Treasurer's Report
Cantus Treasurer’s Report: November 2014
Chuck Peterson, Treasurer
This report covers the October 2014 financials and the FY15 projection.
Balance Sheet
- The Balance Sheet outlines the near bottom point of the cash flow crunch that was discussed at the September board meeting.
- Cash was at $25K as of October 31, 2014.
- The Line of Credit was fully drawn at $100K. Repayment will take place between December and February.
- The Temporarily Restricted Asset item of $89.2K in the Equity area of the Balance Sheet remains unchanged and 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.
- Cantus is $9.9K favorable to YTD budget on Net Income/(Loss), with a Net Loss of $156.2K.
FY15 Projection
Net Income for FY15 is projected in come in at a surplus of $6.2K. Major income/expense variances are discussed below.
Ticket Sales
Ticket sales are currently showing a shortfall of $5.4K due to the fall concerts not reaching goal. The other concerts this season remain at their budgeted goals. There is potential upside with Christmas and The Singing Revolution. We will revisit this number in the 5 month projection.
Touring
The FY15 budget included one unconfirmed booking for $10,000. We have actually received two new bookings and an increased fee on a third, so we are showing a positive variance of $14,000. Along with these bookings come some increased Artistic expenses in Management Booking Fees and Travel.
Contributed Revenue
It is too early in the year to make projections regarding Individual, Special Events and Foundation giving, so they remain at their budgeted amounts. Government giving is largely confirmed with the MSAB Touring and Access grants awarded this month. (Touring is for FY16 activity and will show as Temporarily Restricted starting on the November Balance Sheet; Access is for FY15 activity.) The only outstanding amount is the NEA grant budgeted at $25,000. We generally hear on this grant in March or April.
Commissioning
The budget shows an increase in both contributed revenue (One Time/Miscellaneous) and expenses (Artistic: Commissions and Development: General) of $24,000. This is to fund a special commissioning project for the 2015-2016 touring program, The Four Loves. Four composers will be commissioned, each to write a piece tied to one of the four loves. While the pieces will be performed during the 2015-2016 season, all fundraising activity and payments will occur during FY15, so they have been included in the projection. (Also, Commissioning is now broken out as its own line under Artistic. Previously, it was contained under Artistic: Independent Contractors.) The funding plan includes a $12k Kickstarter campaign in Jan/Feb; a $9k grant from the Ann Stookey Fund (notification in January) and $3k from a major donor.
Other Expense Notes:
- Personnel is lower due to the delayed hiring of the Audience Development Associate as well as some employees choosing alternate health coverage to the Cantus plan.
- Artistic: Travel is lower (even with added touring) due to cost savings from the shortened New York trip and AIC tour airfare coming in under budget.
- Development: General is higher due to Kickstarter campaign expenses as well as an editor hired to help with the Bush Foundation initial application.
- Administration is higher due to various reasons including expenses related to the board/staff retreat (which was omitted during the budgeting process) and some additional travel. Financial services charges are basically flat, the increased expense around the Line of Credit has been offset with lower ticketing fees.
Chuck Peterson, Treasurer
This report covers the October 2014 financials and the FY15 projection.
Balance Sheet
- The Balance Sheet outlines the near bottom point of the cash flow crunch that was discussed at the September board meeting.
- Cash was at $25K as of October 31, 2014.
- The Line of Credit was fully drawn at $100K. Repayment will take place between December and February.
- The Temporarily Restricted Asset item of $89.2K in the Equity area of the Balance Sheet remains unchanged and 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.
- Cantus is $9.9K favorable to YTD budget on Net Income/(Loss), with a Net Loss of $156.2K.
FY15 Projection
Net Income for FY15 is projected in come in at a surplus of $6.2K. Major income/expense variances are discussed below.
Ticket Sales
Ticket sales are currently showing a shortfall of $5.4K due to the fall concerts not reaching goal. The other concerts this season remain at their budgeted goals. There is potential upside with Christmas and The Singing Revolution. We will revisit this number in the 5 month projection.
Touring
The FY15 budget included one unconfirmed booking for $10,000. We have actually received two new bookings and an increased fee on a third, so we are showing a positive variance of $14,000. Along with these bookings come some increased Artistic expenses in Management Booking Fees and Travel.
Contributed Revenue
It is too early in the year to make projections regarding Individual, Special Events and Foundation giving, so they remain at their budgeted amounts. Government giving is largely confirmed with the MSAB Touring and Access grants awarded this month. (Touring is for FY16 activity and will show as Temporarily Restricted starting on the November Balance Sheet; Access is for FY15 activity.) The only outstanding amount is the NEA grant budgeted at $25,000. We generally hear on this grant in March or April.
Commissioning
The budget shows an increase in both contributed revenue (One Time/Miscellaneous) and expenses (Artistic: Commissions and Development: General) of $24,000. This is to fund a special commissioning project for the 2015-2016 touring program, The Four Loves. Four composers will be commissioned, each to write a piece tied to one of the four loves. While the pieces will be performed during the 2015-2016 season, all fundraising activity and payments will occur during FY15, so they have been included in the projection. (Also, Commissioning is now broken out as its own line under Artistic. Previously, it was contained under Artistic: Independent Contractors.) The funding plan includes a $12k Kickstarter campaign in Jan/Feb; a $9k grant from the Ann Stookey Fund (notification in January) and $3k from a major donor.
Other Expense Notes:
- Personnel is lower due to the delayed hiring of the Audience Development Associate as well as some employees choosing alternate health coverage to the Cantus plan.
- Artistic: Travel is lower (even with added touring) due to cost savings from the shortened New York trip and AIC tour airfare coming in under budget.
- Development: General is higher due to Kickstarter campaign expenses as well as an editor hired to help with the Bush Foundation initial application.
- Administration is higher due to various reasons including expenses related to the board/staff retreat (which was omitted during the budgeting process) and some additional travel. Financial services charges are basically flat, the increased expense around the Line of Credit has been offset with lower ticketing fees.
