2020-877-E Arts Commission - Hillsborough Arts Council arts grant

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DocuSign Envelope ID: E3197C98-B803-4163-8C1B-5202B27318E8 What amount are 5000 you requesting? If granted, how will These funds will serve as support for operational costs and will help you use the funds? with recurring expenses such as payroll, rent, supplies, and utilities through 2020. The monthly cost of operations currently exceeds the revenue from programming, fundraising, and sales. Grant funds will help to cover expenses currently paid by withdrawals from the HAC reserve fund. HAC's largest monthly expenses are payroll and rent. These expenses are critical to the success of the organization. The full-time Executive Director position manages the administrative needs of the organization, oversees program committees, and leads fundraising efforts. These tasks require full-time attention and ongoing oversight to ensure long term sustainability. Program-related costs are flexible and have decreased since March 2020 due to cancellations and virtual programming. Unfortunately, these cutbacks also result in a loss of program revenue. Grant funds are critically needed to support overall operations of the organization. Have you received HAC received Paycheck Protection Program funds via the CARES or applied for any Act in June, 2020 for $10,622. These funds allowed for the continued other emergency full-time employment of the Executive Director and part-time funding, either employment of the HAC Bookkeeper. through the CARES Act, NEA, or any other emergency relief fund? Please explain. Does your The Hillsborough Arts Council has reserves in the form of cash and organization have donated equities. The donors of the equities have requested that the cash reserves? If so, equities should be held in reserve unless the HAC encounters a please explain your crisis whereby it cannot meet its financial obligations as a decision to use or community-based non-profit and would reach a point of insolvency. not use these The HAC does not maintain a cash reserve beyond that which is reserves as a result required to meet normal operating costs for three months. At this of COVID-related point, the Council's operating cash reserves are nearly depleted and, losses. depending on donations and online sales, may not be sufficient to sustain HAC's operations beyond December, 2020. Please upload your organization's most recent Form 990 or most recent year-end financial statement. 990_2019.pdf How else may we Thank you for the wonderful support you have offered to both artists help you right now? and organizations during this challenging time. We are so lucky to have such a dedicated county leader for the arts!