January 2013 treasurer's report
Andrew Davis, Treasurer
Happy New Year! The December 2012 income statement and balance sheet show Cantus in a strong cash position reflecting robust Christmas performance ticket sales and ongoing touring revenue. We see some negative variances in earned revenue year-to-date, particularly in merchandise, but expect that earned revenue will increase in the next two quarters. Next month we will present the Q2 Projection with will give us a good snap shot of where Cantus is with half the fiscal year behind us.
Financial Report – Revenue
Financial Report – Expenses
Balance Sheet
Happy New Year! The December 2012 income statement and balance sheet show Cantus in a strong cash position reflecting robust Christmas performance ticket sales and ongoing touring revenue. We see some negative variances in earned revenue year-to-date, particularly in merchandise, but expect that earned revenue will increase in the next two quarters. Next month we will present the Q2 Projection with will give us a good snap shot of where Cantus is with half the fiscal year behind us.
Financial Report – Revenue
- Strong ticket sales for Christmas with Cantus – currently a year-to-date variance of $11,674.
- Recall cancelled touring dates resulted in downward variance of $11,000.
- Self-bookings (All is Calm) show downward variance but this is a timing issue, as we have invoiced and expect payment (“settlement”) soon.
- Merchandise is down $31,657 from budget, reflecting slower than anticipated sales of SOG disc. Some upcoming national performances (PHC and NPR) as well as potential reviews should help boost sales.
- Slightly lower MSAB grant than anticipated.
Financial Report – Expenses
- Generally, expenses are tracking as we expected at this point in the fiscal year.
- Reduced merchandise sales result in some cost savings ($13,430).
- Development expenses down because not incurred for new marketing literature for open rehearsals (able to use existing materials)
- Financial service charges resulting from interest on the line of credit and ticketing fees under new system.
Balance Sheet
- As noted, Cantus remains in a solid cash position overall. December is a high revenue month for us and we have strong touring revenue coming in January and February.
- A/R (accounts receivable) is down about $10,000 since October 31. Increases in A/R have come from invoicing All Is Calm ($17,000) as well as board pledges. Major payments received have included the NEA ($35,000) and Minnesota State Arts Board ($7525). An additional payment of $7,525 was received from MSAB on January 25. A/R as of Jan 25 is $58,123.
- The credit card was paid off in full in January.
- We have paid $30,000 of the $50,000 balance on the Line of Credit. The remaining $20,000 will be paid when the All Is Calm settlement funds are received.
- Temporarily Restricted Assets total $45,479 and are unchanged since last month. Includes (1) an NEA grant for $20,000; (2) the Thorpe High School Residency grant for 2012-2013 ($5,000); (3) MSAB touring grant of $20,479. Parts of each of these grants have been fulfilled, but funds will not be transferred out of this category until they have been completed.
- The net income of $16,706 on the Balance Sheet ties directly to the YTD Actual net income line at the very bottom of the financial statement.
