The purpose of our analysis was to evaluate the financial position of your organization, assess its resources and determine challenges it may encounter while trying to achieve its mission.
Organization Presentation.
The Montreal Museum of Fine Arts is an incorporated not-for-profit organization under the Law of the Montreal Museum of Fine Arts. It is also a registered charity within the meaning of the Income Tax Act. Since its creation in 1860, the museum has been a cultural landmark for the city of Montreal. Its collection consists of paintings, sculptures, prints and drawings, photographs and decorative art objects from different time periods and from all over the world. Every year, its exhibitions attract nearly 600,000 visitors.
Mission.
The mission of the museum can be summarized in the following quote: "The Montreal Museum of Fine Arts (MMFA) has a mission to attract the broadest and most heterogeneous public possible and to provide that public with firsthand access to a universal artistic heritage.".
Auditor's Opinion.
Although the audited financial statements of the museum's foundation were presented with the financial statements of the MMFA, our analysis only focused on the latter. The auditor's report for the Montreal Museum of Fine Arts is addressed to its members. The financial statements for the year ended on March 31, 2011 were audited by Samson, Belair, Deloitte & Touche, a well respected Big Four audit firm. .
The duties of both management and the auditors were outlined in the report. After conducting its audit in accordance with Generally Accepted Auditing Standards, the auditor issued an unqualified opinion. According to the auditor, the financial statements present fairly, in all material respects, the financial position of the organization as at March 31, 2011.
Major Accounting Choices.
The MMFA made the decision to prepare its 2011 financial statements in accordance with the Canadian Generally Accepted Accounting Principles.
