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Authorizing Official's <br />Name <br />Mollie Thomas <br />Authorizing Official's <br />Title <br />Executive Director <br />Authorizing Official's <br />Phone <br />919-643-2500 <br />Authorizing Official's <br />Email <br />director@hillsboroughartscouncil.org <br />Applicant Race W hite <br />Financial Overview <br />FinancialOv erv iew_Submittable.xlsx <br />Organizational Financial Statements <br />HAC_Final_Approv ed_FY23_Budget_Summary.pdf <br />HAC_Draft_FY24_Budget_Summary.pdf <br />HAC_FY21-22_Complete_Income___Expense_Statement.pdf <br />HAC_FY2122_Form_990_Signed.pdf <br />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 />future growth and in order to navigate any future unforeseen <br />circumstances, HAC is aiming to operate with a modest surplus next fiscal <br />year. If achieved, these funds would be utilized for strategic capacity- <br />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. The current surplus projection <br />would also require HAC to hit 100% of its Fiscal Year 2023-2024 revenue <br />goals. <br />DocuSign Envelope ID: 62821657-299D-480B-BFAB-4847EAB8AB9E