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Deficit/Surplus During our first two years of operation, we accumulated operating <br />surpluses which hav e helped us to weather being closed for fiv e <br />months. Upon closing, we were forced to lay off the part time <br />employees who run the films, tickets, and concessions, and retained <br />only the two full time employees and hourly webmaster as needed. <br />W e immediately sought and receiv ed limited rent deferral from our <br />landlord. W e secured a $75,000 EIDL loan (more was av ailable but <br />the board did not want to take on higher debt), to be repaid ov er 30 <br />years, but expected to be much less!!!; and a $27,000 PPP loan, <br />which will fund essential salaries from July through December 2020 <br />and will thus be forgiv en. The community continues to support us <br />with operating gifts, and memberships, although we are now not <br />ov ertly asking for membership support until we hav e a better sense <br />of reopening plans. W ith plans to reopen continually being pushed <br />back in time, cash reserv es hav e dwindled. Timing of reopening will <br />be dependent on external v ariables dictated by State and Local <br />Health Department rules. <br />The EIDL loan will be paid back beginning in 2021 on a monthly basis. <br />Deferred rent will be repaid ov er time beginning in 2022 on a monthly <br />basis. <br />PROJECT/PROGRAM <br />INFORMATION <br />Tell us about your project or program <br />Title of Grant <br />Request <br />General Operating Support for Chelsea Theater <br />Grant Amount <br />Requested <br />$3,000 <br />Is the person in <br />charge of this <br />program or project <br />different from the <br />Authorizing Official? <br />No <br />W hat are you <br />requesting funding <br />for? <br />Operational expense (arts organizations ONLY) <br />Request Summary OCAC support will prov ide important funding for basic expenses <br />such as part time employee wages, supplies and utilities as we <br />reopen the theater and ramp up operations to whatev er lev el is the <br />“new normal.” <br />Organizational Goals On February 23, 2020, the Chelsea Board held a planning retreat and <br />identified the following priorities to guide the Chelsea. These <br />included: <br />1. Maximizing our unique position as the area’s only nonprofit v enue <br />dedicated solely to film while co-existing with multiple local mov ie <br />theaters with differing business models and ov erlapping audiences. <br />DocuSign Envelope ID: 4C4DC138-B827-4E5E-95AD-496FA7AE496B