count basie theatre annual report - 2011

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Count Basie Theatre Annual Report - 2011

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  • Report

    Annual2 0 1 1

  • The primary mission of the

    Count Basie Theatre is to serve the people

    of the State of New Jersey by providing a broad

    spectrum of quality entertainment and education

    programs that reflect and celebrate the diversity

    of the region; foster understanding and

    appreciation for the ennobling power of the

    performing arts; and create opportunity for

    cultural enrichment for people at all economic

    levels. It also is our mission to develop and

    maintain a world-class venue that enhances the

    enjoyment of these entertainment and education

    programs; contributes to the cultural and

    economic vitality of the community and the

    region; and honors the memory of Count Basie.

    Formally adopted by the Board of Trustees on July 19, 2001

    1

    Mission Statement

  • David J. CoonerChairman

    Count Basie Theatre, Inc.Board of Trustees

    Numa SaisselinCEO

    Count Basie Theatre, Inc.

    Russell LucasChairman

    Count Basie TheatreFoundation, Inc.

    Mark HodgesCEO

    Count Basie TheatreFoundation, Inc.

    Dear Friends, Donors, Members and Community Members,

    Message from the Chairmen

    2

    We are pleased to report to you on the conclusion of another successful

    year at the Count Basie Theatre.

    This was an important year for the Theatre. As a threshold matter, our

    Theatre was brought to life by a variety of quality programs over 178 nights

    with shows that included Grammy, Tony and Academy Award-winning

    artists, as well as emerging artists and musicians, school children and mem-

    bers of community theater and dance troupes. The breadth and quality of

    our programming contributes mightily to our reputation as one of the States

    top venues for both artists and audiences. Without duplicating too much of

    the information that is already contained within these pages, it is worth

    highlighting that total attendance increased for the third year in a row, to

    187,381, proving yet again the critical need for the programs and services

    that the Theatre provides to our community.

    Of equal if not greater importance is the fact that we continue to grow

    and have reason to be proud of the accomplishments of our arts education

    program. The Performing Arts Academy served the most students it has

    ever served in a year. It included dozens of students with limited resources

    for whom tuition was waived, thanks in part to the generous support we

    receive from our patrons. On top of that, hundreds of students in the local

    schools were provided with complementary music, dance and theatre class-

    es by our Outreach Program. We are proud to have successfully expanded

    the reach and relevance of our artistic and educational programming over

    the past few years.

    The work of the Theatre is animated by encouragement and support from

    all of those who love the Basie and support its nonprofit mission.

    Fundraising effective enough to balance the Theatres annual budget, make

    good on our long-term obligations, and finance the continued improvement

    of the building itself is a challenge even in the best of times. The current eco-

    nomic climate makes it more challenging than ever. We are pleased to

    report, however, that with the help of literally thousands of supporters just

    like you, we were able to balance our budget and earmark funds for the

    repayment of the debt incurred in connection with the renovation work that

    has restored the grandeur of the Theatres auditorium and faade.

    The many successes of the 2011 fiscal year are documented within these

    pages, and we hope you will take the time to review this report. The Count

    Basie Theatre exists to serve its community. Our goal in producing this report

    each year is to provide the community at large with a transparent look at our

    operation, and to encourage your continued and increased support.

    In terms of management, this year we said goodbye to Rusty Young, the

    long-time CEO of the Count Basie Theatre Foundation. We were fortunate

    to secure the services of Mark Hodges, a former member of the Theatres

    Board of Trustees with decades of leadership experience in the corporate

    sector, as our Interim Foundation CEO during the transition period. Numa

    Saisselin, CEO of the theatre since 2002, remains in place. With Mark and

    Numa, and the dedicated professionals who work with them, our core man-

    agement is as strong as ever.

    October is the time of year when terms of office expire for Board

    Members and officers. This year, one of us (Russ Lucas) continues as

    Chairman of the Count Basie Theatre Foundation, while the other (Dave

    Cooner) will step down as Chairman of the Count Basie Theatre, but remain

    on the Boards Executive Committee. We are fortunate to have a deep

    bench, and are pleased that Ray Moser, a member of the Board since 2004

    and its current Vice Chair, will succeed Dave as the next Chairman of the

    Theatres Board of Trustees.

    Within the pages of this report it is our pleasure to recognize the time, tal-

    ent and support, financial and otherwise, of the individuals, businesses and

    entities that have helped the Basie this year. The Count Basie Theatre is a

    nonprofit corporation, but its engine drives the local economy in meaning-

    ful and tangible ways. The economic impact of the Basies activity on the

    community was more than $12.5 million this year.

    We hope you share our pride in our collective accomplishments, and will

    continue to support the Theatre and its work in the coming year. There are

    great things ahead for the award-winning Count Basie Theatre, and we look

    forward to sharing them with you.

    Russell LucasDavid Cooner

  • ASSETS 2011 2010

    Current assets

    Cash and cash equivalents $2,476,238 $5,383,807

    Investments 2,020,576 0

    Accounts receivable 42,283 14,054

    Unconditional promises to give 372,973 356,919

    Inventory and prepaid expenses 47,765 46,285

    Total current assets 4,959,835 5,801,065

    Restricted cash and cash equivalents 549,062 596,839

    Unconditional promises to give 266,475 318,637

    Property and equipment, at cost, 11,384,968 10,726,994net of accumulated depreciation

    Total Assets $17,160,340 $17,443,535

    LIABILTIES AND NET ASSETS

    Liabilities

    Current liabilities

    Bond payable $203,266 $195,281

    Accounts payable and accrued expenses 116,653 439,443

    Salary, payroll taxes and benefits payable 129,175 58,377

    Accrued vacation 69,147 61,111

    Deferred income 1,579,239 1,526,974

    Total current liabilities 2,097,480 2,281,186

    Bond payable 7,355,867 7,559,133

    Total liabilities 9,453,347 9,840,319

    Commitments and contingencies

    Net assets

    Unrestricted

    Fixed assets, net of bond obligation 3,825,835 2,972,580

    Operating 3,879,158 4,397,636

    Total unrestricted 7,704,993 7,370,216

    Temporarily restricted 2,000 233,000

    Total net assets 7,706,993 7,603,216

    Total Liabilities & Net Assets $17,160,340 $17,443,535

    C O U N T B A S I E T H E AT R E , I N C . A N D C O U N T B A S I E T H E AT R E F O U N D AT I O N , I N C .

    COMBINED STATEMENTS OF FINANCIAL POSITION

    FOR THE YEARS ENDING JUNE 30, 2011 AND 2010

    A complete copy of the 2011 Financial Statements audited by the independent accounting firm of Fried and Kowgios Partners, CPAs, LLP is available on request from the theatre's administrative office.

    3

    Fianacial Position

  • OPERATING ACTIVITES 2011 2010

    Public support and other revenuePublic supportGovernment $188,226 $157,221Individuals 281,663 279,185Foundations 22,099 33,000Corporate 68,042 0Fundraising benefits 455,956 453,523Less: direct costs of fundraising benefits (140,964) (146,536)Donated services 17,003 6,141

    Total public support 892,025 759,534

    Ticket sales 3,688,284 3,831,135Theatre rental and reimbursed expenses 1,247,832 898,418Concession income (net of cost of goods sold) 332,480 295,116Workshop income 306,172 295,393Advertising income 171,772 148,268Office rental income 12,000 13,450Investment income 17,534 13,474Other income 4,712 3,054

    Total other revenue 5,780,786 5,498,308

    Total public support and other revenue 6,672,811 6,257,842

    EXPENSES

    Program services 5,547,835 5,707,781

    Supporting servicesManagement and general 755,007 712,239Fundraising 425,320 333,912

    Total supporting services 1,180,327 1,046,151

    Total Expenses 6,728,162 6,753,932

    Increase (decrease) in net assets before capital activities and transfers (55,351) (496,090)

    Capital activitiesCapital contributions

    Government 0 50,000Individuals 256,893 78,241Foundations 117,500 251,575Corporate 51,949 0Fundraising benefits 751,041 430,523Less: direct costs of fundraising benefits (590,371) (326,729)Investment income 7,299 184

    Total capital contributions 594,311 515,773

    Capital fundraising expenses (430,214) (381,102)Reversal (allowance) of reserve for uncollectible promises (4,969) 119,989

    Increase (decrease) in capital activities 159,128 254,660

    Increase (decrease) in net assets 103,777 (241,430)Net assets, beginning of year 7,603,216 7,844,646

    Net assets, end of year $7,706,993 $7,603,216

    4

    C O U N T B A S I E T H E AT R E , I N C . A N D C O U N T B A S I E T H E AT R E F O U N D AT I O N , I N C .

    COMBINED STATEMENTS OF ACTIVITIES

    FOR THE YEARS EN

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