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 Post subject: Pacific Northwest Ballet: Annual Meeting 2006
PostPosted: Wed Sep 13, 2006 12:32 pm 

Joined: Tue Jan 04, 2000 12:01 am
Posts: 14250
Location: Seattle, WA, USA
Pacific Northwest Ballet's Annual Meeting was held in the Nesholm Family Lecture Hall at Marion Oliver McCaw Hall at Seattle Center at 5:00 p.m. on Tuesday, September 12, 2006.

Treasurer Bert Valdman displayed bar graphs comparing several years worth of income and expense statements. For the 2005-06 fiscal year, earned income stood at 56% and contributed income at 25% of budget, with the remainder coming from endowment income and miscellaneous other sources. On the expenditure side, 51% of expenditures are related to production and company expenses, 16% to PNB School expenses, 18% to marketing, 9% to general administrative overhead, and 5% to development. The season posted a modest $170,000 surplus, largely as a result of strong single ticket sales. PNB has a working capital deficit in the ealm of $2.25 million. This is the result of the common practice of balancing the expiring season on revenue collected on behalf of the forthcoming season. Another reason why many companies are cash poor after the first of the year, until season ticket revenue begins to arrive.

PNB Foundation President Susan Brotman reported that the Foundation (aka: the endowment) currently has $11,700,000 invested; pledges and deferred gifts bring the total to $13,407,000. Asked how this amount compared with other companies, Executive Director David Brown indicated that New York City Ballet reigned supreme with a $100,000,000
endowment, with a precipitous dropoff to companies such as San Francisco Ballet and Houston Ballet in the $30-40,000,000 range. He indicated his belief that PNB's endowment is the fifth largest among U.S. companies.

Thanks to the generosity of Glenn Kawasaki, PNB has a $1.1 million gift to fund new works -- defined as works new to PNB.

Artistic Director Peter Boal reflected briefly on the 2005-06 season. He declared his pride in presenting dancers who had been with the company in guises heretofore unseen. He is pleased that he has been able to infuse the company with a sense of the new as well as the security of continuity. He sees his mission toward the audience as one of continuing to educate while making the audience feel included and excited. $5 Fridays have been overwhelmingly popular, routinely selling out. The cheapest ticket for a series performance at McCaw Hall has been reduced from $20 to $18. He closed by declaring that the Artistic Director/Executive Director relationship is very good -- they speak to each other nearly every day.

Executive Director D. David Brown gave plaudits to the administrative staff for their dedication. Following the 2004 Strategic Plan, the three principal work areas for 2006-07 will continue to be (a) to increase the organization's fundraising capacity; (b) to increase outreach and education activities, particularly with respect to inclusiveness in PNB School enrollment; and (c) to adhere to the multi-year budget planning cycle. He also credited the Artistic Director for the success of the season and the single ticket sales resulting in a modest budget surplus on June 30.

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