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09/18/2024 - Meeting Materials
Salt Lake Arts Council Foundation 4:01 PM Profit & Loss Budget vs. Actual 09/09/2024 July through August 2024 Accrual Basis Jul-Aug 24 Budget Ordinary Income/Expense Income REVENUE CITY In-Kind SLC Dept DED Exp. 0.00 53,805.00 In-Kind SLC Dept Salaries&Ben 0.00 1,349,037.00 SLC Nondepartmental 0.00 1,000,000.00 Total CITY 0.00 2,402,842.00 CONTRIBUTIONS Corporate 0.00 60,000.00 Foundations 700,000.00 518,322.31 In-Kind 0.00 220,000.00 Individuals 4,305.00 6,500.00 Total CONTRIBUTIONS 704,305.00 804,822.31 EARNED INCOME Beverage Sales Alcohol 0.00 29,000.00 Total Beverage Sales 0.00 29,000.00 Commissions 1,200.00 6,000.00 Other Fees 0.00 6,000.00 Rental Fees 650.00 3,000.00 Ticket Sales 0.00 30,000.00 Vendor Fees 0.00 13,200.00 Total EARNED INCOME 1,850.00 87,200.00 GOVERNMENT GRANTS County 14,760.00 200,000.00 Federal 0.00 40,000.00 State 0.00 56,000.00 Total GOVERNMENT GRANTS 14,760.00 296,000.00 OTHER REVENUE Interest 0.00 30,000.00 Total OTHER REVENUE 0.00 30,000.00 Total REVENUE 720,915.00 3,620,864.31 Total Income 720,915.00 3,620,864.31 Gross Profit 720,915.00 3,620,864.31 Expense EXPENSES General&Adminstrative Page 1 of 3 Jul-Aug 24 Budget Bank Fees 93.38 700.00 Benefits 150.50 1,760.00 Conference Fees 0.00 800.00 Contracted Services 46,390.00 647,100.00 Credit Card Fees 171.33 1,400.00 Dues/Subscriptions/Publications 800.98 13,400.00 Employee Screenings 0.00 200.00 General Insurance 4,318.31 13,050.00 In-Kind SLC Dept DED Expenses 0.00 53,805.00 In-Kind SLC Dept Salaries&Ben 0.00 1,349,037.01 Parking/Mileage 0.00 1,600.00 Travel 0.00 36,000.00 Utilities 1,136.35 12,000.00 Total General&Adminstrative 53,060.85 2,130,852.01 Program Expenses Advertising&Publicity 586.07 59,650.00 Artist Commissions 0.00 4,200.00 Beverages Purchased Alcohol 0.00 8,000.00 Non Alcohol 0.00 6,000.00 Total Beverages Purchased 0.00 14,000.00 Equipment Rental 14,299.98 170,850.00 Equipment Repairs&Maintenance 0.00 0.00 Food&Beverage 245.07 8,150.00 Grant Expense Artist in the Classroom 0.00 21,000.00 General Support 0.00 333,000.00 Project Support 0.00 146,000.00 Wake Grants 0.00 200,000.00 Total Grant Expense 0.00 700,000.00 Graphics/Design Work 0.00 9,400.00 Honoraria&Artist Fees 7,500.00 117,350.00 In-Kind Goods&Services 0.00 220,000.00 Mailing 103.76 600.00 Merchandise 0.00 3,500.00 Miscellaneous Charge 60.00 6,000.00 Payroll Taxes Federal Unemployment Tax 5.58 FICA 518.89 Payroll Taxes-Other 0.00 11,528.00 Total Payroll Taxes 524.47 11,528.00 Permits&Licenses -45.00 34,530.00 Page 2 of 3 Jul-Aug 24 Budget Postage 1.87 2,400.00 Printing 1,215.92 22,900.00 Salaries&Wages 6,782.80 145,550.00 Security 50.00 56,000.00 Supplies 6,394.10 12,522.31 Unemployment 0.00 5,000.00 Program Expenses-Other 50.00 Total Program Expenses 37,769.04 1,604,130.31 Total EXPENSES 90,829.89 3,734,982.32 Payroll Expenses 0.00 Total Expense 90,829.89 3,734,982.32 Net Ordinary Income 630,085.11 -114,118.01 Net Income 630,085.11 114,118.01 Page 3 of 3