Prior Lake Players Fiscal Year 2023 Reports and Narrative

The narrative below was created for our annual membership meeting in May and was based on fiscal year to date information.  The following two documents are for the full fiscal year.

20240702 - Statement of Financial Position

20240702 - Statement of Activity by Month

  • General accounting facts
    • We are a 501(c)(3) non-profit organization
    • Our fiscal year is July 1 - Jun 30
    • We use cash-based accounting (as opposed to accrual based)
      • This means we recognize all expenses and all revenue as they come in.
  • Annual budget
    • We have a limited amount of expenses outside of our shows
      • Annually approximately $4000 spend
      • Insurance is the largest
      • Electricity for shop
      • PO Box (which we may be dropping)
      • Web / online presence in AWS (Dan covers most of the recurring costs as in-kind donation)
      • In the statement of activity by class our non-show financials are reflected in GE-General
  • Annual budget “cost cutting”
    • We no longer heat the shop or rent a propane tank
      • Saves approximately $500/year
    • The negative expenditure on Sotis is because of a journal entry to correct a bad import from Old National Bank where the Sotis scholarship from last year was double counted.
    • We switched ticketing platforms from EventBrite to Vanco, while this isn’t a General budget savings we retain 6% more of all online ticket sales.
      • Retained earnings from 2 shows > $3000 vs EventBrite
  • Show P&L
    • We don’t generally pick shows that are “guaranteed” money makers.  We do budget carefully with any show to ensure organizational upside is maximized.  Our cadence is a “straight” play in the fall and a musical in the spring.  This coming fiscal year’s programming will be discussed.
    • Death of a Salesman (Fall 2023)
      • We anticipated a slight loss on this show but made $239.11
      • A really well received production.
    • Bye-Bye Birdie (Spring 2024)
      • Net profit of $9512.93
  • Current factors important to the Treasurer
    • Currently we are in excellent financial shape!
      • Almost $50k in the bank
      • 2024-2025 season rights are already paid for
    • Venue costs continue to be a real impact on show net and limit our ability to put on shows that will not drive revenue.
      • For musicals our facility cost at TOMS is usually > $5000
      • For straight plays around $3000
    • We are still exploring the new world of stipends.
    • We will be moving some of our cash on hand to one or more CDs to take advantage of the current interest rate environment
    • Yearly financials will be posted on the website after the end of the fiscal year.  The financial statements you are seeing in this meeting are fiscal year to-date.
    • We are still under the $50k revenue threshold for doing more complex tax filing with the IRS.
    • We need to find ways to attract more members
    • We need to attract more sponsors and perhaps pursue grants so we can be more ambitious in our approach to programming, and budgeting.