Financial Health

The MoH has been working diligently to diversify our funding portfolio and expand our base of support, even as the pandemic continues to take its toll on the global cultural sector.

In 2020, the financial impact of the pandemic along with other funding shortfalls resulted in a deficit of approximately $100,000 in lost or deferred revenue annually. 2022 was a strong year in revenue recognition and we plan for that support to continue into 2023. We continue to take actions designed to ensure financial sustainability now and in the future. In the short term, we reduced staff numbers and have been actively pursing relief funding opportunities including grants, small business loans, and assistance programs focused on capacity-building resilience and recovery. For the long term, we have been working to strengthen our business model with financial strategies that include a realistic balance between earned and contributed revenue, monitoring cash flow and broadening our base of support. Our efforts toward resource development include re-engaging past donors and supporters and introducing new revenue streams with particular attention to opportunities for income growth that are aligned with programs and artistic development. Although our financial continuity has been challenged – we remain optimistic, hopeful and committed to serving our community.