Since the Oscars also cost the Academy $38.4 million to produce, the show resulted in $51.2 million in net revenue, by far the organization’s largest source of net revenue.
In its annual report released Thursday, the Academy said its total expenses rose from $74.5 million in 2011 to $88.6 million last year, while its net assets also rose to $299.5 million, an increase of $10.4 million over the previous year.
As the Academy embarked on a $250 million capital campaign to support the new Academy Museum to be located in the former May Co. building on the corner of Fairfax and Wilshire, it allocated $4.9 million to museum development in 2012, up from the $2.3 million it spent in 2011.
In a letter to Academy members, president Hawk Koch cited progress on the museum as “one of several major milestones” the Academy achieved during the past year, promising “that it will bring together many of our efforts under one roof.”
He also cited such other activities over the past year as an Academy delegation that traveled to Cuba to visit with Cuban filmmakers; an Emmy won by the Academy’s Science and Technology council for the development of the Academy Color Encoding System; participation in the current Stanley Kubrick Exhibition at the Los Angeles County Museum of Art; and the new film screening series, Oscar Outdoors, in Hollywood.
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