COVID-19 didn’t stop the Center of Anna Maria Island from finishing a third consecutive fiscal year in the black.
The nonprofit finished 2019-20 with $8,761 in net income despite closing twice because of the pandemic. The fiscal year began July 1, 2019, and ended June 30.
Executive director Chris Culhane said the nonprofit’s financial success was “pretty wild, all things considered.”
The center earned $172,771 less than its budgeted income, finishing with $1,065,914 in revenues. The differential can be attributed to closures, which halted fitness classes and youth camps, as well as the cancellations of a concert series and the tour of homes.
Without the events, the center collected $203,143 in fundraising income, falling $117,547 short of the nonprofit’s $341,131 goal for 2019-20.
However, the nonprofit offset the loss in budgeted revenue by cutting expenditures, such as delaying $73,113 in capital improvements until 2020-21.
Closing hurt revenues but also reduced expenses, as the nonprofit spent $51,712 less than budgeted on programs and saved $56,800 in general and administrative costs.
Also, the federal Paycheck Protection Program helped keep the center afloat, providing the nonprofit with a $84,125 loan to cover payroll costs, health care benefits, rent and utilities.
“These funds will be reclassified from liability/loan to government/grant income when we receive the official notice that repayment is waived and the loan forgiven in the coming months,” Culhane wrote in a July 28 email.
The center also received a record-high $91,000 from the Giving Challenge presented in May by the Sarasota Community Foundation and the Patterson Foundation, as well as more than $50,000 combined from the island cities.
The center also finished in the black in 2017-18, with $15,804 net income, and $91,479 net income in 2018-19. So the nonprofit hasn’t had a negative fiscal year since 2016-17, when it finished $282,749 in the red.
Culhane was elevated to executive director in May 2018 after working as a coach and administrator.
Despite the center’s success, the future remains unclear as the nonprofit had yet to release a 2020-21 fiscal year budget as of Islander press time.
“The budget will remain a work in progress,” Culhane said. “Fundraising and events comprise almost 50% of our budget, and we are still unsure if we can move forward with scheduling any events at this time.”
Regardless, Culhane said the new fiscal year began a strong as the center received $18,138.93 from the Barbara Zerby Trust in July.
Zerby, wife of the late Holmes Beach Mayor Jim Zerby, died in June.