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STRATHSPEY PLACEStrathspey Place to Close?
AGENDA
• Why Are We Here?
• Why Does Strathspey Place Need Immediate Financial Support?
• Financial Presentation – Current Fiscal Year Budget OverviewFixed Monthly CostsSample Show Budgets – Rental & SPA Presents
• Strathspey Place DOES Have a Plan!
• Strathspey Place’s “Ask”
• Question Period
WHY ARE WE HERE TONIGHT?
• Strathspey Place is in dire financial shape- we need your HELP! We need your help now AND will need it every year.
• Strathspey Place cannot continue to exist under the current financial situation.
• Strathspey Place does not have enough Cash Flow to continue to pay Artist Deposits or Fixed Expenses.
WHY IS STRATHSPEY IN THIS SITUATION?
• Strathspey Place Theatre is a BUSINESS and deserves to be managed like one. A more focused Business Approach is needed.
• Inadequate Revenue Generation – Inadequate focus on Marketing, Programming and Planning
• Historical Absence of Long Term Professional Fund Raising Plan for Long Term Sustainability
• Employing only one staff member does not allow for productivity or success
WHAT DOES STRATHSPEY PLACE NEED MONEY FOR?
• Strathspey Place needs CASH FLOW that will allow the organization to pay Artist Deposits when shows are booked up to a year in advance.
To date, these UP FRONT DEPOSITS range from $600 - $7,500 per
show.
• Strathspey Place needs CASH FLOW that will allow the organization to pay both CURRENT & PROPOSED STAFFING COSTS.
FINANCIAL OVERVIEW – 2015/16 BUDGET
Show Revenue $138,325Show Expenses $132,652Gross Margin $ 5,673
Other Revenue $ 26,000
Operating Expenses:Wages and Benefits$36,740Administration Expense $13,416Advertising/Promo $ 2,250
Net Income (Loss) ($20,733)
CURRENT FIXED MONTHLY COSTS
• Salaries & Contracted Fees $ 3,220.00
• MERCs $ 227.00
• Insurance $ 234.66
• Telephone $ 86.04
• Credit Union Fees $ 20.00
• Total Fixed Monthly Costs $ 3,787.70
SAMPLE SHOW BUDGETRENTAL SCENARIO – NP
“RANGE”
Theatre Rental: $760 - $1200
SPA recoups some expenses such as a portion of
advertising, SOCAN fees and some credit card fees. SOCAN
and CC fees are variable, depending on the show.
Fixed Expenses - SPA
Technical $400
Advertising $100
Box Office $ 80(3PM – 10PM)
Janitorial $100
TOTAL EXPENSES - $680
Net Profit
$80 - $1,000
Revenue Received by SPA
SAMPLE SHOW BUDGETSPA PRESENTS SCENARIO #1
ARTIST FEE $6000
Revenue Received by SPA
Based on 325 tickets sold at $35 and 35 tickets sold at $40
&
Artist Fee of $6,000
$11,375 + $1,400 = $12,775
Expenses – SPA
Artist Guarantee $6,000
Accommodations $1,200
Advertising $ 500
Catering $ 400
Technical $ 500
Janitorial $ 100
HST $ 450 (50%)
SOCAN $ 385
Credit Card Fees $ 510
Box Office Fees $ 160
Total Expenses $ 10,655
Net Profit
Total Revenue $12,775
Less Total Expenses $ 10,655
Net Profit $ 2,570
*NOTE: Artists Complimentary Ticket Requirement can at times be upwards
of 25 tickets – This reduces SPA’s ability to earn revenue on those seats:
SAMPLE SHOW BUDGETSPA PRESENTS SCENARIO #2
ARTIST FEE $10,000 PLUS “SPLIT”
Revenue Received by SPA
Based on 450 tickets sold at $35 and 30 tickets sold at $40
&
Artist Fee $10,000 & 80/20 Split
$15,750 + $1,200 = 16,950.00
Expenses - SPA
Artist Guarantee $10,000
Accommodations $1,200
Advertising $ 500
Catering $ 600
Technical $ 500
Janitorial $ 100
HST $ 750 (50%)
SOCAN $ 580.50
Credit Card Fees $ 510
Box Office Fees $ 160
Promoter Profit (15%) $ 1,500
Total Expenses $ 16,400.50
Net Profit
Total Revenue:$ 16,950.00
Less Total Expenses:$ 16,400.50
Net Profit:$ 549.50
80% Split to Artist: $439.6020% Split to SPA: $109.90
Total SPA Profit:$1500 + 109.90 = $1,609.90
SAMPLE SHOW BUDGET – SPA PRESENTS - LOSS SCENARIO
Revenue Received by SPA
Based on 40 tickets sold at $35 ticket & 15 tickets sold at $40
&
Artist Fee of $3000
Revenue:$1,400 + $600 = $2000
Expenses SPA
Artist Guarantee $3,000
Accommodations $ 600
Advertising $ 500
Catering $ 400
Technical $ 500
Janitorial $ 100
HST $ 225 (50%)
SOCAN $ 60
Credit Card Fees $ 120
Box Office Fees $ 160
Promoter Profit (15%) $ 300
Total Expenses $ 5,965
Net Loss
Total Revenue:
$ 2,000
Less Total Expenses:
$ 5,965
Net Loss:
($ 3,965)
THERE IS A PLAN…..
STRATEGIC PLAN 2015-2018Several Critical strategic issues along with specific action plan items have been identified by SPA Board of Directors and Staff – these will
allow SPA to grow and succeed once again in areas of:
• Program Development
• Marketing
• Human Resource Capacity
• Financial Stability
• Youth Mentorship Programming
• Community Partnerships
HOW WILL SPA ADDRESS THE PROBLEM• PROGRAM DEVELOPMENT:
CRITICAL Analysis to Annual Schedule of Programming -
ONLY book acts or artists that dictate NEAR SELL OUTS (appropriate mix between local productions and block-buster events)
• HUMAN RESOURCE CAPACITY:MARKETING MANAGER - Strathspey Place has recently accessed EXTERNAL funding dollars through Provincial Government to hire a Marketing Manager –
This position is TIME SENSITIVE and SP needs to ensure its ability to keep this person on staff following the end of March, 2016, when the funding ends. ($2400/month Proposed Staffing Cost)
ADMINISTRATIVE ASSISTANT– Strathspey Place needs a PART-TIME Administrative Assistant to run the box office and offer more consistent hours. ($1400/month Proposed Staffing Cost)
• RUNNING STRATHSPEY PLACE AS A BUSINESS:
Having these two positions will allow your ED to focus on our strategic plan and the big picture - running this theatre like a business!
• PROFESSIONAL FUND RAISING INITIATIVE:
ACOA support – Time Limited Opportunity to work with Professional Fund RaiserLinda Crockett
*STEP 1 - Professional Fund Raising Initiative TONIGHT: SPA must Walk Before We Can Run…………..
*STEP 2 – Professional Fund Raising Initiative Long Term:Endowment Fund for Long-Term Sustainability…………….
STRATHSPEY PLACE ASK TO YOU• Anyone and Everyone who is interested in seeing Strathspey Place continue to
operate as a Community & School theatre is urged to make a donation.
• Pledge sheets have been distributed and the ask will continue online via www.strathspeyplace.com and SPA Facebook Page.
• Strathspey Place needs financial support from Individuals, Families, Community, Businesses, Corporations and Government, so PLEASE help SPA to keep this humble community icon ALIVE.
• Donations can be made :• Online at www.strathspeyplace.com• E-mail Transfer to [email protected] , using “strathspeyplace” as the
answer to the security question.• In Person at the Box Office• At any location of East Coast Credit Union (Account Number - 73155026)• Telephone 902-945-5300 and make a donation over the phone• Mail your donation to P.O. Box 235, Mabou, B0E 1X0
Questions
And Thank You Very Much: