My Nonprofit Reviews
Review for Artspace, Inc., New Haven, CT, USA
Artspace recently completed its June 30th fiscal year and I’m excited to say that it ended with a profit. Just as encouraging, early indications point to another positive financial year for June, 2012 with clear momentum building for the future.
Artspace has been successful in expanding its revenue sources to include grant funding from the National Endowment of the Arts, Connecticut Commission on Culture and Tourism, the Community Foundation of Greater New Haven and other local foundations that were instrumental in the organization’s past. This spring also saw the return of its successful annual Gala benefit. These are exciting additions that strengthen the existing revenue base, minimizing the risk of over reliance on a few donors.
This past year also brought changes in leadership, including the executive director and certain board of director positions. The board of directors, charged with the organization’s governance, now comprise of individuals from diverse backgrounds including legal, finance, banking, medical, and artists from the community. The Board and management understand true fiscal discipline that brings long-term stability, requires implementing necessary expense reductions to complement the revenue increases. Accordingly, annual budgets are developed, reviewed and approved with a focus on operating with minimal administrative overhead. This will allow Artspace to use its new funding sources to expand its programs and mission in a fiscally sane way. The organization administrative costs approximate 10% of its total expenditures.
Artspace, as with many local non-profits, has the daunting challenge of balancing the realities of the economy with the program vision that is at the core of its mission. There are no easy solutions and additional, hurdles are to be expected. However, the financial transformation achieved this year.
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