Center rebounds from rocky 2021-22 financial start
The Center of Anna Maria Island’s financial struggles from the start of 2022 may have subsided.
The community center was $114,476.59 in the black through April, according to a financial report.
The figure ends a three-month streak of financial losses for the nonprofit that ran $193,951.72 in the black through December 2021.
The center proceeded to lose $28,687.32 in January, $71,791.36 in February and $3,582.78 in March before righting the ship and logging $24,586.33 in April.
The center’s shifting fortunes largely can be attributed to its fundraising efforts.
In January, the nonprofit’s fundraising expenses exceeded revenues by $32,503.12, dragging down an otherwise fiscally positive month.
February was even worse, as fundraising spending exceeded revenues by $48,815.91, but the center also lost $21,731.79 from operations due to middling program revenue.
The center’s program revenue and fundraising efforts evened out by March, when it took in $16,769.92 in operations and $17,609.59 in fundraising.
However, $37,962.29 in capital expenditures brought the month’s net income down to a negative.
While program revenue suffered in April, leading to a $39,954.45 loss in operations, the center’s fundraising efforts more than made up for it.
Over the course of April, the nonprofit collected $112,375.25 and spent $46,590.81 in fundraising, resulting in revenue of $65,784.44.
Despite its ups and downs, the 2021-22 fiscal year has been kind to the center. The nonprofit’s $114,476.59 net income through April exceeded projections by about $74,606, and exceeded net income through the same period last year by $168,775.
With the center’s fiscal year ending June 30, the nonprofit could be close to recording another consecutive fiscal year in the black.
Executive director Chris Culhane wrote in a June 7 email to The Islander that the center was hoping to fund some items from a list of capital improvement needs, including:
- $300,000-$400,000 for a tennis/pickleball court;
- $150,000-$200,000 for repairs to AC;
- $100,000 to upgrade the facility’s showers;
- $75,000 for deferred facility maintenance;
- $20,000 for plumbing repairs;
- $15,000 to add shade to the playground;
- $10,000 for field maintenance.
“Many of these minor capital repairs are in the works while the strategic planning committee reviews and assesses some of the larger capital projects that face us in the near future,” Culhane wrote.