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3 <br /> Key Financial Metrics: <br /> The financial data was reviewed by Finance using key income statement financial metrics <br /> including; 2019 surplus net income, 2019 net income as a percent of revenues, and revenue <br /> decreases of 25% or greater from March 2019 versus March 2020. <br /> (1) 2019 Profit/Loss <br /> - Revenues minus Expenditures <br /> - Operating Surplus (Deficit) <br /> ➢ Passing Metric: Breakeven or greater <br /> (2) 2019 Net Profit Margin <br /> - Net Income divided by Revenues <br /> Passing Metric: Positive % <br /> (3) March 2019 vs 2020 Revenue Variance <br /> (March 2020 revenue minus March 2019 revenue) divided by March 2019 revenue <br /> - March 2020 Revenues <br /> - March 2019 Revenues <br /> - March Percent Change <br /> ➢ Passing Metric: Revenue declines of 25 % or greater <br /> Results from the Financial Criteria Review: <br /> Applicants Passing the Financial Criteria and 27 <br /> Recommended to the Funding Committee <br /> Applicants that Passed Financial Criteria, but had unpaid 1 <br /> County property taxes — Ineligible <br /> Applicants that Failed the Financial Criteria-Ineligible 76 <br /> Applicants that failed to provide all required financial 64 <br /> documents — Ineligible <br /> Total 168 <br /> The Funding Committee voted and approved all 27 eligible applicants on Monday, April 27, <br /> 2020. <br /> Composition of the Nine-Member Committee: <br /> Town representatives (1 member from each Town) <br /> • Town of Chapel Hill Economic Development - Laura Selmer <br /> • Town Council Member with Town of Carrboro - Susan Romaine <br /> • Town of Hillsborough Economic Development - Shannan Campbell <br /> Orange County's Small Business Economic Development Grant Program <br /> • Orange County Economic Development Advisory Board Member - Johnny Morris <br /> • Orange County Economic Development Advisory Board Member - Sharon Hill <br /> Orange County's Agriculture Economic Development Grant Program (2 members) <br /> • Orange County Economic Development Advisory Board - James Watt <br /> • Orange County, Agriculture - Crops and Horticulture Representative - Mart Bumgarner <br />