Page 1856 - Week 05 - Thursday, 11 May 2017
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office boxes, agent’s addresses and galleries’ addresses, which would not accurately identify their residential location.
(3) Refer to table at (1) above.
(4) Refer to table at (1) above.
(5) The artworks were most recently valued by art valuer, Helen Maxwell, in June 2015.
(6) Refer to table at (1) above.
(7) Artwork condition is assessed on an annual basis by visual inspection and rated as poor, fair or good. The works are photographed and, if concerns are noted, additional inspection by an artwork conservator is arranged. The artworks were assessed by Artillion Pty Ltd in May 2016. They are due to be assessed again in May 2017.
(8) The policy of five percent of the percent-for-art allocation was to provide for the repair and maintenance of works commissioned under the Scheme throughout their lifetime. The funding source was a cash allocation of $396,000 from Treasury established as a proxy sinking fund for the care of works commissioned under the scheme. There are strict guidelines for the use of this cash allocation as the primary purpose is to provide for maintenance needs of the specific works created through percent-for-art-scheme. Funding for the percent-for-art-scheme repairs and maintenance is not a budget allocation and therefore cannot be accrued.
(9) There is no specific budget allocation for repairs and maintenance for works acquired under the percent-for-art scheme.
(10) The requirement for repairs and maintenance for works acquired under the percent-for-art scheme was assessed by the artists in relation to routine maintenance and documented in the artwork maintenance manual. Requirements for reactive maintenance (such as graffiti removal) are assessed on an as-needs basis by Cultural Canberra with input from artists and artwork conservators as required.
(11) The table below represents the percent-for-art scheme repairs and maintenance (sinking fund) expenditure for each financial year:
|
Financial Year |
Expenditure |
End of Financial Year Balance |
|
Beginning funds: |
396,000.00 | |
|
2007-08 |
28,000.00 |
368,000.00 |
|
2008-09 |
0.00 |
368,000.00 |
|
2009-10 |
0.00 |
368,000.00 |
|
2010-11 |
3,929.51 |
364,070.49 |
|
2011-12 |
12,045.45 |
352,025.04 |
|
2012-13 |
12,904.21 |
339,120.83 |
|
2013-14 |
0.00 |
339,120.83 |
|
2014-15 |
0.00 |
339,120.83 |
|
2015-16 |
62,862.26 |
276,258.57 |
|
2016-17 |
0.00 |
276,258.57 |
The percent-for-art scheme repairs and maintenance fund is a cash allocation and therefore cannot be accrued. The expenditure is incurred and treated in accordance with accounting standards.
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