Count-Basie-Annual-2011

Annual2 0 1 1 Report Mission Statement The primary mission of the Count Basie Theatre is to serve the people of the State of New Jersey by providing a broad spectrum of quality entertainment and education programs that reflect and celebrate the diversity of the region; foster understanding and appreciation for the ennobling power of the performing arts; and create opportunity for cultural enrichment for people at all economic levels. It also is our mission to develop and maintain a world-class venue that enhances the enjoyment of these entertainment and education programs; contributes to the cultural and economic vitality of the community and the region; and honors the memory of Count Basie. Formally adopted by the Board of Trustees on July 19, 2001 1 Message from the Chairmen David J. Cooner Numa Saisselin Russell Lucas Mark Hodges Chairman CEO Chairman CEO Count Basie Theatre, Inc. Count Basie Theatre, Inc. Count Basie Theatre Count Basie Theatre Board of Trustees Foundation, Inc. Foundation, Inc. Dear Friends, Donors, Members and Community Members, We are pleased to report to you on the conclusion of another successful has restored the grandeur of the Theatre’s auditorium and façade. year at the Count Basie Theatre. The many successes of the 2011 fiscal year are documented within these This was an important year for the Theatre. As a threshold matter, our pages, and we hope you will take the time to review this report. The Count Theatre was brought to life by a variety of quality programs over 178 nights Basie Theatre exists to serve its community. Our goal in producing this report with shows that included Grammy, Tony and Academy Award-winning each year is to provide the community at large with a transparent “look” at our artists, as well as emerging artists and musicians, school children and mem- operation, and to encourage your continued and increased support. bers of community theater and dance troupes. The breadth and quality of In terms of management, this year we said goodbye to Rusty Young, the our programming contributes mightily to our reputation as one of the State’s long-time CEO of the Count Basie Theatre Foundation. We were fortunate top venues for both artists and audiences. Without duplicating too much of to secure the services of Mark Hodges, a former member of the Theatre’s the information that is already contained within these pages, it is worth Board of Trustees with decades of leadership experience in the corporate highlighting that total attendance increased for the third year in a row, to sector, as our Interim Foundation CEO during the transition period. Numa 187,381, proving yet again the critical need for the programs and services Saisselin, CEO of the theatre since 2002, remains in place. With Mark and that the Theatre provides to our community. Numa, and the dedicated professionals who work with them, our core man- Of equal if not greater importance is the fact that we continue to grow agement is as strong as ever. and have reason to be proud of the accomplishments of our arts education October is the time of year when terms of office expire for Board program. The Performing Arts Academy served the most students it has Members and officers. This year, one of us (Russ Lucas) continues as ever served in a year. It included dozens of students with limited resources Chairman of the Count Basie Theatre Foundation, while the other (Dave for whom tuition was waived, thanks in part to the generous support we Cooner) will step down as Chairman of the Count Basie Theatre, but remain receive from our patrons. On top of that, hundreds of students in the local on the Board’s Executive Committee. We are fortunate to have a “deep schools were provided with complementary music, dance and theatre class- bench,” and are pleased that Ray Moser, a member of the Board since 2004 es by our Outreach Program. We are proud to have successfully expanded and its current Vice Chair, will succeed Dave as the next Chairman of the the reach and relevance of our artistic and educational programming over Theatre’s Board of Trustees. the past few years. Within the pages of this report it is our pleasure to recognize the time, tal- The work of the Theatre is animated by encouragement and support from ent and support, financial and otherwise, of the individuals, businesses and all of those who love the Basie and support its nonprofit mission. entities that have helped the Basie this year. The Count Basie Theatre is a Fundraising effective enough to balance the Theatre’s annual budget, make nonprofit corporation, but its engine drives the local economy in meaning- good on our long-term obligations, and finance the continued improvement ful and tangible ways. The economic impact of the Basie’s activity on the of the building itself is a challenge even in the best of times. The current eco- community was more than $12.5 million this year. nomic climate makes it more challenging than ever. We are pleased to We hope you share our pride in our collective accomplishments, and will report, however, that with the help of literally thousands of supporters just continue to support the Theatre and its work in the coming year. There are like you, we were able to balance our budget and earmark funds for the great things ahead for the award-winning Count Basie Theatre, and we look repayment of the debt incurred in connection with the renovation work that forward to sharing them with you. David Cooner Russell Lucas 2 Fianacial Position COUNT BASIE THEATRE, INC. AND COUNT BASIE THEATRE FOUNDATION, INC. COMBINED STATEMENTS OF FINANCIAL POSITION FOR THE YEARS ENDING JUNE 30, 2011 AND 2010 ASSETS 2011 2010 Current assets Cash and cash equivalents $2,476,238 $5,383,807 Investments 2,020,576 0 Accounts receivable 42,283 14,054 Unconditional promises to give 372,973 356,919 Inventory and prepaid expenses 47,765 46,285 Total current assets 4,959,835 5,801,065 Restricted cash and cash equivalents 549,062 596,839 Unconditional promises to give 266,475 318,637 Property and equipment, at cost, 11,384,968 10,726,994 net of accumulated depreciation Total Assets $17,160,340 $17,443,535 LIABILTIES AND NET ASSETS Liabilities Current liabilities Bond payable $203,266 $195,281 Accounts payable and accrued expenses 116,653 439,443 Salary, payroll taxes and benefits payable 129,175 58,377 Accrued vacation 69,147 61,111 Deferred income 1,579,239 1,526,974 Total current liabilities 2,097,480 2,281,186 Bond payable 7,355,867 7,559,133 Total liabilities 9,453,347 9,840,319 Commitments and contingencies Net assets Unrestricted Fixed assets, net of bond obligation 3,825,835 2,972,580 Operating 3,879,158 4,397,636 Total unrestricted 7,704,993 7,370,216 Temporarily restricted 2,000 233,000 Total net assets 7,706,993 7,603,216 Total Liabilities & Net Assets $17,160,340 $17,443,535 A complete copy of the 2011 Financial Statements audited by the independent accounting firm of Fried and Kowgios Partners, CPAs, LLP is available on request from the theatre's administrative office. 3 Activities COUNT BASIE THEATRE, INC. AND COUNT BASIE THEATRE FOUNDATION, INC. COMBINED STATEMENTS OF ACTIVITIES FOR THE YEARS ENDED JUNE 30, 2011 AND 2010 OPERATING ACTIVITES 2011 2010 Public support and other revenue Public support Government $188,226 $157,221 Individuals 281,663 279,185 Foundations 22,099 33,000 Corporate 68,042 0 Fundraising benefits 455,956 453,523 Less: direct costs of fundraising benefits (140,964) (146,536) Donated services 17,003 6,141 Total public support 892,025 759,534 Ticket sales 3,688,284 3,831,135 Theatre rental and reimbursed expenses 1,247,832 898,418 Concession income (net of cost of goods sold) 332,480 295,116 Workshop income 306,172 295,393 Advertising income 171,772 148,268 Office rental income 12,000 13,450 Investment income 17,534 13,474 Other income 4,712 3,054 Total other revenue 5,780,786 5,498,308 Total public support and other revenue 6,672,811 6,257,842 EXPENSES Program services 5,547,835 5,707,781 Supporting services Management and general 755,007 712,239 Fundraising 425,320 333,912 Total supporting services 1,180,327 1,046,151 Total Expenses 6,728,162 6,753,932 Increase (decrease) in net assets before capital activities and transfers (55,351) (496,090) Capital activities Capital contributions Government 0 50,000 Individuals 256,893 78,241 Foundations 117,500 251,575 Corporate 51,949 0 Fundraising benefits 751,041 430,523 Less: direct costs of fundraising benefits (590,371) (326,729) Investment income 7,299 184 Total capital contributions 594,311 515,773 Capital fundraising expenses (430,214) (381,102) Reversal (allowance) of reserve for uncollectible promises (4,969) 119,989 Increase (decrease) in capital activities 159,128 254,660 Increase (decrease) in net assets 103,777 (241,430) Net assets, beginning of year 7,603,216 7,844,646 Net assets, end of year $7,706,993 $7,603,216 4 JULY 9 – The 2010-11 year began with one The restoration of the theatre’s exterior and The $2 million “Let’s Face It” project includ- The project included new digital signs, which of the first performances anywhere by the façade was completed during the first half ed a completely new exterior brick and stone sit within a brand new marquee designed to Derek Trucks & Susan Tedeschi Band.

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