Rochester Art Center says it's turning finances around
The Rochester Art Center says that after years of financial difficulty, major budgeting changes are starting to pay off.
Art center leaders said that layoffs this spring, an overhaul of expensive vendor contracts and other actions are improving finances.
The art center is digging out from years of financial mismanagement. A 2015 audit showed grave concerns about its ability to stay open.
That same warning remains in a 2016 audit, but accountants note that better budgeting shows some positive signs for the coming year.
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"The financial comparison illustrates a positive change in net assets in 2017 and that's kind of a big deal," she said.
The art center's deficit is smaller, and it has more cash. Net operating costs are down by more than 16 percent.
"What this says is that we are on the right path," Koch said. "We're reducing the deficit and making a change in things like net assets."
Koch said that other big money makers like event space rentals are still slow.
To help boost revenue in 2018, Koch said the center is trying to stage events that are more interesting to more people. She said that a major 2018 show underwritten by the Mayo Clinic is expected to bring 20,000 people.