Prior to the pandemic, using a new financial strategy, FAC was on track to have its strongest fiscal year in more than a decade. That will no longer be the case. As mentioned above, we are hopeful that we will be able to resume programming in July. If we are able to, we will be able to hold revenue losses at less than $100,000, assuming that normal donations from generous individuals, families, and businesses continue.
This is the breakdown of the revenue FAC will lose through June:
- Net event revenue: $35,000
- Rentals: $5,000
- Fundraising impacts: $35,000
We intend to recover some of these losses by:
- Paycheck Protection Program: $40,000
- Additional Allocation from City’s Art & Science Fund: $13,000
- Support from Existing Grant Agencies: $5,000
- Cost savings: $7,000
Total loss after confirmed recovery through June: $63,000
Total loss with intended recovery through June: $10,000
Numbers are based on closure and cancelled programming through May, impacts will be greater due to closures and cancellations through June.