2011 Audited Financial Statements (PDF)

FINANCIAL STATEMENTS
Detroit Institute of Arts
Year Ended June 30, 2011
With Report of Independent Auditors

Ernst & Young LLP

Detroit Institute of Arts
Financial Statements
Year Ended June 30, 2011

Contents

Report of Independent Auditors ..............................................................................................

1

Financial Statements
Statement of Financial Position ...............................................................................................
Statement of Financial Activities .............................................................................................
Statement of Cash Flows ........................................................................................................
Notes to Financial Statements ................................................................................................

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Report of Independent Auditors
Board of Trustees
Detroit Institute of Arts
We have audited the accompanying statement of financial position of the Detroit Institute of Arts
as of June 30, 2011, and the related statements of financial activities and cash flows for the year
then ended. These financial statements are the responsibility of the Detroit Institute of Art’s
management. Our responsibility is to express an opinion on these financial statements based on
our audit. The prior year summarized comparative information has been derived from the Detroit
Institute of Art’s 2010 financial statements and, in our report dated October 20, 2010, we
expressed an unqualified opinion on those financial statements.
We conducted our audit in accordance with auditing standards generally accepted in the United
States. Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. We were not engaged
to perform an audit of the Detroit Institute of Art’s internal control over financial reporting. Our
audit included consideration of internal control over financial reporting as a basis for designing
audit procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Detroit Institute of Art’s internal control over financial
reporting. Accordingly, we express no such opinion. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management and evaluating the
overall financial statement presentation. We believe that our audit provides a reasonable basis for
our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects,
the financial position of the Detroit Institute of Arts at June 30, 2011, and the results of its
activities and its cash flows for the year then ended in conformity with U.S. generally accepted
accounting principles.

EY
October 28, 2011

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