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Deficit/Surplus PlayMakers is functionally a unit of UNC's College of Arts and Sciences <br />and is held to the College's accounting and budgeting procedures. Due to <br />this, we are not able to finalize actual expenses for FY24 and our operating <br />budget for FY25 until the end of July. In addition, we are not permitted to <br />display any rollover of surplus from the current fiscal year into our <br />operating budget for next fiscal year until the books have been officially <br />closed on FY24 at the end of July. <br />Due to this, we currently project a draft budget that is not in-line with our <br />actual fiscal picture. In the attached draft budget, we project a sizable <br />deficit for the next fiscal year, while also projecting a sizable surplus for the <br />current fiscal year. This surplus is due in part to year-over-year rollover of <br />funds received from the Shuttered Venues Operators’ Grant and other <br />funding related to the COVID-19 pandemic. W e currently expect to continue <br />rolling over a portion of this surplus into the next fiscal year and lower our <br />operating deficit from $900,000 to $300,000. Again, due to University <br />procedures, we cannot show this in our budget until after the close of the <br />fiscal year. <br />However, as our year-over-year rollover continues to decrease while <br />expenses rise (due in part to rising production cost and having to shoulder <br />more and more integral staff costs and state taxes not paid for by the <br />University), we are facing a structural deficit going forward. To address <br />this, we have set a goal for our 50th anniversary in 2027 to raise our <br />endowment by $15 million and build our annual fund to a sustainable <br />$500,000. W e remain optimistic that through careful budget maintenance, <br />we will also spend less than we project during FY25 and decrease the <br />currently projected deficit. <br />If the current or next <br />year budget <br />represents a 30% or <br />more change from <br />the year prior, please <br />explain why. <br />Please see above. <br />Are you an entity of <br />UNC-Chapel Hill or <br />another unit of state <br />government? <br />Yes <br />W hat percentage of <br />your FY25 operating <br />budget will be <br />provided by the <br />state? <br />17.6 <br />PROJECT/PROGRAM <br />INFORMATION <br />Tell us about your project or program <br />Title of Grant <br />Request <br />Developing new work and young artists <br />Docusign Envelope ID: 5C256EF3-BBCD-4FD6-922F-A5FC9410DC42