ANNUAL REPORT 2015 THEThe Mission MISSION THELetter LETTER from the Chairman & President
Dear Friends, Donors, Members and Community Members,
We are pleased to present the Annual Report for the nonprofit Florida Theatre’s 2015 fiscal year.
The Florida Theatre Performing Arts Center, Inc. is the nonprofit corporation that since 1987 has managed and programmed the historic Florida Theatre in Downtown Jacksonville in a public/ private partnership with the City of Jacksonville, which owns the Our mission, as a building. The city is responsible for the exterior of the building, and the nonprofit is responsible for everything that happens Vince McCormick, Numa Saisselin, within the building, including management, maintenance and Chairman President nonprofit organization, preservation, and programing.
During the 2015 fiscal year, the Florida Theatre itself presented 61 Lynyrd Skynyrd, performing their first and second albums in is to enhance the North programs of music, dance and theatre; co-promoted another 37 their entirety for an MTV Live Special (now available on DVD). programs of music, dance and theatre; presented 10 film events; What we are most proud of however is bringing Northeast and hosted another 70 programs by theatre renters. 49 of these Florida a full range of performing arts genres. Some quick Florida community’s quality rental events were presented by other nonprofit arts organizations examples include jazz (Diana Krall), blues (Joe Bonamassa), and charitable organizations using the theatre at a subsidized rate. theatre (C.S. Lewis’ The Screwtape Letters), dance (Savion Glover), film (Summer Movie Classics), family friendly programs of life by providing diverse The words “presented” and “co-promoted” are important (The Wild Kratts), R&B (Anthony Hamilton), classic rock (Elvis distinctions to take note of, because those words indicate the Costello), comedy (Anjelah Johnson), symphonic music (Dennis performances that the Theatre has invested its own resources DeYoung with the Jacksonville Rock Symphony Orchestra), and memorable arts and in. In the case of a performance presented by the Theatre, world music (Gipsy Kings), pop music (Hozier), country music the Theatre is the sole investor. In the case of a performance (Kacey Musgraves), traditional country music (The Time co-promoted by the Theatre, the Theatre is an investor with Jumpers with Vince Gill), local artists (Swamp Radio, the entertainment experiences, another entity. Over the last several years, the number of annual Tedeschi Trucks Band), and variety acts (Chef Alton Brown, performances at the Florida Theatre has increased by 30%, from Golf Channel host David Feherty). 137 in 2013 to 178 in 2015, and virtually all of that growth was and by preserving a generated by performances that the Theatre itself presented. For the 2015 fiscal year, the net result was a loss of ($29,878) on expenditures of almost $7.5 million before depreciation, Total attendance has also increased dramatically, to 170,785 and ($107,045) after depreciation. We never like to lose money, unique historic Jacksonville tickets in 2015. That was the best annual attendance in 18 years, but the operating deficit for 2015 was less than 1.5% of the and the third best annual attendance since the building reopened total budget. What’s important to know in order to put that as a nonprofit performing arts venue in 1983. into perspective is that in order to increase attendance and landmark. programming over the last 3 years, we have also increased the The economic impact on Jacksonville of the Florida Theatre’s annual budget, from $3.1 million in fiscal 2012 to $7.5 million activity this year was $11.8 million, which supported the full in fiscal 2015. During that period, we also reduced the annual time equivalent of 361 jobs, $8.8 million of household income, operating deficit, from 9% in 2012 and 2013, to 2% in 2014, to $525,000 of local government revenue and $632,000 of state 1.5% in 2015. government revenue. In short, we are proving that programming and activity can 87% of the theatre’s annual budget was earned from ticket sales be increased in Downtown Jacksonville, it can be done and other business activities (merchandise sales, theatre rentals, sustainably, and people will come! concession sales), and 13% was fundraised. We thank all of the more than 1,000 donors and supporters listed in this report We hope you are as bullish on the future of the Florida Theatre for helping us to close the budget gap this year. Their support, and Downtown Jacksonville as we are. We thank you for your which helps close a very reasonable budget gap, helps us to support, and look forward to many more years of enjoying arts present many of the more arts and culturally oriented events that and entertainment together. distinguish the Florida Theatre in the region.
During the 2015 year, some of the performances we brought you were truly “once in a lifetime” events, like Arlo Guthrie’s Alice’s Vince McCormick Numa Saisselin Cover Photo By: Rachel Varnadore Restaurant 50th Anniversary Tour, and two performances by THEThe Financial FINANCIALS Summary
September 30 Total
2015 2014 2015 2014 ASSETS STATEMENT OF ACTIVITIES
Current assets: Support and Revenues: Cash and cash equilavents $ 255,076 $ 254,176 Contributions ($106,000 In-Kind) $ 619,704 $ 499,073 Investments 2,387 2,722 City of Jacksonville grant 267,857 299,195 Accounts receivable 196,496 79,064 State of Florida grant 166,932 0 Inventory 15,955 26,076 Theatre revenues 5,639,042 4,294,348 Prepaid expenses 82,964 64,896 Concession revenues 664,038 512,686 Total currents assets 552,878 426,934 Fundraising 145,405 163,610 Other income 854 33,553 Beneficial interest in assets held by Investment return, net of fees (51,795) 96,953 Community Foundation 1,082,824 1,134,122 Total support and revenues 7,452,037 5,899,418
Property and equipment 302,196 322,999 Expenses: Program expenses 5,773,611 4,923,201 Total assets $1,937,898 $1,884,055 Management and general expenses 1,639,580 953,637 Fundraising & development 65,142 56,070 LIABILITIES AND NET ASSETS Depreciation 77,167 93,709 Interest and fees 3,582 5,263 Total expenses 7,559,082 6,031,880 Current liabilities: Accounts payable and accrued expenses $ 160,034 $ 155,146 Decrease in net assets Deferred revenue 1,259,383 1,103,383 before net asset transfers (107,045) (132,462) Total current liabilities 1,419,417 1,258,529 Net assets: Net asset transfers - - Unrestricted (564,343) (508,596) Permanently restricted 1,082,824 1,134,122 Decrease in net assets (107,045) (132,462) Total net assets 518,481 625,526 Net assets, beginning of year 625,526 757,988 Total liabilities and net assets $1,937,898 $1,884,055 Net assets, end of year $ 518,481 $ 625,526 INCOMEIncome vs. Costs vs. COST INCOMEFY 2015 Income