Dallas Theater Center
Finance Committee Minutes
Baker Botts Conference Room
June 30, 2011
In Attendance: Members: Larry Angelilli, Vicki Newsom, Sarah Warnecke, Barrett Bruce, Curt Fitzgerald, Ken Bernstein, Bart Showalter, John Levy
Staff: Heather Kitchen, Ramona Jordan, Hillary Hart, Leia VanLue
Larry Angelilli called the meeting to order at 12:06pm. Attendees approved the minutes from the May 10, 2011 meeting.
SINGLE TICKET AND SUBSCRIPTION SALES UPDATE
Sales for the Wiz are trending as projected, and sales are currently at 23%. As of today, we’ve sold more tickets for the Wiz than were sold at this time for Cabaret and Arsenic and Old Lace. During the Q3 reforecast, the sales goal for the Wiz was pushed back to $320,000 from the original goal of $350,000. Heather explained the average ticket price for the Wiz will be around $40.00, which is the driver for pulling the sales goal down.
Capacity for the Wiz should be over 90%.
Subscription sales are currently at $1.1 million. If we sell $30,000 a week for the next 10 weeks, we’ll be on course to hit our goal of $1.322 million.
Q3 REFORECAST UPDATE
Total income decreased by $121,563. Subscription sales remained flat. Single ticket sales were increased by $87,000. The Gala came in $91,000 better than goal. The original goal for the Gala was $300,000. Campaign income was decreased by $300,000 due to the timing of the Meadows Foundation Campaign gift (FY12 instead of FY11) and the timing of a gift from Chase Bank. Heather and Larry spoke with the Meadows Foundation and felt it would be best to withdraw our ask of $250,000 for this year fiscal year, and resubmit our application next year. The $100,000 gift from Chase will be split into two payments of $50,000. $50,000 will be recognized this fiscal year and $50,000 will be recognized in FY12.
Total expenses remained flat, with a small decrease of $6,541.
Total income decreased by $121,563. Total expenses decreased by $6,541, leaving an income surplus of $31,324.
CASH FLOW
On the upside, we have a positive cash variance of $765,000 due to the success of the Gala, Cabaret, and Arsenic and Old Lace. On the downside, we have a negative cash variance of $455,000 due to the timing of gifts from the Meadows Foundation and Chase Bank, and from operating expenses.
There’s a possibility our negative cash variance will increase by an additional $416,000, due to timing of Campaign gifts. Cynthia is on vacation, so we will confirm gift timing when she returns to the office next week. However, even if we do not receive the $416,000, we’ll still have a positive cash variance of $39,000.
OTHER BUSINESS
As there was no other business, the meeting was adjourned.