ANNA MARIA – It was a rough fiscal year for The Center of Anna Maria Island but the nonprofit managed to close the year June 30 with $8,761 in net income, only $945 short of the budgeted $9,706.
The Center’s end of year financials exclude an $84,215 Paycheck Protection Program loan which is planned to be accounted for as government/grant income in the 2020-21 fiscal year. As long as the loan funds are used solely for approved expenses, such as keeping employees on the payroll.
Program revenue and costs ended the year at $293,843, $54,287 better than the $239,556 budgeted, primarily due to $51,712 in direct cost savings.
General, indirect and administrative expenses came in at $514,865 for the year, $56,800 better than budget. After factoring in those expenses, operations ended the year at -$221,022, $111,088 better than budget.
Fundraising is where The Center took the hardest financial hit. After canceled concerts, special events and the Tour of Homes, the nonprofit brought in $447,516 in fundraising revenue, 22% below the budgeted $575,704 amount. Direct fundraising costs amounted to $244,372, $5,200 below budget. After costs, the fundraising cost center ended with $203,143, a loss of $137,988 compared to the budget.
The Center’s total revenue for the year came in at $1,065,914, $172,771 below budget. Total expenses for the year were $1,057,153, $186,826 below budget.
While Executive Director Chris Culhane said in an email to The Sun that a new budget for the 2020-21 fiscal year which began July 1 is almost complete, he added that he doesn’t know when the budget will be approved by the board. The Center’s board meetings have been on hold since early in the year due to COVID-19 shutdowns and precautions. Typically the board members meet once per month at The Center in executive session followed by a meeting open to the public.
Despite previous closures due to COVID-19, The Center remains open to the public with safety precautions in place, including a requirement to wear masks while inside the facility, along with practicing strict sanitization procedures and social distancing.
For more information on the programs currently being offered at The Center and what steps are being taken to ensure guest and member safety, visit the nonprofit online.
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