Financial Health
The MAH’s operating costs for FY20 were $1,808,336 with contributed revenue generated from individuals and businesses, foundation and government grants, and earned revenue from admission fees, event tickets, facility rentals, lease payments, and retail sales.
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Although we maintain modest reserves,
and assistance programs focused around
our financial position has been
capacity building, resilience, and recovery.
understandably weakened as a result of COVID-19. The financial impact of the pandemic on our organization since we closed in early March through the end of our fiscal year on June 30, 2020 is approximately $200,000 in lost or deferred revenue. This, coupled with other funding shortfalls, resulted in an annual deficit of $365,648 for FY20.We anticipate losses to continue into the new year, but
For the long term, we have been working to strengthen our business model with financial strategies that include striking a realistic balance between earned and contributed revenue, shoring up cash flow, expanding our resources, and broadening our base of support. Our efforts toward resource development include re-engaging past donors and supporters and introducing
hopefully at a decreased rate.
new revenue streams, with particular
We have taken and continue to take
income growth that are aligned with our
actions designed to ensure financial
programs and artistic development.
sustainability now and in the future. In the short term, we reduced staff numbers and have been actively pursuing COVID-19 relief funding opportunities including grants, small business loans,
ANNUAL REPORT 2020
attention being paid to opportunities for
The charts and figures on the next page are a snapshot of the MAH’s financial position from this most recent year.
