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Deficit/Surplus Through 12 years of existence we hav e been able to accrue a <br />financial reserv e specifically for uncertain times. W e hav e benefited <br />from COVID grants and Federal “Stimulus” initiativ es during the <br />pandemic but since February 2022 we hav e been starting to use our <br />reserv es to meet ov erheads because of COVID’s trajectory and the <br />redev elopment of Univ ersity Place which, as stated, has reduced our <br />daily foot traffic. 2021 was a stellar year for sales which has made us <br />ineligible to apply for Stage 2 Stimulus business funds which we <br />could really benefit from as 2022 proceeds. W e are continuously <br />dev eloping new marketing initiativ es in an attempt to reach out to <br />untapped markets and customers. Our major fundraising ev ent of <br />the year, the "Off the W all Gala", will be on October 8, 2022. Each <br />year the ev ent is v ery important in helping us maintain our reserv es. <br />in 2020 and 2021 we adjusted the ev ent to a completely v irtual <br />format. This year's gala is slated to be done hybrid and we are hoping <br />for continued community support. Our member artists are obligated <br />to donate two works of art to the ev ent and many other local artists <br />v oluntarily participate, totaling 70+ pieces of art offered. In June <br />2022, our financial loss for the year is currently at $8,000 with a deficit <br />in sales of $24,000. Because of last year’s stellar sales we reduced <br />our member artist commissions from 30% to 25% and were able to <br />maintain member artists’ annual dues of $600 which we would like to <br />keep at that rate. Inv ited artists pay 50% commission. The NC Arts <br />Council has predicted that it will take 2-5 years for the arts to recov er <br />in North Carolina. COVID v ariants, mall construction, the financial <br />market’s v olatility and the Ukraine crisis are also affecting consumer <br />confidence and sales. <br />Are you an entity of <br />UNC-Chapel Hill or <br />another unit of state <br />government? <br />No <br />PROJECT/PROGRAM <br />INFORMATION <br />Tell us about your project or program <br />Title of Grant <br />Request <br />Request for operational funding for FRANK 2022/2023 <br />Grant Amount <br />Requested <br />$6750 <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 />DocuSign Envelope ID: C323C9C3-F573-4399-A120-2A0A7E277E09