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DocuSign Envelope ID:CCA8FADD-DC42-494F-B573-EB427B62BCD0 <br /> Deficit/Surplus After years of stable cash flow, VOICES ended FY2017 with a deficit due <br /> in part to the closure of Hill Hall for renovations. The loss of this <br /> economical venue for two years (CY2016 & 17), instead of the planned <br /> one year, resulted in significant increases in costs for hall rental and <br /> reductions in ticket sales, further compounded by unusually large <br /> orchestras required by the concert programming during FY2017. Thus, <br /> VOICES began FY2018 with insufficient cash reserve to meet Fall, 2017 <br /> expenses, which we supplemented from our modest Carter endowment. <br /> The board had established a plan to recoup the expected losses from <br /> the closure of Hill Hall over FYs 2017-2019, but the actual loss was much <br /> greater than anticipated. The FY2018 goal was to rebuild through careful <br /> programming choices, less expensive venues and orchestration, <br /> excellent ticket sales, and a matching funds campaign in Fall 2017. <br /> However, in October 2017 our long-time Director announced her <br /> retirement effective June 2018. The Board acted to recruit a new Artistic <br /> Director while also holding a fund-raising campaign in the Spring to <br /> create an endowment in Sue Klausmeyer's name to honor her legacy. <br /> When fully funded, this endowment will support unique instrumentals, <br /> exceptional organists, vocal soloists, or commissions of new <br /> compositions. Additional campaigns will be needed to complete growth <br /> goals for the Klausmeyer endowment fund by FY2023, before interest <br /> can be used for operating costs. <br /> Thus, the FY2018 income included $22,721 for the endowment, and an <br /> actual surplus of$12,683, which yielded end-of-year operating reserves <br /> of$25,000. The FY2019 operating budget was crafted to achieve a <br /> surplus of about $6,000 to build stepwise toward our goal of stabilizing <br /> operating revenue at end of the fiscal year (to about $40,000). An <br /> additional 2 years of modest operating surplus will be needed to achieve <br /> that goal. <br /> PROJECT/PROGRAM Tell us about your project or program <br /> INFORMATION <br /> Title of Grant Request Salary Support for Rehearsal and Concert Accompanist <br /> Grant Amount $3,000 <br /> Requested <br /> Is the person in Yes <br /> charge of this <br /> program or project <br /> different from the <br /> Authorizing Official? <br /> Project Director Susan Brunssen, PhD <br /> Name <br /> Project Director Title Grants Writer <br /> Project Director 36 Churchwell Court <br /> Street Address Durham, NC 27713 <br />