Carolina Theatre of Durham Annual Report 2013-14

A YEAR TO REMEMBER ANNUAL REPORT 2013-14

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Order Tickets Now! W W W. C A R O L I N AT H E AT R E . O R G 27

+

EXPANDED EVENT PROGRAMMING

RECORD FUNDRAISING

+ INCREASED INVESTMENT

IN OPERATIONAL IMPROVEMENTS

FINANCIAL SURPLUS FOR THE

SECOND CONSECUTIVE YEAR

DEAR FRIENDS,

I

am proud to present our Annual Report for the Fiscal Year ended June 30, 2014. We continue to fulfil our mission to present vibrant, thought-provoking live

events and cinema and to serve as responsible stewards of the City of Durham’s historic Carolina Theatre complex.

The past year has been extremely successful on many levels, most importantly our continued financial improvement. In 2014, we recorded our second consecutive financial surplus after four years of losses, and we are working hard to reduce the organizational deficit that accumulated during those years. Our overall revenue increased 17%, pushing us to $4.1 million in revenue, up from just $2.4 million when I became President/CEO in 2010.

We are now the fifth-largest performing arts organization in the Triangle, and we again ranked among the top 100 theatres worldwide for concert ticket sales.

Financial performance is critical for any nonprofit, but the real reason we exist is to serve the public through the work we do. In 2014, we presented a record 69 Star Series and Club Carolina performances.

We expanded our film program to include weekday matinees, and we now offer more than 3,000 film screenings each year. We opened an exhibit dedicated to the theater’s Civil Rights history. And we played a vital role in the education of children with more than 30 Arts Discovery performances.

Finally, we helped secure the future of our nonprofit through a new management agreement with the City of Durham that not only provides potential for additional revenue, but secures our role as the manager of the

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2014 MEMORABLE MOMENT

Confronting Change Exhibit Opens The Theatre opened “Confronting Change,” a permanent exhibit that honors the brave men and women whose protests helped end the venue’s segregationist policies in the 1960s.

Carolina Theatre complex through 2024 and possibly for another 10 years beyond that.

All of our success is only possible because of the generous support of our donors, ticket buyers, and volunteers. Thank you for helping to make 2014 another incredible year.

Best,

Bob Nocek President/CEO Carolina Theatre of Durham, Inc.

28 T H E C A R O L I N A T H E AT R E

ANNUAL REPORT 2013-14

AMONG THE NOTABLE HIGHLIGHTS

17%

$2.2 MILLION

INCREASE IN REVENUE

IN TICKET SALES

69

$4.1 MILLION

STAR SERIES SHOWS

TOTAL REVENUE

40,000

$15.6

STAR SERIES TICKETS SOLD

MILLION DOLLAR IMPACT

$41,000 SURPLUS

$390,000 IN RECORD FUNDRAISING

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2014 MEMORABLE MOMENT Renewed Optimism In April, Durham City Council approved a new long-term contract renewal with Carolina Theatre of Durham, Inc. The agreement ensures the nonprofit operator of the city-owned complex will continue to manage the facility through June 30, 2024.

WHAT IT COSTS TO OPERATE THE CAROLINA THEATRE

CAROLINA THEATRE OF DURHAM, INC. STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS FOR THE YEARS ENDED JUNE 30, 2014 AND 2013

UNRESTRICTED NET ASSETS UNRESTRICTED SUPPORT AND REVENUE Presenting Income Rental Income Support Service Income Sales Other Grants And Gifts: Foundation Grants Corporate Contributions Individual Contributions Donated Materials & Services Other Income Net Assets Released From Restrictions:

2014

2013

$2,208,148 134,594 932,872 382,639

$1,818,658 192,869 779,082 320,719

133,896 68,713 139,202 1,800 86,709 51,524 ________

133,116 46,317 82,601 12,010 78,423 17,120 ________

4,139,467

3,480,915

EXPENSES Management And General Fundraising Program Services

INCREASE IN UNRESTRICTED NET ASSETS

322,728 135,825 3,644,366 ________

300,759 79,468 3,077,252 ________

4,102,919 ________

3,457,479 ________

36,548

INCREASE IN TEMPORARILY RESTRICTED NET ASSETS CHANGE IN NET ASSETS NET ASSETS - Beginning Of Year NET ASSETS - End Of Year

6%

33%

8% 9% 33%

Wages, Benefits & Taxes

Facilities, Equipment & Utilities

Artist Fees & Film Royalties

Concessions Supplies

Other Program Expenses

Other Administration Expenses

Printing & Advertising

Other Fundraising Expenses

WHERE WE GET OUR REVENUE

7%

23,436

5%

9%

TEMPORARILY RESTRICTED NET ASSETS Contributions And Grants Special Events Donated Materials And Services Net Assets Released From Restrictions:

7%

3%

18,692 29,825 7,685 (51,524) ________

46,124 10,890 5,400 (17,120) ________

4,678

45,294

41,226

68,730

(266,135) ________

(334,865) ________

$ (224,909)

$ (266,135)

45%

9% 10% 15% Live Event Ticket Sales

Concessions Sales

City Management Fee

Rental Income

Donated Revenue

Fees & Service Charges

Film Ticket Sales

REVENUE AND EXPENSES FY92 - PRESENT $4,500,000 $4,000,000 $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 Revenue

$500,000

Expenses

$ FY92 FY93 FY94 FY95 FY96 FY97 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14