FY15 January Treasurer's Report
Chuck Peterson, Treasurer
This report covers the December 2014 financials and the FY15 five-month projection. Our next projection will be for eight months (through March) and reviewed at the April board meeting.
Balance Sheet
- The Balance Sheet shows the turnaround point of the previous cash flow crunch.
o October showed a YTD loss of $158K and December has YTD net income of $52K.
o Accounts Payable and Credit Card are current and plane tickets for January and February tours have been purchased.
o The Line of Credit remains fully drawn at $100K.
o Repayment will take place between January and March with AIC Settlement, NEA and MSAB payments and touring funds.
- Accounts Receivable is currently very high because of grants awarded but not yet paid including MSAB (remainder of FY15 operating, FY15 Access, FY16 Touring) and NEA (FY14 and FY15 grants). Also the reimbursement portion of the All Is Calm settlement.
- The Temporarily Restricted Asset item of $138K in the Equity area of the Balance Sheet remains reflects the addition of the MSAB touring grant for FY16 that was awarded in November. The full amount is comprised of:
o $20K for the FY15 NEA grant (to be satisfied in July 2015)
o $69K for the MSAB touring grant (for activities in September 2014 and February 2015). The MSAB funds will be reclassified after all activities have been completed.
o $49K for the FY16 MSAB Touring grant (2015-2016 season).
FY15 Projection
Currently we’re projecting a surplus of $8.7K for FY15. Major income/expense variances are discussed below.
Ticket Sales
Ticket sales are currently showing a shortfall of $11K due to the fall and Christmas concerts not reaching goal. The other concerts this season remain at their budgeted goals. There is potential upside with The Singing Revolution, particularly around the Ordway performance. TSR and Covers remain in the projection at their budgeted amounts.
Touring
Since October, we have added two additional bookings and a master class bringing the total variance to $32.3K. Along with these bookings come some increased Artistic expenses in Management Booking Fees and Travel.
Merchandise
We saw strong sales of “A Harvest Home” overall as well as strong sales during the tour and local run of All Is Calm, so we’re projecting a surplus in Merchandise. This also carries with it an increase in related expenses.
Contributed Revenue
We are still only 5 months into the year and Individual, Special Events and Foundation giving remain at their budgeted amounts. (We are down slightly YTD on Individual Giving, but do have opportunity to make that up.)
Commissioning
As discussed at the November meeting, the projection was increased in both contributed revenue (One Time/Miscellaneous) and expenses (Artistic: Commissions and Development: General) in the amount of $24,000 for the commission project for 2015-2016 touring program, The Four Loves. The funding plan includes a $12k Kickstarter campaign in Jan/Feb; a $9k grant from the Ann Stookey Fund (confirmed!) and $3k from a major donor. Also, in this line was $14k from New Music USA to fund the Elizabeth Alexander commission and performance related expenses. We were awarded $5k (which covers the full commission fee) but not the $9k in other expenses. The projection has been adjusted accordingly.
Other Income Notes:
- Self Bookings: We are waiting on the final settlement numbers for All Is Calm, so there is potential upside there.
- Earned: Miscellaneous: Some states have non-resident entertainer withholding from our booking fees and Jeff has been able to recover about $3K in fees from past years.
Other Expense Notes:
- Personnel is lower due to the delayed hiring of the Audience Development Associate; some employees choosing alternate health coverage to the Cantus plan; a lower than budgeted rate increase, an unbudgeted heath insurance refund and a significant decrease in our state unemployment tax rate.
- Development: General is higher due to Kickstarter campaign expenses as well as an editor hired to help with the Bush Foundation initial application (both discussed previously) as well as the consultant fee for Joan Olson to do a development audit and some additional printing expenses.
- Administration is higher due to numerous smaller variances.
This report covers the December 2014 financials and the FY15 five-month projection. Our next projection will be for eight months (through March) and reviewed at the April board meeting.
Balance Sheet
- The Balance Sheet shows the turnaround point of the previous cash flow crunch.
o October showed a YTD loss of $158K and December has YTD net income of $52K.
o Accounts Payable and Credit Card are current and plane tickets for January and February tours have been purchased.
o The Line of Credit remains fully drawn at $100K.
o Repayment will take place between January and March with AIC Settlement, NEA and MSAB payments and touring funds.
- Accounts Receivable is currently very high because of grants awarded but not yet paid including MSAB (remainder of FY15 operating, FY15 Access, FY16 Touring) and NEA (FY14 and FY15 grants). Also the reimbursement portion of the All Is Calm settlement.
- The Temporarily Restricted Asset item of $138K in the Equity area of the Balance Sheet remains reflects the addition of the MSAB touring grant for FY16 that was awarded in November. The full amount is comprised of:
o $20K for the FY15 NEA grant (to be satisfied in July 2015)
o $69K for the MSAB touring grant (for activities in September 2014 and February 2015). The MSAB funds will be reclassified after all activities have been completed.
o $49K for the FY16 MSAB Touring grant (2015-2016 season).
FY15 Projection
Currently we’re projecting a surplus of $8.7K for FY15. Major income/expense variances are discussed below.
Ticket Sales
Ticket sales are currently showing a shortfall of $11K due to the fall and Christmas concerts not reaching goal. The other concerts this season remain at their budgeted goals. There is potential upside with The Singing Revolution, particularly around the Ordway performance. TSR and Covers remain in the projection at their budgeted amounts.
Touring
Since October, we have added two additional bookings and a master class bringing the total variance to $32.3K. Along with these bookings come some increased Artistic expenses in Management Booking Fees and Travel.
Merchandise
We saw strong sales of “A Harvest Home” overall as well as strong sales during the tour and local run of All Is Calm, so we’re projecting a surplus in Merchandise. This also carries with it an increase in related expenses.
Contributed Revenue
We are still only 5 months into the year and Individual, Special Events and Foundation giving remain at their budgeted amounts. (We are down slightly YTD on Individual Giving, but do have opportunity to make that up.)
Commissioning
As discussed at the November meeting, the projection was increased in both contributed revenue (One Time/Miscellaneous) and expenses (Artistic: Commissions and Development: General) in the amount of $24,000 for the commission project for 2015-2016 touring program, The Four Loves. The funding plan includes a $12k Kickstarter campaign in Jan/Feb; a $9k grant from the Ann Stookey Fund (confirmed!) and $3k from a major donor. Also, in this line was $14k from New Music USA to fund the Elizabeth Alexander commission and performance related expenses. We were awarded $5k (which covers the full commission fee) but not the $9k in other expenses. The projection has been adjusted accordingly.
Other Income Notes:
- Self Bookings: We are waiting on the final settlement numbers for All Is Calm, so there is potential upside there.
- Earned: Miscellaneous: Some states have non-resident entertainer withholding from our booking fees and Jeff has been able to recover about $3K in fees from past years.
Other Expense Notes:
- Personnel is lower due to the delayed hiring of the Audience Development Associate; some employees choosing alternate health coverage to the Cantus plan; a lower than budgeted rate increase, an unbudgeted heath insurance refund and a significant decrease in our state unemployment tax rate.
- Development: General is higher due to Kickstarter campaign expenses as well as an editor hired to help with the Bush Foundation initial application (both discussed previously) as well as the consultant fee for Joan Olson to do a development audit and some additional printing expenses.
- Administration is higher due to numerous smaller variances.
