Money Matters 11/1/2024
Good News – Excellent Fall Fest (Over the Rainbow - Silent Auction & Talent Review) Results!
The Yellow Brick Road was indeed golden this year as we blew through our target of $28,500 in revenue with $40,165! Net of expenses for food, decorations, emcees, etc., we netted $37,489. This is a big help in reducing our budget deficit for the fiscal year. 2U was greatly aided by a matching pledge of $7,000 from Dr. Steindler which generated $14,525 in donations! Event sponsors donated $9,715, ticket sales were $5,850, and the silent auction did $2,525.
A big thanks to all who attended, performed, participated, made desserts, donated auction items and $$$ and helped clean up especially our Director of Administration, Brandon Nicks, co-chairs Andrea Redfeairn, Mary-Helen Steindler and Darrin Weatherspoon plus Kate Friedlob, Kelly Talbot and Laura McKee. A most special thanks to Martin Steindler for his matching gift. Another round of applause for our oh so talented performers Abigail Cline, Pat McKenna, Atena Danner, Jonathan Dunmore, Pip Paris, John Houck, Zella, Elaine Golden and Jim Simonis.
Click Image to Enlarge
July 1 - Sept 30 Operating Budget Results – A Good First Quarter
The new fiscal year is off to a solid start thanks to several factors. Expenses tend to run less than usual during the summer. The delayed starts of the digital producer (zoom service) and the building maintenance technician/cleaners also helped. Expenses should catch up as the year progresses.
Capital campaign donations in the July – Sept. quarter were $6,339 and expenses were $198,877 as reported last month.
Capital Campaign Masonry Need Accelerates
During the January 2022 project list, we believed we had 5 years to put off work on the exterior masonry. The east side, however, has deteriorated significantly since then and should be restored as soon as possible to avoid the risk of a much costlier repair later. We received a bid of $31,395 from AAA-1 Masonry & Tuckpointing plus two other bids. The Board approved the selection of AAA-1 at the October 21 board meeting.
We are also awaiting bids for new energy efficient windows in the Loft. The cost is expected to be in the $30,000 range. The windows were in the original work list and were on the back-burner until we had greater clarity on the financial picture. Since we have not had any really large cost surprises, the Board has approved funding these two projects with $30,000 from the Fleishman Fund and approximately $32,000 from additional fundraising.
Temporary 2U Loan Extensions Approved
Both our mortgage (now under $84,000) and our unused credit line for construction mature on November 1st. A 6-month extension has been approved by Devon Bank in order to allow completion of our capital campaign projects. We anticipate borrowing approximately $100,000 to finish the work before all capital pledges are paid. Then, a new mortgage will be agreed upon. On the bright side, our mortgage has been paid down by $96,820 over the past 6 years thanks to all of our donors!
