Washington arts center operates in the black

The Washington Center for the Performing Arts is financially afloat despite shutdowns due to the COVID-19 pandemic, the organization’s executive director Jill Barnes said in Olympia’s Finance Committee meeting Wednesday, April 20.

Barnes said the art center did not have much activity since March 2020 and throughout the pandemic year, but they closed out the Fiscal Year 2021 with $3.9 million in assets and a net income of $1.1 million.

Barnes added the arts center received two payroll protection loans of $239,165 each and was given loan forgiveness for both – one in 2021 and the other in March this year.

“We are very happy to have those cleared off our books,” Barnes remarked

For FY2021, Barnes said the organization’s net operating income ended at $525,515 and their capital activity ended the year at $628,214, a total of $1.1 million.

Like other agencies, the arts center implemented austerity measures and worked on their business practices, including operational staff working on reduced hours.

Barnes said they received $515,345 funding from Shuttered Venue Operator grant in the current fiscal year, adding that they received a supplementary award of $377,255 funds in November.

“We are really in a good position and we are just excited to get back to work and start having good events again,” Barnes said.

Barnes said they anticipated operating in the red, but they have their finances almost $10,000 in the black through merchandise they are running.

Finance committee member Jim Cooper advised Barnes to apply for IRS employee retention credit, which is applicable for businesses that lost revenues due to the pandemic.

Some challenges the Center experienced during the pandemic included rescheduling of shows from 2020 and a higher no-show rate. They had low ticket sales and lost a lot of patrons because most of them were not interested in showing their vaccination cards or getting tested.

“It is true across the country,” said Barnes “Our story is similar to what all my colleagues are seeing.”

But in mid-February 2021, Barned reported seeing ticket sales kicking up.