Cantus EOY FY12 Actual vs Budget

Cantus EOY FY12 Budget vs actual Overview

A review of FY12 Actual (unaudited) vs. Budget shows a surplus of $32,958.  The FY13 NEA grant represents $20k of this amount. Other notable variances are briefly described below:

Home Concerts:
  • Revenue reflects the ongoing growth, up 34% over FY11 
  • Some related increased expenses (ticketing and credit card fees) show up in Administration: Financial Service Charges
Management Bookings:
  • Revenue budget was based on confirmed bookings as of July 2011. Variance reflects additional bookings received after that point, including Summer 2012.
  • Additional expenses related to increased touring are reflected in Artistic: Management Booked Concerts and Artistic: Travel
Merchandise:
  • Strong sales of the new Christmas CD, continued strong performance of That Eternal Day, and increased general sales (CDs and downloads) because of national exposure
  • Higher merchandise sales also results in increased expenses in Artistic: Merchandise.  The national exposure created a dramatic increase in sales through Amazon.  Because these CDs are sold on a consignment basis, the net per CD sold is lower.
Individual Contributed Revenue:
  • Annual fund was slightly under goal, however this amount is more than double the amount in FY11. Separating the Annual Fund from Cantus Idol was key in this growth.
Special Events:
  • Cantus Idol had another remarkable year, coming in $21k over goal. 
  • The increased number of sponsors resulted in some increased meal expense.
Foundation Contributed Revenue:
  • New and increased giving resulted in a $10k favorable variance
Government Contributed Revenue: This variance has several components:
  • State: Our general operating grant came in lower than expected (-$31k) and the touring grant ended up being for two cities instead of three (-$10k)
  •  Federal: NEA grant in support of the Lessons and Carols collaboration was not awarded (-$25k) but our general support grant for FY13 came in in July as was therefore recognized in FY12.  (Note: We have modified the start date for future NEA general grants to July 1 to remove timing uncertainty around grant recognition)
In-kind Revenue/Expense:  In-kind revenue is matched with a corresponding expense line.
  • Use of space from Westminster ($15k) is budgeted with the expense recognized in Artistic - General
  • Other support (primarily legal) is not included in the budget ($16.5k). The correlating expense is found in Administration: Professional Services.
Personnel Expenses
  • Benefits: Savings in health insurance thanks to a rate decrease and small business premium rebate
Other Expenses
  • All other expense lines were carefully controlled and came in relatively close to or under budget.