2020-765-E-Arts Commission-Ackland Arts Museum

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Deficit/Surplus In FY20, the Ackland had an operating loss of $316,918. W hile rev enue did not balance with expenses, the museum did hav e positiv e net assets in the amount of $936,007.52 at the end of the fiscal year. The museum had significant cash balances at the beginning of the fiscal year; these funds serv ed as a cushion as rev enue cash flow slowed down in the last quarter of the fiscal year after the museum closed to the public in response to the COVID-19 pandemic. Use of these cash assets had been planned during the FY20 budget process; total expenses did fall under the budgeted expense total. In FY21, the Ackland has a projected operating loss of $558,435, but there is still a projection of positiv e net assets in the amount of $472,501 due to the cash reserv es from prev ious years and the temporary reclassification of some acquisitions funds for operations. About $341,000 of the FY21 expense budget is related to one project that is funded by restricted endowment funds. The Ackland will be carefully monitoring other expenses throughout FY21. As cash assets from prev ious years are used, the Ackland recognizes that expense for FY22 and future years will need to bring rev enue and expenses into balance. PROJECT/PROGRAM INFORMATION Tell us about your project or program Title of Grant Request Salary Support for the Ackland Art Museum Grant Amount Requested $3,000 Is the person in charge of this program or project different from the Authorizing Official? Yes Project Director Name Allison Portnow Lathrop Project Director Title Head of Public Programs Project Director Street Address Ackland Art Museum The Univ ersity of North Carolina at Chapel Hill CB#3400 Chapel Hill, NC 27599-3400 Project Director Phone 1(919) 843-3687 Project Director Email allison.p.lathrop@unc.edu DocuSign Envelope ID: FDB5F701-C5D2-47F7-B423-CF10418142E8