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Consolidated Balance Sheet as of December 31, 2010 and 2009 (dollars in millions)

Consolidated Balance Sheet as of December 31, 2010 and 2009 (dollars in millions)
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Consolidated Income Statement and Statement of Changes in Net Assets for the twelve months ending December 31, 2010 and 2009 (dollars in millions)

Consolidated Income Statement and Statement of Changes in Net Assets for the twelve months ending December 31, 2010 and 2009 (dollars in millions)
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Sources of Giving 2001–2010

Sources of Giving 2001–2010
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A Summary of the Foundation’s 2010 Financial Results

Mars, Kington Trustees; Farrell Vice Chairman

Forrest E. Mars Jr. and Mark J. Kington became trustees in 2010. Mars is director emeritus of Mars, Inc., and former president of the McLean, Virginia-headquartered company. Kington is managing director of X-10 Capital Management, LLC, an investment management firm focused on public equities, and was a founding member of Columbia Capital, LLC, a venture capital firm.

Thomas F. Farrell II of Richmond, Virginia, was elected vice chairman and chairman-elect in November. He serves in that role for a year, until chairman Richard G. Tilghman retires, at which time Farrell becomes chairman. Farrell is chairman, president, and chief executive officer of Richmond-headquartered Dominion Resources.

Michael Rierson accepted appointment as senior vice president for development. Most recently the University of Houston's vice chancellor of advancement, Rierson also served at Duke University, the University of North CarolinaChapel Hill, the University of Miami, and the University of South Florida. He now oversees the foundation's fund-raising.

William E. White, the Theresa A. and Lawrence C. Salameno Director of Educational Program Development, became the Royce R. and Kathryn M. Baker Vice President for Productions, Publications, and Learning Ventures. He succeeded Richard McCluney.

McCluney retired after a twenty-seven-year foundation career in which he moved outreach into the digital age by creating the electronic field trip program and launching our Web sites, entered into publishing partnerships, produced scores of video and audio recordings, and oversaw the teacher institute and workshop programs.

Colonial Williamsburg 2010 Financial Highlights

Despite a challenging economic environment, The Colonial Williamsburg Foundation's net assets totaled $908 million at year's end, an increase of $59 million in 2010. Assets increased by about $54 million, and liabilities declined by $5 million.

The most significant reason for the increase in assets was the investment performance of the endowment, which produced a total return of 16.4 percent. The foundation's endowment has consistently ranked among the best performers of all endowed institutions in the country.

Operating revenues, exclusive of catalog income and endowment support, increased. Admission revenues rose because of higher visitation, hospitality revenues improved because of higher occupancy, and Colonial Williamsburg Fund gifts grew $300,000 to $14.3 million, reflecting strong donor support. The foundation discontinued catalog operations in April 2010 and replaced the paper catalog with an online store, which improved the financial results but reduced revenues by $8 million.

Total revenues, including budgeted endowment support, totaled $185 million in 2010, a decrease of $7 million, including the decline in catalog revenues and lower endowment support as a result of the decline in the average endowment market value during the 2007 and 2008 period.

Expenses for 2010 were $212 million, a decrease of $4 million compared with 2009. Excluding the catalog savings, expenses increased by $6 million mainly because of higher interest expense from a taxable debt refinancing completed in November 2009. The operating deficit for 2010 was $27 million, which was $3 million more than 2009, mainly because of higher interest expense and lower endowment support.

Colonial Williamsburg monitors and reports internally on the regularly recurring, or operating, revenues and expenses resulting from routine activities to assess the financial performance of educational and for-profit activities. It reports in audited financial statements all revenues and expenses in accordance with generally accepted accounting principles to reflect the consolidated financial impact of the activities of the foundation and its subsidiaries. A third reporting format is required by the Internal Revenue Service on Form 990, an annual information return for The Colonial Williamsburg Foundation, the 501(c)(3) entity exempt from federal income taxes on most of its endeavors. The financial results on Form 990 are the unconsolidated financial results of only this 501(c)(3) organization; the foundation's taxable subsidiaries—for example, the Colonial Williamsburg Company—report their financial results separately on corporate income tax returns.

The operating results reported in the internal report and reflected in the top half of the consolidated income statement and statement of changes in net assets shown in this annual report incorporate ticket sales; all revenues generated by hospitality and products; unrestricted operating gifts and restricted gifts for operations spent for their intended purpose during the year; the budgeted amount of endowment support provided by our endowment spending policy; and all operating expenses of the foundation and its subsidiaries.

Below the operating deficit line in this report are included nonoperating items, such as the difference between the total return produced by the endowment and the budgeted endowment support; all other gifts and grants, including pledges, restricted gifts received but not spent, gifts for endowment and capital projects, and gifts of objects; gains on sales of real estate; and the financial statement impact of changes in generally accepted accounting principles. The combination of the operating and nonoperating items is reflected as the change in net assets, which is consistent with the audited financial statements.

Growth in Colonial Williamsburg Fund 2001–2010 (dollars in millions)

Growth in Colonial Williamsburg Fund 2001–2010
(dollars in millions)
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Growth in Total Donors 2001–2010

Growth in Total Donors 2001–2010
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Colonial Williamsburg monitors and reports internally on the regularly recurring, or operating, revenues and expenses of routine activities to assess the financial performance of educational and for-profit activities. It reports in the audited financial statements all revenues and expenses in accordance with generally accepted accounting principles to reflect the consolidated financial impact of all foundation and subsidiary activities. A third reporting format is required by the Internal Revenue Service on Form 990, an annual information return for The Colonial Williamsburg Foundation, the 501(c )(3) entity that is exempt from federal income taxes on most of its activities. The financial results on Form 990 represent the unconsolidated financial results of only this organization; the foundation’s taxable subsidiaries—for example, Colonial Williamsburg Company—report their financial results separately on corporate income tax returns.

The operating results reported in the internal report and reflected in the top half of the consolidated income statement and statement of changes in net assets shown in this report incorporate ticket sales, revenues generated by hospitality and products, unrestricted operating gifts and restricted gifts for operations spent for their intended purpose during the year, the budgeted amount of endowment support provided by our endowment spending policy, and all operating expenses of the foundation and its subsidiaries.

Below the operating deficit line in the report we include nonoperating items, such as the difference between the total return produced by the endowment and the budgeted endowment support; all other gifts and grants, that is to say, pledges; restricted gifts received but not spent; gifts for endowment and capital projects, and gifts of objects; gains on sale of real estate; and the financial statement impact of changes in generally accepted accounting principles. The combination of the operating and nonoperating items is reflected as the change in net assets, which is consistent with the audited financial statements.



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