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12/20/2023 - Meeting Materials Salt Lake Arts Council Foundation 1:04 PM Balance Sheet 12/07/2023 As of December 7, 2023 Accrual Basis Dec 7,23 ASSETS Current Assets Checking/Savings Cash Checking-MACU 673,273.51 Checking-MACU/Grants 147,748.90 Savings-MACU 2,907.71 Savings-MACU/Grants 85.00 Total Cash 824,015.12 Gift Card 3.95 Investments Utah State Treasurer 521,368.97 Total Investments 521,368.97 MACU Express Debit 186.37 Total Checking/Savings 1,345,574.41 Accounts Receivable Accounts Receivable 58,980.50 Total Accounts Receivable 58,980.50 Other Current Assets Other Assets Prepaid Postage 61.07 Total Other Assets 61.07 Sales Tax Receivable 4,298.55 Total Other Current Assets 4,359.62 Total Current Assets 1,408,914.53 Fixed Assets Fixed Assets Electronic Equipment 15,964.00 Event Equipment 18,981.00 Furniture and Equipment 6,019.00 Leasehold Improvements 348,318.00 Total Fixed Assets 389,282.00 Investment in Gnrl Fixed Assets -389,282.00 Total Fixed Assets 0.00 TOTAL ASSETS 1,408,914.53 LIABILITIES&EQUITY Liabilities Current Liabilities Accounts Payable Grants Payable Artist Career Empowerment 23,500.00 Artist in the Classroom 13,500.00 Page 1 of 2 Dec 7,23 General Support 13,400.00 Project Support 38,700.00 Racial Equity and Inclusion 40,262.50 Total Grants Payable 129,362.50 Payables -750.00 Total Accounts Payable 128,612.50 Credit Cards MACU Credit Card 2,041.78 MACU Credit Card 0626 550.05 Total Credit Cards 2,591.83 Other Current Liabilities Accrued Liabilities Accrued Payroll Taxes Employee Witholding FICA 482.36 Employer FICA 482.36 Federal Tax Withholding 417.90 State Income Tax Withholding 377.06 Total Accrued Payroll Taxes 1,759.68 Total Accrued Liabilities 1,759.68 Deferred Revenue 650.00 Direct Deposit Liabilities 0.44 Total Other Current Liabilities 2,410.12 Total Current Liabilities 133,614.45 Total Liabilities 133,614.45 Equity Unrestricted Net Assets 882,090.23 Net Income 393,209.85 Total Equity 1,275,300.08 TOTAL LIABILITIES&EQUITY 1,408,914.53 Page 2 of 2 Reserve Fund Funding Request SALT LAKE Bloomberg Philanthropies Public Art Challenge Grant CITY Wake the Great Salt Lake RT November 15, 2023 AI is Wake: the Great Salt Lake Project Description: Over the course of 2024 and 2025,the Arts Council will lead the curation and installation of several temporary artworks in Salt Lake City that all have a connection to the Great Salt Lake.This will include the installation of 1-2 large scale nationally and internationally renowned artists'work.Additionally,temporary artworks by diverse local and regional artists will be commissioned to activate all seven council districts as part of the project. Projects will be structured around major themes such as: • water conservation • air quality • agriculture • industry • environmental justice • ecology of the Lake • social justice-including indigenous rights The goal of the project is to educate and inspire both residents and visitors to identify possible solutions and act on a local and national level. Projects will occur in both urban settings and some site-specific installations.We have established initial partners throughout City Departments,local nonprofits, artists, and are working to create partnerships with local tribal communities, scientists, diverse local community members and others. Executive Background: On June 21, 2023,the Salt Lake City Arts Council Foundation Board of Directors unanimously approved a Board-Designated Operating Reserve Policy.The purpose of this policy was to establish written guidance from the Board to the Staff of the Salt Lake City Arts Council Foundation regarding the expenditure of cash on hand referred to as"the Reserve"which can cover both short-term and long-term funding shortfalls, gaps,unexpected/unbudgeted expenses, and other circumstances described in the policy. In the late summer of this year,the Salt Lake City Arts Council Foundation submitted to Bloomberg Philanthropies for the project described above and were subsequently announced as the winner of a$1,000,000 grant.The proposed budget submitted in our application was bolstered by the inclusion of additional financial support,both monetary and in kind,from varied sources including private family foundations, corporations, and the Salt Lake City Arts Council Foundation Operating Reserve Fund. Request Summary: This document serves as our staffs official request to draw$150,000 from"the Reserve"to support our Bloomberg Philanthropies Public Art Challenge Grant Project, Wake: the Great Salt Lake. Project Budget: Several foundations have committed to supporting the project.With the committed funds,in- kind support from partner organizations and staff the total project budget is approximately$1.8 million.We have allocated$350,000 for grants to local/regional artists projects to support and uplift the artist community in Salt Lake City. Over the past two years the Arts Council has seen growing numbers of applications with projects addressing this crisis. Financial Summary(as proposed to Bloomberg Philanthropies) Period 1 Period 2- Budget 1/1/202-4 1/1/2-025 Total 12 1 024 12 1 202 Personnel Salaries 225,150 217,049 442,199 Fringe Benefits 24,668 21,428 46,096 Contracts/Consulting 180,000 620,000 800,000 Travel&Events 12,750 17,750 30,500 Advertising/Media/Communications 106,000 - 106,00 0 Supplies 250 750 1,000 Grants 90,000 260,000 350,000 Equipment Other Direct Operating Costs 5,0001 20,0001 25,000 Total Direct Costs 1 643,8181 1,156,97 1,800,795 Total Indirect Costs I I N/ Total Costs 643,8181 19156,97 1,800,795 Project Income(as proposed to Bloomberg Philanthropies) Project Income Notes Amount Total Committed Funds TBA Family Foundation Private Foundation 50,000 TBA Business Contribution Private Business 10,000 Salt Lake City Arts Council Foundation SLCACF Reserve Funds 150,000 Subtotal 210,000 Additional Project Support to be Secured Matching funds from grantee =magtchiall zations will be required to organizations funds at a minimum of 1:1. 150,000 Other Corporate Partners&Private Foundations 77,500 Subtotal 227,500 In-kind Support(if any) Salt Lake City Corporation In-kind Salaries 307,625 Marketing&Communications In-kind ads and feature stories in Partner Contributions print and radio 50,000 TBA Lodging Partner Accommodations for artists 6,000 Subtotal 363,625 Amount Requested from Bloomberg Philanthropies 1,000,000 Total Project Income 8oi,i25 Reserve Fund Analysis and Staff Recommendation: As stated in our Operating Reserve Policy,"The Reserve Fund target balance will be calibrated as a minimum of 2596, a maximum of 35%, with the optimal or desired calibration of Reserve fund balance at approximatehy,,3o%of operating expenses less Salt Lake City Division related expenses for the most recently approved fiscal year budget, including amendments." An analysis with a this logic applied to our currently approved FY24 budget would result in a recommended minimum balance of the Reserve fund as follows; $329,028.75 (25%) $394,834.50 (3o%), and$46o,640.25 (35%)•It is the recommendation of the staff that the calibration of our Reserve guaranteed minimum be$46o,640.25 or 35%of operating expenses less Salt Lake City Division related expenses. Our FY23 Financial Audit's Financial Analysis of the Foundation's "Tee+Position Fund Balance shows a total of$853,839 $882,091 as of June 30, 2023. If the staff recommended minimum Reserve were maintained in relationship with our current Fund Balance as described in our audit, $393,198.75 $421,451 would be available for draw.As stated in our Operating Reserve Policy, "Determination of need requires analysis of the sufficiency of the current level of funds, the availability of any other sources of funds before using reserves, and evaluation of the time period for which the funds will be required and replenished." As a staff, we recommend the allocation of$15o,000 of Reserve Funds to be dedicated to our Bloomberg Philanthropies Public Art Challenge Grant, Wake: the Great Salt Lake. We feel this project represents a unique opportunity for our Reserve funds to be leveraged for a one-time expense that will have a monumental impact on our Arts and Cultural Industries while also not creating a funding cliff or gap in funding for existing priorities. Of course, should any sudden or unforeseen circumstances negatively impact the financial position of the Arts Council, the general operations of the organization and the core functions of our programs would be prioritized over this project. The financial impact is described below; FY23 Audit Net Position ("the Reserve") , $882,091.00 Bloomberg Public Art Challenge Grant Funds ($150,000.00) Projected Fund Balance $732,091.00 $703,839-00 Staff Recommended Reserve Minimum Calibration (3596) $460,640.00 Excess to Reserve Minimum Calibration $271,451.00 243,199-00 Finally,because this draw of Reserve Funds is beyond the minimum calibration requirement of the Operating Reserve Policy,there is no stated requirement that the funds be returned to the Reserve.Additionally,the current projection of our Fund Balance with this draw accounted for would result in approximately 54%of existing expenses minus Division related expenses being accounted for in the Reserve, nearly 20% above our minimum expectations. SALT LAKE CITY ARTI December loth, 2023 BOARD MEETING 5:30—6:oo P.m. 54 FINCH LANE,SALT LAKE CITY,UT 84102 *This meeting will occur in-person. Remote option for the public or those unable to attend in person. Please click the link below to join the webinar: https://us02web.zoom.us/j/86o8�82g76o?pwd=S3dxZDhPYilvUCtr;SHBONWVIeVNPZzoc) Passcode: 435026 AGENDA I. Call to Order and Welcome Guests + New Members II. Arts Event Discussion III. Approve Board Meeting Minutes —November 2023 (Action) IV. Management A. Program/Administrative Updates i. Bloomberg Public Art Challenge Grant Updates&Funds Proposal— (Action) ii. FY25 Budget Process iii. Other program updates: The Blocks Co-Create V. Budget/Financial A. Review of Financials —Caitlin Tursic VI. Board A. New Member Nomination,Travis English —Matt Coles(Action) B. Grants Committee recommendation-Sabrina Martinez-Susan Rickman(Action) VII. Public Comment VIII. Other Business *The Salt Lake City Arts Council Board reserves the right to act on any agenda items. CALENDAR Events&Deadlines: Oaxaca in Utah: December 1st-January 5th December 1st Gallery Stroll -Wednesday, December 6, 6-8pm: Pinata Workshop -Wednesday, December 13, 6-8pm:Alebrije Painting Workshop Donner Park RFQ Public Art Project Deadline: December 6th MISSION: To promote,present and support artists and arts organizations in order to facilitate the development of the arts and expand awareness, access, and engagement. SALT LAKE CITY ARTI .,x�5 by Artists of Utah at Finch Lane Gallery January 12-February 23rd.Jan lq &Feb 16th Gallery Strolls The Blocks: Co-Create Program: funding for artistic projects&interventions in the Cultural Core SLC MISSION: Topromote,present andsupport artists and arts organizations in order to facilitate the development of the arts and expand awareness, access, and engagement.