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HomeMy WebLinkAbout05/21/2025 - Meeting Materials (8) Salt Lake Arts Council Foundation Profit & Loss Budget vs. Actual July 2024 through April 2025 Jul'24-Apr 25 Budget $Over Budget Ordinary Income/Expense Income REVENUE CITY In-Kind SLC Dept DED Exp. 0.00 53,805.00 -53,805.00 In-Kind SLC Dept Salaries&Ben 0.00 1,349,037.00 -1,349,037.00 SLC Nondepartmental 1,000,000.00 1,000,000.00 0.00 Total CITY 1,000,000.00 2,402,842.00 -1,402,842.00 CONTRIBUTIONS Corporate 53,000.00 60,000.00 -7,000.00 Foundations 865,000.00 518,322.31 346,677.69 In-Kind 0.00 220,000.00 -220,000.00 Individuals 34,605.00 6,500.00 28,105.00 Total CONTRIBUTIONS 952,605.00 804,822.31 147,782.69 EARNED INCOME Beverage Sales Alcohol 0.00 29,000.00 -29,000.00 Total Beverage Sales 0.00 29,000.00 -29,000.00 Commissions 6,680.00 6,000.00 680.00 Other Fees 7,064.50 6,000.00 1,064.50 Rental Fees 4,630.00 3,000.00 1,630.00 Ticket Sales 20,000.00 30,000.00 -10,000.00 Vendor Fees 11,200.00 13,200.00 -2,000.00 Total EARNED INCOME 49,574.50 87,200.00 -37,625.50 GOVERNMENT GRANTS County 93,166.32 200,000.00 -106,833.68 Federal 0.00 40,000.00 -40,000.00 State 54,936.00 56,000.00 -1,064.00 Total GOVERNMENT GRANTS 148,102.32 296,000.00 -147,897.68 OTHER REVENUE Interest 28,575.39 30,000.00 -1,424.61 Miscellaneous Income 1,000.00 Total OTHER REVENUE 29,575.39 30,000.00 -424.61 Total REVENUE 2,179,857.21 3,620,864.31 -1,441,007.10 Total Income 2,179,857.21 3,620,864.31 -1,441,007.10 Gross Profit 2,179,857.21 3,620,864.31 -1,441,007.10 Expense EXPENSES Page 1 of 6 Jul'24-Apr 25 Budget $Over Budget General&Adminstrative Bank Fees 386.26 700.00 -313.74 Benefits 1,096.50 1,760.00 -663.50 Conference Fees 340.00 800.00 -460.00 Contracted Services 238,220.13 647,100.00 -408,879.87 Credit Card Fees 1,097.89 1,400.00 -302.11 Dues/Subscriptions/Publications 10,061.15 13,400.00 -3,338.85 Employee Screenings 410.60 200.00 210.60 General Insurance 8,241.31 13,050.00 -4,808.69 In-Kind SLC Dept DED Expenses 0.00 53,805.00 -53,805.00 In-Kind SLC Dept Salaries&Ben 0.00 1,349,037.01 -1,349,037.01 Parking/Mileage 125.04 1,600.00 -1,474.96 Travel 9,793.10 36,000.00 -26,206.90 Utilities 6,087.06 12,000.00 -5,912.94 Total General&Adminstrative 275,859.04 2,130,852.01 -1,854,992.97 Program Expenses Advertising&Publicity 14,335.14 59,650.00 -45,314.86 Artist Commissions 1,386.00 4,200.00 -2,814.00 Beverages Purchased Alcohol 0.00 8,000.00 -8,000.00 Non Alcohol 0.00 6,000.00 -6,000.00 Total Beverages Purchased 0.00 14,000.00 -14,000.00 Equipment Rental 38,927.87 170,850.00 -131,922.13 Equipment Repairs&Maintenance 0.00 0.00 0.00 Food&Beverage 5,783.83 8,150.00 -2,366.17 Grant Expense Artist in the Classroom 21,000.00 21,000.00 0.00 Bloomberg 200,000.00 200,000.00 0.00 General Support 321,450.00 333,000.00 -11,550.00 Project Support 155,950.00 146,000.00 9,950.00 Total Grant Expense 698,400.00 700,000.00 -1,600.00 Graphics/Design Work 4,500.00 9,400.00 -4,900.00 Honoraria&Artist Fees 14,512.50 117,350.00 -102,837.50 In-Kind Goods&Services 0.00 220,000.00 -220,000.00 Mailing 797.86 600.00 197.86 Meals 0.00 Merchandise 3,152.40 3,500.00 -347.60 Miscellaneous Charge 1,339.12 6,000.00 -4,660.88 Payroll Taxes Federal Unemployment Tax 208.56 FICA 3,829.87 Payroll Taxes-Other 0.00 11,528.00 -11,528.00 Page 2 of 6 Jul'24-Apr 25 Budget $Over Budget Total Payroll Taxes 4,038.43 1 -7,489.57 Permits&Licenses 2,606.00 34,530.00 -31,924.00 Postage 2,368.79 2,400.00 -31.21 Printing 8,658.56 22,900.00 -14,241.44 Salaries&Wages 50,063.68 145,550.00 -95,486.32 Security 28,158.74 56,000.00 -27,841.26 Supplies 9,865.47 12,522.31 -2,656.84 Unemployment 0.00 5,000.00 -5,000.00 Total Program Expenses 888,894.39 1,604,130.31 -715,235.92 Total EXPENSES 1,164,753.43 3,734,982.32 -2,570,228.89 Payroll Expenses 0.00 Total Expense 1,164,753.43 3,734,982.32 -2,570,228.89 Net Ordinary Income 1,015,103.78 -114,118.01 1,129,221.79 Net Income 1,015,103.78 -114,118.01 1,129,221.79 Page 3 of 6 Salt Lake Arts Council Foundation 10:48AM Profit & Loss Budget vs. Actual 05/10/2025 July 2024 through April 2025 Accrual Basis %of Budget Ordinary Income/Expense Income REVENUE CITY In-Kind SLC Dept DED Exp. 0.0% In-Kind SLC Dept Salaries&Ben 0.0% SLC Nondepartmental 100.0% Total CITY 41.62% CONTRIBUTIONS Corporate 88.33% Foundations 166.89% In-Kind 0.0% Individuals 532.39% Total CONTRIBUTIONS 118.36% EARNED INCOME Beverage Sales Alcohol 0.0% Total Beverage Sales 0.0% Commissions 111.33% Other Fees 117.74% Rental Fees 154.33% Ticket Sales 66.67% Vendor Fees 84.85% Total EARNED INCOME 56.85% GOVERNMENT GRANTS County 46.58% Federal 0.0% State 98.1% Total GOVERNMENT GRANTS 50.04% OTHER REVENUE Interest 95.25% Miscellaneous Income Total OTHER REVENUE 98.59% Total REVENUE 60.2% Total Income 60.2% Gross Profit 60.2% Expense EXPENSES Page 4 of 6 %of Budget General&Adminstrative Bank Fees 55.18% Benefits 62.3% Conference Fees 42.5% Contracted Services 36.81% Credit Card Fees 78.42% Dues/Subscriptions/Publications 75.08% Employee Screenings 205.3% General Insurance 63.15% In-Kind SLC Dept DED Expenses 0.0% In-Kind SLC Dept Salaries&Ben 0.0% Parking/Mileage 7.82% Travel 27.2% Utilities 50.73% Total General&Adminstrative 12.95% Program Expenses Advertising&Publicity 24.03% Artist Commissions 33.0% Beverages Purchased Alcohol 0.0% Non Alcohol 0.0% Total Beverages Purchased 0.0% Equipment Rental 22.79% Equipment Repairs&Maintenance 0.0% Food&Beverage 70.97% Grant Expense Artist in the Classroom 100.0% Bloomberg 100.0% General Support 96.53% Project Support 106.82% Total Grant Expense 99.77% Graphics/Design Work 47.87% Honoraria&Artist Fees 12.37% In-Kind Goods&Services 0.0% Mailing 132.98% Meals Merchandise 90.07% Miscellaneous Charge 22.32% Payroll Taxes Federal Unemployment Tax FICA Payroll Taxes-Other 0.0% Page 5 of 6 %of Budget Total Payroll Taxes 35.03% Permits&Licenses 7.55% Postage 98.7% Printing 37.81% Salaries&Wages 34.4% Security 5028% Supplies 78.78% Unemployment 0.0% Total Program Expenses 55.41% Total EXPENSES 31.19% Payroll Expenses Total Expense 31.19% Net Ordinary Income -889.52% Net Income -889.52% Page 6 of 6