dreaming & Living #8, 1996
moab lasal photo matte print with orange plexi
Karin Bubaš
Winter Scene at Alexander Falls, 2022 pigment print with UV laminate edition 2 of 6
Angela Grossmann Pompadour, 2022 oil on mylar
OUTGOING LOAN
Crocker Art Museum
December 2020 to July 2023
Lawren Stewart Harris
Abstraction 119, c. 1945 oil on canvas
INCOMING LOAN
Collection of Ken Fowler and Family
November 2021 to November 2026
Dempsey Bob
Eagle Transformation Mask, 2013 yellow cedar, acrylic paint, horsehair, mirror
Royal BC Museum
August 2023 to February 2025
James Hart
Dogfish Screen, 1979 red cedar and pigment
Madrona Gallery
September 2023 to January 2025
James Hart
Wasco, 1998-99
red cedar, pigment, horsehair, copper
MANABU IKEDA: FLOWERS FROM THE WRECKAGE
Manabu Ikeda: Flowers from the Wreckage features Ikeda’s meticulously detailed pen-and-ink drawings that are filled with astonishing images. Through his everyday observations, this Japanese artist renders entangled fragments to create a spectacular whole that prompts viewers to look deeply into his visual expression.
Curated by Kiriko Watanabe, the Audain Art Museum’s Gail & Stephen A. Jarislowsky Curator, this is Ikeda’s first solo retrospective in North America showcasing over sixty works from national and international collections.
Flowers from the Wreckage includes Foretoken (2008), Meltdown (2013) and Rebirth (2013-16), a selection of Ikeda’s large-scale drawings that relate to the 2011 Great East Japan Earthquake; the most devastating earthquake, tsunami and nuclear power disaster in the country’s recorded history. Ikeda’s symbolically rich images evoke both familiarity and foreboding of potential disaster. Central to this artist’s practice is a metaphor of human resilience and the ability to rise above devastating situations when it appears impossible.
Book Dimensions: 10 x 11.75 x 0.5 inches 136 pages, full colour Softcover
Garden of Shadows is an exploration of the artist’s ongoing Studies of Women in Landscapes series, featuring enigmatic photographs of women in remote outdoor settings, alongside her innovative photographic sculptures that layer images to depict West Coast forests and floral arrangements. Both types of work invite viewers to contemplate the hidden aspects of nature and human experience.
This Vancouver-based artist infuses photography with an air of intrigue, while deftly intertwining the ethereal and mundane. Her Studies of Women in Landscapes series draws inspiration from mysterious moments in modernist cinema. These images present solitary women within seemingly idyllic and apocalyptic settings extending from Canada to Iceland. The interplay between nature and culture comes alive through the carefully selected haute couture-inspired clothing worn by her models that echo the landscape’s tone and subtly contrast surrounding flora. The figure-landscape combinations in this exhibition are contrasted by a series of paper toles that are a return to an aesthetic exploration by Bubaš dating back twenty-five years.
This book includes an introduction by Dr. Curtis Collins, Director & Chief Curator of the Audain Art Museum, an essay by Shaun Inouye, artistic director of The Cinematheque, and an in-depth and personal interview with Douglas Coupland.
Book Dimensions: 12 x 10 x 1 inches
158 pages, full colour
Nestled within Cressey Hall, right at the primary entrance of the Audain Art Museum, is the Museum Shop. This boutique showcases a captivating array of artisanal items such as handmade jewellery, stationery, pottery, woodwork, books, and art. The retail emphasis is solely on creators hailing from British Columbia, encompassing artists from the Sea to Sky corridor, members of the Craft Council of British Columbia, and individuals highlighted in the Museum’s Permanent Collection. The merchandise is thoughtfully curated in-house, drawing inspiration from the distinctive Audain Art Museum brand, artworks in the Permanent Collection, and the ever-changing landscape of visiting Special Exhibitions.
In the past year, there has been a concerted effort to advance and expand the product offerings for Special Exhibitions. This encompassed the creation of limited edition prints by both Karin Bubaŝ and Manabu Ikeda. Notably, the Manabu Ikeda exhibition witnessed the most substantial expansion of products, and these offerings proved to be highly successful.
Through the generous support of Alan Bell and Ola DuninBell, After School Art continued into 2023. This unique initiative combines focusing on select themes from the Collection with hands-on studio art sessions. The primary aim is to acquaint children with the Collection while delving into broader discussions on art and various art-making techniques.
In October, students had the opportunity to contribute to a community mural at the Whistler Racket Club, explored designing their own skateboard decks while learning about the Out of Control exhibition. Throughout the year, students engaged with works from diverse exhibitions including Collectors’ Cosmos, Svava Tergesen: Ornamental Cooking, Manabu Ikeda: Flowers from The Wreckage, and Karin Bubaš: Garden of Shadows, creating their own inspired artworks along the way.
The kids in our community are so fortunate to be able to take part in a program such as this, especially since this town is so heavily focused on sports. Thank you to everyone for making this program happen!
”
The AAM hosted 45 school groups from the Sea-to-Sky region and beyond, receiving overwhelmingly positive feedback from these visits. Inspired by returning students and colleague recommendations, many teachers promptly booked tours.
Throughout March 2023, Elyse Feaver, Education & Volunteer Manager, collaborated with educators at the Art Gallery of Ontario to conduct virtual school tours of the AAM’s Collection, every Thursday. These engaging presentations facilitated cultural exchanges between students from around the globe and virtual educators, enriching their educational experience.
Three unique five-day workshops were offered in the summer for youth. The three workshops offered were: Photography with Erin Hogue, Carving with Gwaliga Hart, and Architecture with Christian Huizenga and the School of Direct Experience and each workshop concluded with an exhibition of the participants work.
Throughout the summer, four pen & ink workshops were offered to over 60 children aged 6-10. Each workshop commenced with a guided tour of the Flowers from the Wreckage exhibition, followed by interactive drawing exercises and techniques led by Manabu Ikeda himself.
PUBLIC GUIDED TOURS
Public guided tours, included with admission, are available on Sundays, showcasing both the Permanent Collection and Special Exhibitions. During the Manabu Ikeda: Flowers from the Wreckage an extra public tour on Saturdays was added.
PRIVATE GUIDED TOURS
In addition to over 80 Private Guided Tours through the Permanent Collection and Special Exhibition, Dr. Curtis Collins led a Director & Chief Curator’s Tour for members of the Canada/France Interparliamentary Association on October 11, 2022.
EXHIBITION TOURS
On the opening weekend of the Special Exhibition Ornamental Cookery, a guided tour was given by the artist, Svava Tergesen, along with Capture Photography Festival’s Executive Director Emmy Lee Wall, and the AAM’s Director & Chief Curator Dr. Curtis Collins.
On December 10, 2022, and January 8, 2023 the AAM hosted Out of Control après sessions, featuring the Out of Control Private Label Beer. Many members of the ski and snowboard community attended as these events, enjoying both art and entertainment.
On Thursdays, the AAM extends an invitation to the public for a rejuvenating one-hour hatha flow yoga class. As a special perk, this session is exclusively discounted to Members, while general admission conveniently covers the cost for all participants. With an average attendance of thirty-five enthusiasts each week, it’s a vibrant community gathering that promotes holistic well-being.
Starting February 2023, every first Saturday from 10:30am to 11:30am, members can delve into the diverse art traditions showcased in both the Special Exhibition and Permanent Collection. This dynamic tour, custom-tailored to each exhibition, explores the themes, motivations, and featured artists behind the captivating works on display.
Professional artist and educator, Angela Walsh Noble, led a two-day, printmaking workshop the weekend of March 4, 2023. The workshop included a tour of The Collectors’ Cosmos exhibition, followed by a brief history lesson of printmaking, and a demonstration of the design process. Participants experimented with a variety of techniques to create a small body of printed works to take home.
SLOW ART DAY
One day each year on April 15, people all over the world visit local museums and galleries to look at art slowly. The AAM’s knowledgeable docents were stationed throughout the Permanent Collection galleries to provide insights and answer questions about the art.
On May 13, 2023, as a grand finale to The Collectors’ Cosmos exhibition, Conductor Alexander Weimann and Concertmaster Chloe Meyers of the Pacific Baroque Orchestra delivered a captivating concert amidst the magnificent artworks on display. One standout highlight was the enchanting performance on a beautifully crafted virginal, generously lent to the AAM for the concert by Carol Tsuyuki and built by Craig Tomlinson.
AUDAIN
The AAM launched the Audain Artist Dinner, a captivating fusion of art, culture, and gastronomy. The exclusive dinner, Manabu Ikeda + Chef Koji Chiba, quickly sold out on four separate dates during the summer of 2023. Guests savored a six-course omakase menu and indulged in a guided tour of the Flowers from the Wreckage exhibition.
In a series of five adult pen and ink workshops, over 100 participants were given the opportunity to learn from Manabu Ikeda and practise the intricate and detailed pen and ink techniques.
In collaboration with Tourism Whistler and Watermark Events, the public was welcomed to discover Whistler‘s vibrant gallery scene while enjoying hors d’oeuvres and wines every Friday night throughout October. Each week, the event culminated at the AAM, offering attendees a curated talk on chosen pieces from the Special Exhibition.
The AAM collaborated with Tourism Whistler to host an evening reception for the participants of the 2022 Annual Cultural Symposium Conference in October. The event drew over 100 attendees, including writers, activists, tourism officials, politicians, and business leaders from Whistler, the Lower Mainland, and beyond.
In November 2022, the AAM was honored with the Champion of Arts & Culture award at the Excellence Awards hosted by the Whistler Chamber of Commerce. This annual event celebrates excellence in various fields, including service, innovation, sustainability, and outstanding leadership in the arts, business, and community service.
In December, the Museum welcomed back the Bespoke Market for a two-day event. Featuring over 30 artisans, attendees enjoyed both the market and admission to the Museum galleries. This highly successful event attracted over 2,500 visitors.
On January 13, 2023, 50 POW athletes, ambassadors, and enthusiasts participated in an all-levels yoga class designed for snowboarders and skiers, followed by a relaxing sound bath that took place in Cressey Hall.
BC Family Day in February proved to be a resounding success, thanks to the generous support of Glacier Media & Pique News Magazine. Families enjoyed a plethora of activities, including art-making, refreshments, vault tours, docent hot-spots, story time with Elyse Feaver, scavenger hunts, and an après party with DJ Foxy Moron. The day saw an impressive turnout, with over 1,200 visitors to the Museum.
The AAM partnered with Arts Whistler to provide activities and prizes for the Whistler Children’s Festival in May. Free art-making activities were available as well as readings by Elyse Feaver in Cressey Hall.
In June, the AAM participated in Tourism Whistler’s Wellness Month, hosting weekend exercise classes for families on the North Terrace.
On June 15, 2023, the AAM extended its support to the Whistler Community Services Society by offering admission-by-donation. All funds raised were directed towards the society‘s programs, furthering their invaluable work within the community.
Installaton
Installaton view of Rodney Graham, Schoolyard Tree, Vancouver, 2002 ink on arcihval paper; AP1
The seventh annual Illuminate Gala & Auction marked a historic milestone for the Museum, not only as an evening of celebration but as the most successful Gala to date, raising a total of $994,000. The event featured a dance performance by Arts Umbrella and an acrobatic performance by CircusWest. The photography services of The Collective You contributed to the evening’s elegance with their black and white portrait photography, capturing timeless moments for attendees. The MacDonald Foyer featured a step and repeat photo moment at the entrance, enhancing the glamour of the occasion.
A standout success for the second consecutive year was the Paddle Raise. The generous contributions made during this segment have been instrumental in supporting crucial engagement initiatives at the Museum. The Live Auction boasted a lineup of 19 lots including an exclusive experience which garnered the most interest from the crowd.
Continuing the night’s success, emerging artist Levi Nelson’s work was a highlight, reflecting the Museum’s commitment to nurturing and showcasing emerging talents within the artistic community. The Museum extends its gratitude to its expanding group of Gala Sponsors, whose generous support played a pivotal role in the event’s triumph.
The Museum values and acknowledges the vital role played by each sponsor in making the Illuminate Gala a resounding success. The continuous support of these sponsors ensures the Museum’s ability to present an unforgettable event as well as dynamic and engaging exhibitions and programs throughout the year.
Presented by
Proudly hosted by
Gold Sponsor
Silver Sponsors
Bronze Sponsors
Live Auction Sponsor
Silent Auction Sponsor
Design & Branding Sponsor
Fine Art Delivery Sponsor
Print Sponsor
Wine Selection Sponsor
Planning & Design
Decor Sponsor
Nicola Wealth
Fairmont Chateau Whistler
RBC
Axiom Builders Incorporated and Beedie
Jennifer and Eric Martin & Family
Heffel Fine Art Auction House
AXA XL
Toolbox Design
Denbigh Fine Art Services
Hemlock Printers Ltd.
Mission Hill Family Estate Winery
Bliss Event + Design
Bespoke
In the spirit of fostering a close-knit community and recognizing the invaluable support of Founders and Circle Members, the Museum proudly continued its tradition of hosting exclusive Founders & VIP Receptions for all exhibition openings throughout the year. These events provided Founders and Circle Members with a unique and intimate preview of the exhibitions before they opened to the public. Attendees engaged with AAM leadership and the Board of Trustees as well as artists and guest curators, gaining valuable insights into the showcased works. In the past year, the Museum hosted receptions for: Collectors Cosmos: the Meakins-McClaran Print Collection, Svava Tergesen: Ornamental Cookery, Karin Bubaš: Garden of Shadows, and Manabu Ikeda: Flowers from the Wreckage
Throughout the year, the Museum embarked on a strategic initiative to deepen engagement with the Museum Founders & VIP group, extending beyond the traditional exhibition openings. The Audain Art Museum hosted a series of unique and enriching events in both Whistler and Vancouver, fostering a sense of community. Highlights of the year included an art walk through Vancouver’s Mount Pleasant neighborhood, featuring visits to various galleries, guided tours, and a communal lunch. Additionally, Founders & VIPs were warmly welcomed to the Chinese Canadian Museum during its inaugural weeks, where they enjoyed a comprehensive tour of the new space and engaged in meaningful conversations with the Executive Director, Melissa Lee, and Chair of the Board, Grace Wong. During the summer months, a select group of Founders & Circle Members were treated to a private omakase dinner, complemented by a curated exhibition tour with Manabu Ikeda,
and hosted by chef Koji Chiba. These events marked the beginning of an exciting journey in expanding Museum programming, in which further growth is agerly anticipated in the coming years.
The Museum unveiled the newly acquired Emily Carr work, Survival, at a special event held on March 15, 2023, at the Vancouver Club.
The occasion was marked by an exclusive gathering of Audain Art Museum Foundation members, who were invited to witness this historic unveiling. This event symbolized the Museum’s dedication to expanding its Permanent Collection and underscored the importance of fostering a close-knit community of supporters who share in the excitement of such significant acquisitions.
The Museum extends heartfelt gratitude to its Founders for their continued commitment to preserving and celebrating the richness of art in British Columbia.
VISIONARY FOUNDERS
$1,000,000 +
DISTINGUISHED FOUNDERS
$500,000 – $999,999
Chrystal Family
Norman & Joan Cressey
Tom & Teresa Gautreau
Stephen Jarislowsky C.C., G.O.Q. & Gail Jarislowsky
Yoshiko Karasawa
Onni Group
David Aisenstat
Jacques & Margaret Barbeau
Robert & Fatima Bruno
Sam & Sally Grippo
Whistler Blackcomb Foundation
PRINCIPAL FOUNDERS
$250,000 – $499,999
$100,000 – $249,999
Andrew Mahon Foundation Blenheim Trust
Suzanne Bolton & Jeff Mooney C.M.
Christopher Foundation
David, Patsy, Ryan & Joshua Heffel
Robert, Jennifer & Ainsley Heffel
Bob & Sue Adams
Allard Family
American Friends of Whistler
Fenya Audain
Kyra Audain
Axiom Builders
David Jacques Findlay Barbeau
Paul & Amanda Barbeau
Dale & Suzanne Barron
Allen W. Bell & Dr. Ola H. Dunin-Bell
Peter Bentley O.C., O.B.C. & Sheila Bentley
Peter Brown O.B.C. & Joanne Brown
Fred & Marian Bucci
Cameron & Constance Cope
Donald Ellis
Fred Fountain C.M. & Elizabeth Fountain
Genest Family
Barry & Lauri Glotman
Goudge Family Foundation
Rick & Lauren Ilich
Jake Kerr C.M., O.B.C. & Judy Kerr
McKercher Family
Michael & Inna O’Brian Family Foundation
Ralf & Helga Schmidtke
Peeter & Mary Wesik Family
Yosef Wosk, O.C., O.B.C.
The Audain Art Museum is commitment to preserving the exceptional quality of its British Columbia art collection while also showcasing exhibitions with national and international significance. This commitment is possible through the unwavering support of a vibrant community, comprising passionate individuals, corporate partners, members, artists, and volunteers who recognize the transformative impact of art on society. Ongoing support is crucial to realizing the AAM’s vision for the future, encompassing the development of its Permanent Collection, the presentation of engaging exhibitions, and the implementation of community programming. Additionally, sustaining the architectural splendor of the Museum requires continued support. The AAM’s capacity to offer meaningful art experiences to visitors from the local, national, and global spheres is directly tied to the generosity of its dedicated supporters.
FOUNDATION & GOVERNMENT
April 1 Foundation
Audain Foundation
Goudge Family Foundation
Government of Canada
Japan Foundation
Levitan Family Foundation
Michael & Inna O’Brian Family Foundation
RAB Foundation
Raindrop Foundation
SZOCS Foundation
CORPORATE SUPPORT
Acera Insurance
AXA XL
Axiom Builders Inc.
Beedie Living
Burgundy Asset Management
Joanna Cormack
Lyndon Cormack
Merilea Creighton & Bruce Major
Fidelity Charitable on behalf of Tim Dattels & Kristine Johnson
Tim Dattels & Kristine Johnson on behalf of Heffel Fine Art
Auction House
Celia Dawson
Lindsay F. Eberts & Patti Paxton-Eberts
Shannon & Collin Ferguson
Anne Ferreira
Flockton-Low Family Fund
Fred & Elizabeth Fountain
Jeff Fuller
Lisa Geddes
Jim Hart
Jane Irwin & Ross Hill
Judy & Gary Keith
Lomas & Touchet Family
Hassan Khosrowshahi O.C., O.B.C. &
Nezhat Khosrowshahi
George & Karen Killy
Phil Lind C.M.
Charles & Dale Young FOUNDERS
Lomas & Touchet Family
Maché Family
John & Rebecca Mackay
Kevin & Jo-anne Mahon
Eric & Jenny Martin Family
Stuart & Della McLaughlin
John & Dana Montalbano
Jim & Doria Moodie
Bob & Elisa Morse
Christopher & Shelley Philps
Resort Municipality of Whistler
Robert H. Lee Foundation
Seymour Investment Management
Jeffrey Shier & Signy Eaton
Carole Taylor O.C., O.B.C.
Thornhill Family
VBCE – Tony Ma Family
Jack & Susy Wadsworth
Deloitte
Dentons Canada LLP
Glacier Media
Grosvenor
Heffel Fine Art Auction House
Justine Nichol Communications
KPMG
Madison Pacific Properties
Monica Reyes Gallery
Nicola Wealth
RBC Royal Bank
TD Commercial Banking
TD Direct Investing
TD Private Wealth Management
Westin Resort & Spa
INDIVIDUAL SUPPORT
Bob & Sue Adams
Goldie Alam
Michael Audain
Schwab Charitable on behalf of Barrett Family Fund
Jennifer Hames-Beliveau & Mat Beliveau
Allen Bell & Ola Dunin-Bell
Janet & Chris Bowell
Andrew Bowering
Karen Bruk
Rob & Fatima Bruno
Etienne Bruson
Ann Chiasson
Neil Chrystal
Jane MacDonald & Angus Wall
Jennifer & Eric Martin and Family
Donald McInnes
Sarah McLachlan
Ian & Sandy Penn
Christopher Philps
Emily Lajoie Regan
Stuart & Elaine Rempel
Corina Reynolds
David & Pamela Richardson
Susan I. Roop
Scott Seybold & Tammy Flynn Seybold
Dermot Strong
Maggi Thornhill
Rory & Jane Young
GIFTS IN KIND
Bespoke Decor
Corby Spirits
Denbigh Fine Art Services
Fairmont Chateau Whistler
Heffel Fine Art Auction House
Hemlock Printers Ltd.
Zonda Nellis
Toolbox Design Inc.
Total Transportation
We gratefully acknowledge the support of the Resort Municipality of Whistler
The prestigious 2023 Audain Prize for Visual Arts, which is administered by the AAM, was awarded to the highly acclaimed artist Dana Claxton, whose multifaceted practice encompasses film, video, photography, single/multi-channel video installation, and performance art. Claxton’s impactful exploration of Indigenous beauty, the body, socio-political issues, and spirituality has garnered international recognition, with exhibitions at renowned institutions such as the Museum of Modern Art (NY), Metropolitan Museum of Art (NY), and Walker Art Centre (Minneapolis, MN). Her work is held in esteemed collections, including the National Gallery of Canada, the Vancouver Art Gallery, and the Audain Art Museum. As the Professor and Head of the Department of Art History, Visual Art, and Theory at the University of British Columbia, Dana Claxton continues to make significant contributions to the art world Alongside the Audain Prize, the Audain Foundation also awarded five $7,500 travel grants to students in university-level visual arts programs. The recipients of the Audain Travel Award for 2023 are Victoria Verge (University of British Columbia Okanagan), Nicole Mandryk (University of Victoria), Caitlin Ffrench (Emily Carr University of Art + Design), Noor Abouchehade (Simon Fraser University), and Tiffany Law (University of British Columbia).
Kyra Audain Treasurer Chair, Governance Committee
Michael Audain OC OBC Founder and Officer
Rob Bruno Chair Chair, Nominations Committee Neil Chrystal Officer
Jack Crompton Trustee
Ola Dunin-Bell Trustee
Tom Gautreau Officer Cathy Jewett Trustee
Jim Moodie Vice-Chair
Geoff Plant OBC, KC Vice-Chair, Historic Indigenous Art Committee
Stuart Rempel Trustee
Chantal Shah Trustee
Ben Smith Trustee
Martha Sturdy Chair, Art Acquisitions Committee
Carol Tsuyuki Trustee Emmy Lee Wall Trustee
Nancy Wilhelm-Morden KC Secretary
Xwalacktun OBC Vice-Chair, Historic Indigenous Art Committee
KPMG LLP
PO Box 10426 777 Dunsmuir Street
Vancouver BC V7Y 1K3
Canada
Telephone 604-691-3000
Fax 604-691-3031
To the Board of Trustees
Opinion
We have audited the financial statements of Audain Art Museum (the “Entity”), which comprise:
the statement of financial position as at September 30, 2023
the statement of operations for the year then ended
the statement of changes in net assets for the year then ended
the statement of cash flows for the year then ended
and notes to the financial statements, including a summary of significant accounting policies (hereinafter referred to as the “financial statements”).
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Entity as at September 30, 2023, and its results of operations and its cash flows for the year then ended in accordance with Canadian accounting standards for not-for-profit organizations.
We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the “ Auditor’s Responsibilities for the Audit of the Financial Statements” section of our auditor’s report.
We are independent of the Entity in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Management is responsible for the preparation and fair presentation of the financial statements in accordance with Canadian accounting standards for not-for-profit organizations, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Entity’s ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Entity’s financial reporting process.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.
As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit.
We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Entity to cease to continue as a going concern.
Audain Art Museum
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Statement of Financial Position September 30, 2023, with comparative information for 2022
Chartered Professional Accountants
Vancouver, Canada
February 23, 2024
Commitments (note
See accompanying notes to financial statements.
Approved on behalf of the Board:
Statement of Operations
Year ended September 30, 2023, with comparative information for
Statement of Changes in Net Assets
Year ended September 30, 2023, with comparative information for 2022
See accompanying notes to financial statements.
Statement of Cash Flows
Year ended September 30, 2023, with comparative information for 2022
Cash provided by (used in):
Notes
Year ended September 30, 2023
Purpose of the organization:
The Audain Art Museum (the “Museum”) was incorporated on October 4, 2012 without share capital pursuant to the Canada Not-for-Profit Corporations Act. Effective January 7, 2013, the Museum obtained registered charity status under the Income Tax Act of Canada and is accordingly exempt from income taxes.
The objectives of the Museum are to establish and maintain an art gallery for the perpetual benefit of the Province of British Columbia and its citizens. The Museum is located in the Resort Municipality of Whistler, British Columbia and opened its doors to the public in March of 2016.
The Museum economically depends on the financial support of its donors and the Audain Art Museum Foundation (the “Foundation”). The Foundation is a separate legal entity with a purpose of receiving, holding and investing bequests, donations, funds, and property, the income of which supports the Museum’s mandate (note 6(b)).
These financial statements have been prepared in accordance with Canadian Accounting Standards for Not-For-Profit Organizations under Part III of the CPA Canada Handbook –Accounting and include the following significant accounting policies:
(a) Cash and short-term investment:
Cash consists of cash on hand and cash on deposit.
(b) Prepaid exhibition costs:
Prepaid exhibition costs consist of exhibition expenditures that have been paid by the Museum relating to exhibitions to be held subsequent to year-end. These expenditures are recognized as exhibition expenses over the duration of the exhibition.
(c) Inventories:
Inventories are comprised of books, jewelry, paper products, gifts, reproductions and clothing held-for-sale in the Museum Store and is stated at the lower of cost and net realizable value. Cost is determined on a weighted average basis. Costs for inventories include all costs incurred in bringing inventories to their present location and condition. Net realizable value is defined as the anticipated selling price less the costs to sell. Any previous write-downs to net realizable value are reversed when there is a subsequent increase in the value of inventories.
(d) Consignment goods:
Consignment goods consist of merchandise provided by consignors to the Museum to be sold at the Museum Store. The consignors retain ownership of the merchandise until such time as it is sold at which time corresponding revenue and payable to the consignor is recorded in accordance with the revenue sharing model agreed to with each of the consignors. As a result, consignment goods are not recorded as inventory in these financial statements.
Notes to Financial Statements (continued)
Year ended September 30, 2023
1. Significant accounting policies (continued):
(e) Revenue recognition:
The Museum follows the deferral method of accounting for contributions, which include donations, fundraising revenue and grants. Under this method of accounting, revenue received with specific external restrictions is deferred and recognized in the period the related expenses are incurred or the restrictions are met.
Contributions restricted and used for construction, development, or purchase of capital assets subject to amortization are initially recorded as deferred contributions and transferred to and recorded as deferred capital contributions when the amounts have been spent on capital assets. Deferred capital contributions are amortized into revenue on a straight-line basis, at a rate corresponding with the amortization rate for the related capital assets once amortization of the capital asset commences. Restricted contributions towards capital assets purchased not subject to amortization, such as land, are recorded as direct increases to net assets.
Unrestricted contributions are recognized as revenue when received or receivable if the amount to be received can be reasonably estimated and collection is reasonably assured. The portions of membership fees and exhibition loan fees, which are included in other income if any, relating to future periods are deferred and amortized into revenue over the period of membership or exhibition.
Admissions, museum store sales, engagement revenue and facility rental revenue are recognized at the time the sales and rentals are made or program is delivered.
(f) Tangible capital and intangible assets:
Purchased and developed capital and intangible assets are initially recorded at cost. Contributed capital assets are recorded at fair value at the date of contribution. Repairs and maintenance costs are charged to expense. Betterments that improve the service potential or extend the estimated life of an asset are capitalized.
Capital and intangible assets are amortized starting when they are available for productive use on a straight-line basis over the useful lives of the assets as follows:
Notes to Financial Statements (continued)
Year ended September 30, 2023
1. Significant accounting policies (continued):
(f) Tangible capital and intangible assets (continued):
The Museum reviews the carrying value of capital and intangible assets for impairment whenever events or changes in circumstances indicate that associated future economic benefits or service potential have been reduced. If such conditions exist, an impairment loss is measured at the amount by which the carrying amount of the asset exceeds its fair value or replacement costs and is recognized as an expense in the statement of operations.
(g) Art collection:
The Museum holds a collection (the “Collection”) of works of art for the perpetual benefit of current and future generations. The Collection is recorded as an asset at a nominal value of $1 due to the practical difficulties of determining a meaningful value for these assets. The cost of additions to the Museum’s works of art is charged as an expense in the year of acquisition (note 7).
(h) Donated works of art, materials and services:
The Museum may receive donated works of art, materials and services, including services from governance members and volunteers, the value of which is not reflected in these financial statements given the difficulty of determining the fair value.
(i) Financial instruments:
Financial instruments are recorded at fair value on initial recognition. Freestanding derivative instruments that are not in a qualifying hedging relationship and equity instruments that are quoted in an active market are subsequently measured at fair value. All other financial instruments are subsequently recorded at cost or amortized cost, unless management has elected to carry the instruments at fair value. The Museum has not elected to carry any such financial instruments at fair value.
Transaction costs incurred on the acquisition of financial instruments measured subsequently at fair value are expensed as incurred. All other financial instruments are adjusted by transaction costs incurred on acquisition and financing costs, which are amortized using the straight-line method.
Financial assets carried at cost or amortized cost are assessed for impairment on an annual basis at the end of the fiscal year if there are indicators of impairment. If there is an indicator of impairment, the Museum determines if there is a significant adverse change in the expected amount or timing of future cash flows from the financial asset. If there is a significant adverse change in the expected cash flows, the carrying value of the financial asset is reduced to the highest of the present value of the expected cash flows, the amount that could be realized from selling the financial asset or the amount the Museum expects to realize by exercising its right to any collateral. If events and circumstances reverse in a future period, an impairment loss will be reversed to the extent of the improvement, not exceeding the initial carrying value.
Notes to Financial Statements (continued)
Year ended September 30, 2023
1. Significant accounting policies (continued):
(j) Internally restricted net assets:
Funds which have been internally restricted as approved by the Board of Trustees (the “Board”) to be used towards specified purposes are recorded as internally restricted net assets. Transfers are made to and from the internally restricted funds based on approved contributions into or spending out of the funds.
The Building Fund is restricted to be spent on future capital expenditures subject to approval by the Board.
(k) Use of estimates:
The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the year. Items requiring the use of management estimates include the determination of useful lives of tangible capital and intangible assets for purposes of amortization of such assets and related deferred capital contribution. Actual results may differ from these estimates.
2. Tangible capital and intangible assets:
(a) The Museum is situated on land leased from the Resort Municipality of Whistler for a nominal amount. The lease expires on July 7, 2212. Upon expiration of the lease, the building and all fixtures become the property of the municipality. The fair value of the lease is not recorded in these financial statements.
The Museum is also subject to the exemption of property taxes as approved by the municipality on an annual basis. The value of the exemption provided for the year ended September 30, 2023 was $229,969 (2022 - $233,566). The value of the exemption has not been recognized in these financial statements.
Notes to Financial Statements (continued)
Year ended September 30, 2023
2. Tangible capital and intangible assets (continued):
(b) The sale of the Vancouver condominium during the year ended September 30, 2021, resulted in $337,500 (comprised of unamortized deferred capital contributions related to the building of $227,952 and the gain on sale of $109,548) in deferred contributions externally restricted for future qualified capital expenditures along with $661,500 being internally restricted by the Board and transferred to establish the Building Fund (note 1(j)).
During the year ended September 30, 2023, interest of $27,008 (2022 - $5,292) was earned on these restricted assets and was internally restricted by the Board and transferred to the Building Fund. As the total sale proceeds of $999,000 plus interest are restricted for specified use, the amount plus interest has been presented as restricted cash on the statement of financial position.
(c) Intangible assets consisting of computer software of $66,215 (2022 - $66,215) is related to the development of a new customer relationship management software which will begin being amortized once the software is available for use, which is expected to be within the next fiscal year. All other computer software included in cost and accumulated amortization have been fully amortized but remain in use.
3. Deferred contributions:
The non-current portion of the deferred contributions are held as part of the restricted cash balance on the statement of financial position.
4. Deferred capital contributions:
$
Notes to Financial Statements (continued)
Year ended September 30, 2023
5. Net assets invested in capital assets:
(a) Invested in capital assets is calculated as follows:
37,873,536 $ 38,602,258 Amounts financed by deferred capital contributions (37,729,126) (38,516,589)
(b) Deficiency of revenue over expenses:
(c) Change in net assets invested in capital assets:
6. Related party transactions:
(a) Audain Foundation and Michael Audain:
During the year ended September 30, 2023, the Museum received $2,669,092 (2022 - $13,223) of donations from Michael Audain and $524,599 (2022 - $2,159,261) of donations from the Audain Foundation, of which Michael Audain, a trustee of the Museum, is the chairman. The amounts have been recognized in the statement of operations within donations - operations and other, and donations - art acquisitions, based on donor specified use of funds.
In addition, included within accounts receivable is $69,185 (2022 - $192,784) due from the Audain Foundation, which is predominantly related to the Audain Prize, which is an annual prize worth $100,000 and awarded to a senior British Columbia artist in recognition of their outstanding contributions to the arts. The Museum received donations from the Audain Foundation in the amount of $195,225 (2022 - $346,780), representing costs associated with the award presentation along with the main prize. These amounts are presented on a gross basis in the statement of operations. The Museum also received a management fee of $25,000 (2022 - $50,000) from the Foundation for the administration and presentation of the prizes.
Notes to Financial Statements (continued)
Year ended September 30, 2023
6. Related party transactions (continued):
(b) Audain Art Museum Foundation:
The Foundation was incorporated in November 2013 under the Canada Not-for-Profit Corporations Act and is a registered charity under the Income Tax Act of Canada. The Foundation is a separate legal entity, and its purpose is to receive, hold and invest bequests, donations, funds, and property, the income from which supports the Museum’s mandate. The Museum and the Foundation are related by virtue of the Museum’s economic interest in the Foundation.
During the year ended September 30, 2023, the Museum received $1,344,100 (2022 - $1,275,730) of donations from the Foundation, which includes distributions related to the Audain Art Acquisition Fund.
The Audain Art Acquisition Fund was established November 4, 2022 by way of an endowment through the Audain Foundation. During the year ended September 30, 2023, $92,700 (2022 - $82,140) was received in distributions and $50,980 (2022 - $54,570) is included in art acquisition revenue in the statement of operations.
(c) Board of Trustees:
In addition to the amount described in 6 (a), during the year ended September 30, 2023, the Museum received $78,000 (2022 - $8,000) of donations from members of the Board of Trustees. The amounts have been recognized in the statement of operations within donations - operations and other, and donations - art acquisitions, based on donor specified use of funds.
7. Art collection:
Art collection expense represents the cost of acquisitions and maintenance of artwork held by the Museum. The Museum’s art collection is comprised of original art work from Canadian artists. The Museum acquires artwork by purchase, gift and bequest. The cost of art acquisitions during the year ended September 30, 2023 totaled $2,695,957 (2022 - $1,531,049) and other expenses (including maintenance, insurance and appraisals) totaled $67,029 (2022 - $84,407).
8. Commitments:
The Museum is committed to minimum annual lease payments under various operating leases for equipment as follows:
Notes to Financial Statements (continued)
Year ended September 30, 2023
9. Financial risks:
(a) Liquidity risk:
Liquidity risk is the risk that the Museum will be unable to fulfill its obligations on a timely basis or at a reasonable cost. The Museum manages its liquidity risk by monitoring its operating requirements. The Museum prepares budget and cash forecasts to ensure it has sufficient funds to fulfill its obligations.
(b) Interest rate risk:
Fixed rate instruments are subject to fair value risk while floating rate instruments are subject to cash flow risk. The Museum has a revolving line of credit of $250,000 bearing interest at a rate of prime plus 1%. As at September 30, 2023, nil (2022 - nil) was drawn against this line of credit.
(c) Other:
In management’s opinion, the Museum is not exposed to significant currency exchange rate, credit or other price risks related to its financial instruments.
There were no significant changes to the risk exposures from 2022.
(a) Due to the COVID-19 pandemic, the Canadian government introduced the Canada Emergency Wage Subsidy (“CEWS”) and the Canada Recovery Hiring Program (“CRHP”) to assist organizations who had lost a certain percentage of their eligible revenue. During the year ended September 30, 2023, eligible claims totaled nil (2022 - $70,017). As at September 30, 2023, nil (2022 - $12,693) is included in accounts receivable with respect to claims related to the fiscal year that had not yet been filed.
(b) The Canadian government introduced the Canada Emergency Business Account (“CEBA”) loan to assist organizations during the COVID-19 pandemic with non-deferrable expenses. During the year ended September 30, 2021, the Museum received the full $60,000 loan.
Up to $20,000 of the CEBA loan will be forgiven provided the outstanding balance is paid on or before January 18, 2024. As the Museum intends to repay the loan before January 18, 2024 the amount that will be forgiven was deemed to be government assistance and was recognized in grants revenue during the year ended September 30, 2021.
During the year ended September 30, 2023, $30,000 of the loan was repaid.
The remaining $5,000 of the CEBA loan carries 0% interest and no minimum monthly principal payments are required. This portion of the CEBA loan should be initially measured at fair value, discounted at a market interest rate, and subsequently measured at amortized cost.
Notes to Financial Statements (continued)
Year ended September 30, 2023
10. Canada Recovery Hiring Program and Canada Emergency Business Account Loan (continued):
(b) (continued):
However, as the benefit of the CEBA loan at below-market interest rate is immaterial, the loan has not been discounted for financial reporting purposes and is recorded in the statement of financial position at the face value of the loan, being $5,000 as at September 30, 2023 (2022 - $35,000). Subsequent to year end, the remaining $5,000 of the CEBA loan was repaid in full.
