SOPAC Makes Quarterly Presentation to Trustees

Monday's Board of Trustees meeting saw a Quarterly Update presented by the South Orange Performing Arts Center (SOPAC). SOPAC's report looked at Season Four, which ended in June, and at the third quarter of the fiscal year, which ended in March. Fourth quarter financial information is expected within the next weeks, according to Board of Governors Chair Anthony Leitner. The presentation was a Powerpoint slideshow with a handout for the Trustees.

Ondine Landa Abramson, Executive and Artistic Director, provided the Programming Recap, noting highlights of the past season. Sold-out shows included Dance Theatre of Harlem, Betty Buckley, David Sandborn, Los Lobos, Forbidden Broadway, The Spencers, Loudon Wainwright, and Carrie Fisher: Wishful Drinking. Abramson noted that the expected shortfall in ticket revenue that was reported in March did not come to pass. Carrie Fisher and other late-season shows allowed for increased ticket sales. Thus, the adjusted budget goal of $463,000 was met.

SOPAC has seen education programming grow in the past year. Abramson noted that Tada Youth Theatre, Artworks, and Lydia Johnson Dance continue to teach and perform at the facility. Season Four saw 4353 students at 14 School Time performances.

Loft and theatre rentals expect are expected to exceed the financial year 2010 goal of $150,000 by $88,000, according to a phone conversation with Abramson. This is a correction of information distributed at the meeting.

The June 19 gala, "Small Town Big Talent," grossed more than $80,000. Net revenue is expected to total between 65 % and 68% of that amount, for an approximate total of $52,000.

Summer events at SOPAC include the South Mountain YMCA's Drama camp, in residence for nine weeks. The first annual TAP Festival arrives at SOPAC in July, and Menopause the Musical will return in Sept.

Season Five programming strategy "continues to look at breaking even overall, presenting popular shows, with underwritten cultural arts programs, and reducing the risk by increasing the ratio of third party presented vs. SOPAC presented," according to the handout.

Treasurer John Zoubek introduced the Season Four, Third Quarter Profit and Loss Actuals vs. Budget slide by noting that, "We're finally on an even keel." He noted that a new CPA engaged by SOPAC will allow for more timely reporting to the Trustees.

Budgeted gross revenue for the third quarter, which ended in March, was $497,000. Actual gross revenue for the same period was $442,821. The shortfall, noted Zoubek, was in contributed revenue, which was budgeted for $214,500 and came in at $146,274. The Village subsidy to SOPAC -- the subsidy was $195,000 for the year, with appropriated in the capital budget is -- included in this figure.

Gross expenses for the third quarter showed a difference in the amount budgeted for development, $69,975, and the amount spent, $16,830. Zoubek explained that the difference was due to the departure of an individual. At the same time, the administration category cost $174,948, while $128, 193 was budgeted. The total actual expenses for the third quarter were $477,095, less than the $529,152 budgeted for that period. The deficit for the third quarter stands at $34,274. This figure is calculated before debt service, according to the handout. SOPAC is expected to repay $140,710 to the Village this year.

Zoubek noted that a liquor license will be granted to the facility as of July 1, which he said, "will significantly enhance revenue for the Loft."

Zoubek also noted that the Executive Director search continues. A group of sixty applicants has been narrowed to "a core group." An offer is likely to be made by the end of August.