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Carolina Arts Federation Gala Report

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  • 1. Gala—A FinancialSuccessReport to the Board of DirectorsThis report contains final revenue data andestimated expense data. Final expenses will bereported as soon as all bills are paid.Patrick V. Hess6/15/2013
  • 2. Table of ContentsGoals for the Gala ..............................................................................................................................1Revenue Sources ................................................................................................................................1 Art Auction ......................................................................................................................................1 Sponsorships ...................................................................................................................................3 Ticket Sales ......................................................................................................................................4Total Revenue .....................................................................................................................................4Gala Expenses .....................................................................................................................................5 Page ii
  • 3. Gala—A Financial SuccessReport to the Board of DirectorsSeveral Board members at the event commented that the 50th Anniversary Galagenerated the most positive feedback that they had received in their tenure on theBoard. The art was phenomenal, and the entire event was both enjoyable and verymemorable. The public relations value of this event cannot be underestimated. Priorto the many communications sent out about this event, many citizens of NorthCarolina and South Carolina knew relatively little about the Carolina Arts Federation.A number of people indicated that they were not aware that the Carolina ArtsFederation was the financial sponsor of the popular Arts in Education program in K-12schools until the solicitations for the Gala were mailed to them.Goals for the GalaThe primary goal for the Gala was to serve as the major fundraising event of theCarolina Arts Federation for this year. The Board set the financial goal for the event at$150,000 net. Other goals revolved around public awareness of the work of theCarolina Arts Federation and public awareness about the role of art in enhancing thequality of life for our citizens and support for the Arts in Education program.Revenue SourcesPrevious fundraising events depended on ticket and table sales and an art auction forrevenue. Ticket and table sales provided the majority of the revenue at the primaryfundraising event for each of the past five years. The art sale was handled differentlythan it was this year, and it had a very small profit in most years. In a couple of cases,it did not break even. The three revenue sources this year all produced significantrevenue.Art AuctionIn previous years, one price was set for the art by the artist, and individuals bought itat that price. The process did not include a silent auction. This year the artist set thebid price and received 70 percent of that price if the art sold regardless of the finalsales price. Each artist was given four tickets to the Gala. The attached worksheetshows the bid price, sale price, the artist’s share, and the Carolina Arts Federation Page 1
  • 4. share for each piece of art. All artwork sold, and the total sales price was $209,625whereas the total bid price was $133,950, a difference of $75,675. Additional analysesare provided for future planning.Figure 1 shows the number of participating artists by state. The total number ofparticipants was 46. 30 Contributing Artists by State 25 20 Number 15 10 5 0 NC SC Prepared by Patrick V. Hess, CAF ChairFigure 1. Contributing Artist by StateFigure 2 compares the bid and sales prices by state. The North Carolina artists weremore accurate in setting the bid prices for their work than the South Carolina artists.The South Carolina artists tended to undervalue their work. Comparison of Bid Price and Sales Price 180 Thousands 160 140 154 120 100 80 93 60 40 55 20 41 0 NC SCFigure 2. Comparison of Bid Price and Sales Price Page 2
  • 5. Participating artists received $93,765, and the Carolina Arts Federation received$115,860. Table 1 shows revenue generated in each location. Table 1. Revenue Generated from Art Auction. Revenue Generated Number of Location CAF Share Artists NC 18 $26,710 Charlotte 7 12,715 Fayetteville 3 2,495 Greensboro 4 1,810 Raleigh 4 9,690 SC 28 $89,150 Charleston 6 18,860 Columbia 10 36,300 Greenville 5 11,415 Hilton Head 7 22,575 (blank) $115,860 (blank) 115,860 Grand Total 46 $231,720SponsorshipsThe Planning Committee recommended that corporate sponsorships be added to thesources of revenue this year and took full responsibility for soliciting the variouscorporations in the Carolinas. Table 2 shows the structure of the sponsorships. Table 2. Structure of Sponsorships Gala Celebration Sponsorships Sponsorship Level Benefits of Sponsorships  Presenting sponsor at event  Full-page ad in program Platinum-- $25,000  Recognition in all print materials  16 event tickets  Half-page ad in program Gold-- $15,000  Recognition in all print materials  12 event tickets Silver-- $10,000  Quarter-page ad in program Page 3
  • 6.  Recognition in all print materials  10 event tickets  Recognition in all print materials Bronze-- $5,000  8 event ticketsTwenty corporations sponsored the event. The strong support from the businesscommunity in both states exceeded expectations significantly. The levels ofsponsorship were priced higher than normally expected to reflect the special occasionof the 50th anniversary of the Carolina Arts Federation. For future fundraising events,the level of sponsorships will need to be evaluated carefully. Table 3 shows thenumber of sponsorships at each level and the revenue generated from sponsorships. Table 3 Revenue from Sponsorships Revenue from Sponsorships Sponsorship Level Number Tickets Revenue Platinum—$25,000 3 48 $ 75,000 Gold—$15,000 4 48 60,000 Silver—$10,000 5 50 50,000 Bronze—$5,000 8 64 40,000 Total 20 210 $225,000The sponsorship package included a total of 210 tickets. The value of each ticket was$100. The revenue generated from corporate sponsorships was $225,000.Ticket SalesTickets were sold to individuals through a mass mailing. Approximately 500 letterswere sent to individuals who have shown an interest in the arts. The ticket price was$100 per ticket, and 378 tickets were sold, generating $37,800.Total RevenueCorporate sponsorships generated the highest revenue of the three sources. Table 4summarizes the revenue by source. Table 4. Summary of Revenue Generated Gala Celebration Revenue Page 4
  • 7. Source Tickets Revenue Art auction 184 $115,860 Sponsorships 210 225,000 Ticket sales 378 37,800 Total 772 $378,660The total revenue generated by the Gala was $378,660. This revenue more thandoubled the highest fundraising event prior to this one. Sponsorships created a newopportunity to generate revenue. Individual ticket sales were not as high as they havebeen at past events; however, the total number of tickets distributed far exceeded thatof any previous event. The decline in the number of tickets sold was offset by thenumber of tickets provided with the sponsorship package.Gala ExpensesThe expense section of this report is based on agreed upon prices prior to the event.Several bills have not been received and paid. The staff believes, however, that theexpenses summarized in Table 5 are reasonably accurate. Table 5. Estimated Gala Expenses Estimated Gala Expenses Food, beverages, and facility costs ($60 per person) $46,320 Entertainment 6,000 Printing and promotion 22,500 Flowers, decorations, and art auction setup 8,000 Total $82,820The estimated net revenue based on the expenses shown in Table 5 would be$295,840. The amount is almost double the financial goal set for the event. Therefore,it is truly a financial success.Many volunteers and staff members devoted hundreds of hours to making this eventsuccessful. In addition, many organizations provided in-kind products and services tokeep costs to a minimum. The Events Coordinator will prepare appropriate letters ofappreciation to these individuals on behalf of the Board.As soon as all bills have been received and paid, this section of the report will befinalized. It will be sent to all Board members and will be discussed at the next Boardmeeting. Page 5

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