SUMMARY OF FINANCIAL HIGHLIGHTS YEARS ENDED DECEMBER 31, 2004
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Consolidated Statements of Financial Position
Consolidated Statement of Activities
Change in Net Asset Balances
Notes to the Summary of Financial Highlights

Consolidated Statements of Financial Position

Assets	2004	2003
Cash and cash equivalents	$11,745,930	$9,274,259
Contributions receivable, net	14,022,719	11,684,629
Accounts receivable	2,437,179	1,554,450
Other receivables	1,951,970	2,035,621
Inventories	2,517,701	2,608,609
Prepaid expenses	749,380	1,441,646
Deferred costs	316,850	345,876
Investments	42,867,274	41,160,777
Property, equipment and leasehold improvements, net	62,363,733	64,872,770
Art collection	1	1

TOTAL ASSETS	$138,972,737	$134,978,638

Liabilities and Net Assets
Liabilities
Accounts payable and accrued expenses	12,240,872	12,221,878
Deferred income	2,847,683	859,396
Loan payable to Trust for Cultural Resources	23,500,000	24,900,000
Other loans payable	6,946,525	4,432,920
TOTAL LIABILITIES	45,535,080	42,414,194

Net Assets
Unrestricted	23,502,107	28,027,252
Temporarily restricted	24,484,617	19,686,350
Permanently restricted	45,450,933	44,850,842
Total net assets	93,437,657	92,564,444

TOTAL LIABILITIES AND NET ASSETS	138,972,737	134,978,638

Consolidated Statement of Activities

Operating support and revenue	2004	2003
Contributions, grants, and bequests	19,545,674	14,468,927
Membership income	2,188,081	1,870,092
In-kind contributions	211,867	504,090
Benefit and special event income, net of direct expenses	411,515	399,560
Admissions	15,740,956	13,581,362
Traveling exhibition fees, royalties and other	6,060,374	6,270,677
Investment return (including spending amount for operations)	958,936	1,137,559
Short-term investment income	14,095	20,949
Auxiliary revenues	9,519,342	9,036,904
Total operating support and revenue	54,650,840	47,290,120

Operating expenses
Museum programs:
Exhibitions and projects	13,061,548	10,773,047
Traveling exhibitions	2,814,493	2,849,116
Curatorial and collection maintenance	6,801,702	6,329,009
Visitor services	4,792,704	4,676,921
Education	2,471,574	2,078,271
Auxiliary expenses, including cost of sales	8,020,952	10,022,785
Total program expenses	37,962,973	36,729,149

Supporting services:
Management and general	10,049,656	8,512,141
Fundraising	3,525,156	2,399,035
Total supporting services	13,574,812	10,911,176

TOTAL OPERATING EXPENSES	51,537,785	47,640,325

Operating support and revenue over/(under) operating expenses	3,113,055	(350,205)

Nonoperating activity:
Contributions	1,791,683	4,852,791
Realized and unrealized gains on investments	893,650	1,801,139
Depreciation and amortization	(3,985,599)	(3,831,662)
Interest and fees related debt	(983,958)	(1,158,062)
Net loss on disposal of fixed assets	0	(82,605)
Foreign currency translation	204,507	512,666

Change in net assets before other changes	1,033,338	1,744,062

Change in net assets related to collection items purchased:
Contributions	1,875,162	801,436
Proceeds from the sale of art	0	900,000
Investment return (including spending amount for purchases of art)	33,107	73,788
Collection items purchased	(2,068,394)	(795,508)
Change in net assets	873,213	2,723,778

Net assets, beginning of year	92,564,444	89,840,666
Net assets, end of year	93,437,657	92,564,444

Change in Net Asset Balances

	2004	2004
Net assets, beginning of year	92,564,444	89,840,666

Change in unrestricted net assets	(4,525,145)	(4,668,427)
Change in temporarily restricted net assets	4,798,267	6,556,805
Change in permanently restricted net assets	600,091	835,400
Total change in net assets	873,213	2,723,778

Net assets, end of year	93,437,657	92,564,444

Notes to the Summary of Financial Highlights
Note 1: This summary was prepared by the Solomon R. Guggenheim Foundation ("the Foundation") from its financial statements, which were audited by PricewaterhouseCoopers, LLP. The completed financial statements, including the related notes and auditor's report, are available upon written request.

Note 2: The Financial Highlights include the Foundation's accounts in New York City related to the Solomon R. Guggenheim Museum, the accounts maintained in Venice, Italy, for the Peggy Guggenheim Collection, and the accounts maintained in Las Vegas for the Guggenheim Hermitage Museum.

Note 3: All debt and equity securities are recorded at fair value determined on the basis of quoted market values. Realized gains and losses arising from the sale or other disposition of investments are determined by the first-in, first-out method.

Note 4: Land, building, building improvements and renovations, leasehold improvements and equipment purchases by the Foundation are recorded at cost. Normal repairs and maintenance are expensed as incurred. Depreciation, and amortization of assets under capital leases, is calculated by the straight line method over the estimated useful lives, ranging from 5–50 years, of the related assets.

Note 5: In accordance with industry practice, art objects purchased, donated, and bequeathed are included in permanently restricted net assets at a value of $1.

Note 6: In 1990, the Foundation entered into a loan agreement with the Trust for Cultural Resources (the Trust) primarily to provide long-term financing of the cost of construction, renovation and equipping of certain of the Foundation's capital facilities. The Trust issued $13,500,000 of 1990 Series A revenue bonds and $41,400,000 of 1990 Series B revenue bonds. The Trust loaned the proceeds of the issuance of the bonds to the Foundation. In 2000, the Foundation's Series A revenue bonds were redeemed. While the bonds are not the debt of the Foundation, the agreement between the Foundation and the Trust obligates the Foundation to make payments equal to the debt service and sinking fund requirements, including any premium on redemption on the bonds. Payment of the principal and interest on the bonds is collateralized by an irrevocable letter of credit issued by a bank. As of December 31, 2004 and 2003 the Foundation was in compliance with the financial covenants of the letter of credit agreement.