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12/21/2009
Performing Arts Center makes financials public
The Fox Cities Performing Arts Center is a gem set down in the center of the Fox Valley - and as I’ve said before, is way too precious to fail. And the people who continue to support our PAC very generously and the many who regularly attend are also too precious to have it fail.
(Milwaukee and Madison are encountering similar problems. See “Bradley Center reports $4M loss” and “Overture Center needs fundamental change in debt, governance structure”)
I continue to believe it’s critical we try to understand the PAC's financial situation. Our community has provided millions and millions of dollars in support; it’s important we know the health of this valued jewel. And once we can hone in on the PAC’s financial health, we may be better able to respond with the needed support.
Transparency is a goal of the PAC, but goes only about 70% deep. The audited financial statements appear on the PAC’s website for the first time, a welcome gesture. However, much is still locked inside those financials that the PAC may not be interested in making public.
Today – what the audited financials tell us. Wednesday, what the audited financials – and PAC officers - don’t tell us.
What the Audited Financials Tell Us
57% of the PAC’s contributions (cash plus pledges) come from one donor. It’s a blessing – but relying on one source so heavily should also be an area of concern.
Performances, after the agent took their very huge cut, resulted in a net loss in the 2009 fiscal year of $40,000.
A “special fundraising event” (The Wonderfully Wicked Gala) raised gross revenues of $664,684 and cost $438,361, netting $226,323.
Administrative and fundraising expenses total $2.1 million. (Salaries for the year-ended June 30, 2008, the most recent salary data available to the public, will be listed Wednesday.)
The above paragraphs indicate the PAC continues to need about $2 million in contributions every year from our community to operate in the black.
About $22,000,000 is available to pay off a $37.7M mortgage. Interest only is paid through June 1, 2036, at which time the $37,600,000 principal is due. The specific goal of this “General Fund” endowment is to obtain sufficient investment growth to cover current expenses of the bonds and to fully retire the bonds as they mature.” If no further fundraising is done, above and beyond the capital campaign, the dollars in the mortgage endowment will have to earn 4 to 5% above and beyond the variable rate charged on the mortgage. Given the PAC’s investment objective of a “well diversified mix of debt securities [primarily fixed income mutual funds], that’s probably unlikely.
Once again in their Annual Report, the PAC claims their earned income is 75% of their revenues compared with a national average of 55%. That’s at best, misleading. What the PAC does is include as “earned income,” millions of dollars in fees to its Broadway promoters, Live Nation – fees that never so much as touch its books. This is contrary to the standard in the industry. When contributed income is computed properly, the PAC’s is right about 35%, which is indeed, below the national average.
Wednesday: What the PAC’s audited financials don’t tell us…
Jo Egelhoff, FoxPolitics.net
COMMENTS
Jo,
Good stuff. Sunshine is the best. Keep at it.
dave allen (Mon Dec 21 06:35:27 2009)
A “special fundraising event” (The Wonderfully Wicked Gala) raised gross revenues of $664,684 and cost $438,361, netting $226,323.
JO----are your figures correct here? How could a "gala" approach 1/2 million dollars? I do not remember this gala or specifics.
david (Mon Dec 21 09:18:21 2009)
See. pp. 14 and 15 of 2008-2009 Annual Report.
Jo (Mon Dec 21 09:24:45 2009)
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