Treasurer ’ s Report
Our fiscal year ended with the market value of our endowment at $ 187 million and Total Net Assets at $ 210.5 million , compared to $ 174.2 million and $ 194.5 million respectively a year ago . Of the Total Assets , $ 161.4 million was in the Permanently Restricted category .
Total Support and Revenue during FY2018 was $ 15.9 million , with the major components being Investment Return Designated for Current Operations ($ 8.4 million ), Services Fees ($ 2.7 million ), Net Sales ($ 3 million ), and Contributed Support ($ 1.8 million ). Services Fees revenue — interment and cremation fees , chapel rentals , and fees for other Cemetery-related services — saw an 8 % decrease over the past fiscal year , due mainly to the closure of our Crematory during the Bigelow Chapel renovation project and the loss of cremation revenue for nine months of the year . Countering the loss in service fees , the Cemetery surpassed its annual goal of new interment sales by 17 %, with gross sales of interment sales generating $ 4.1 million , compared to its goal of $ 3.5 million . In keeping with our allocation policy , 22 % of the annual sales revenue was allocated to current operations while 78 % was transferred to the endowment .
Also reflected in the Cemetery ’ s financial statements is $ 1.8 million in Contributed Support . This sum reflects funds transferred to the Cemetery from the Friends of Mount Auburn to cover expenses for a variety of preservation , landscape , and education projects undertaken during the fiscal year for which this money was raised . A significant portion of this transfer was allocated for the renovation of Asa Gray Garden , for which the Friends committed to raising two-thirds of the $ 3 million project . While the total amount of Contributed Support transferred to the Cemetery this year reflects another successful year of fundraising , the transfer is only part of what was raised by the Friends over the past year . A more complete view of the total support raised through the Friends of Mount Auburn can be found on the following pages of this report .
Total Expenses during FY2018 were $ 11.3 million , an increase of $ 1.3 million over the previous fiscal year . Total Expenses included Labor ($ 4.5 million ), Employee Benefits ($ 1.9 million ), Contracted Work and Materials ($ 1.1 million ), Depreciation ($ 800,000 ), and Other Expenses ($ 3 million ). This year ’ s increase in expenses , included here as “ Other Expenses ,” mainly reflect the construction-related expenses for the various major projects currently underway at the Cemetery . The details of these projects are outlined in the previous sections of this report . The staff has worked strategically and responsibly to contain costs of its special projects and general operations while being sure to maintain the highest standards at the campus , including both new capital projects and the maintenance and service for which Mount Auburn is known .
Sean McDonnell Treasurer
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