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1/11/2007
Fox Cities PAC - too precious to fail
The Fox Cities Performing Arts Center MUST thrive as the center of our vibrant arts community in northeastern Wisconsin - it is just too valuable to our community to be allowed to fail. And if truth be told, the PAC is in some trouble.
FoxPolitics News yesterday featured a Wisconsin State Journal article about Madison’s luxurious $220M Overture Center. It shed light on serious problems the Center has in meeting their $11M 2007 budget.
• The center was seeded with a $205M donation. Wow.
• The center has a $1,175,000 shortfall in their 2007 budget that they will have to fill with one-time funding.
• The center’s need for significant additional funds “worries” local arts groups
• If it can’t meet its budget in the future, Madison taxpayers might be asked to make up the difference.
Other than the big, bold size of the 7-stage, 3-gallery Overture Center, the PAC’s situation is eerily similar. But that’s not what we’re hearing. (Read the rosy November, 2006 Post-Crescent report.)
The PAC’s financials are pretty tough to come by. What we do have is the PAC’s Annual Report to the Community and their annual report to the government, Form 990 (the federal tax return filed by most non-profit organizations). The reports show radically different revenues and expenses, but come up with pretty much the same bottom line.
The Annual Report
Revenues ($10.8M) less expenses ($11.7M, not including depreciation) show a loss of about $1M. A huge amount of the reported revenues are dollars that never even touch the PAC’s books – millions that head immediately out the back door and out of this community as fees for the PAC’s Broadway booking agent. The PAC has said they made up the deficit with “one-time gifts from donors.” What does that mean? The PAC may have borrowed from their endowment funds or instead, simply increased their bonding.
The Federal “990”
The PAC’s report to the government indicates revenues of $5.6M and expenses (before depreciation) of $6.5M. Again, about a $1M deficit. And that’s assuming all of the contributions were used for annual operating expenses – indeed some may instead be specifically directed to increasing the endowment.
The PAC board knows they must improve operational performance in order to close the funding gap. They know too, that folks in the community are willing to continue to contribute, but perhaps not at much more than the current $1M level.
Madison’s Mayor Dave Cieslewicz says the City Council won’t pitch in to plug the deficit. He’s quoted as saying “What’s important is the Overture Center and the MCAD [Madison Cultural Arts District] board be open about, transparent about the challenges and start a discussion about it.”
Hear, hear, Appleton. We must do the same.
I’m a fan, I’m a supporter. I love having the PAC in my backyard. The community has been a part of the PAC from the very beginning; we all helped build this great Arts Center. For the community’s sake, we need the PAC to be open and transparent. This is a great community – we do what’s needed. But we do need to know the facts.
Tomorrow, we’ll look at some of the expenses as detailed in the “990.”
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• Fox Cities PAC - too precious to fail - Day 2
• Fox Cities PAC - too precious to fail
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