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Deficit/Surplus In Fiscal Year 2021-2022, HAC accrued a deficit of $39,754 which <br />reflected timing impacts from overdue grant funds, delayed release of <br />program funds, and strategic investment in professional staff. $10,000 of <br />this deficit were reserve funds from a prior fiscal year, spent in Fiscal Year <br />2021-2022 in order to implement a public art project in River Park that was <br />delayed due to the pandemic. In addition, HAC expanded employment to <br />better develop programming and organizational sustainability at a cost of <br />roughly $25,000 year on year. Finally, HAC elected to release an incubator <br />program, the River Park Concert, and incurred separation costs from that <br />program’s reserve funds. These three outlays were the primary reason <br />HAC ran a deficit for the fiscal year ending 6/30/22. <br />W hile this deficit was a unique circumstance and was able to be navigated <br />with operating reserves, HAC is committed to preventing future deficits by <br />ramping up fundraising initiatives, generating broad community support, and <br />focusing on mission critical programming. A deficit is not projected for <br />Fiscal Year 2022-2023. <br />The budget provided for Fiscal Year 2023-2024 is a draft and is not yet <br />officially adopted by HAC’s Board of Directors. To ensure flexibility for <br />growth and in order to navigate any future unforeseen circumstances, HAC <br />is aiming to operate with a modest surplus next fiscal year. The current <br />surplus projection would require HAC to hit 100% of its Fiscal Year 2023- <br />2024 revenue goals. If achieved, these funds would be utilized for strategic <br />capacity-building initiatives, as well as reallocating dollars back into HAC’s <br />investment accounts, which were partially depleted in Fiscal Year 2021- <br />2022 for the reasons described above. <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 />2024 Handmade Parade and W eekend of Art Performing Artist Support <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 />A specific program or project <br />DocuSign Envelope ID: E9ED2E06-04DF-47DA-BF1A-31359EF7B971