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Geva reduces operating loss, reports positive cash flow

Rochester Business Journal
February 7, 2014

Geva Theatre Center advanced toward a breakeven budget for the second consecutive year and took a large chunk out of its previous operating deficit, the theater's annual report for the 2012-2013 year shows.

The report, released Friday, shows Geva improved operating results from a loss of nearly $230,000 in fiscal year 2012 to an operating loss of $58,806 in fiscal 2013. Total cash operating revenue, support and releases increased close to 2 percent while operating expenses decreased by nearly 1 percent.

Much of the improvement came from an 18.4 percent increase in unrestricted cash contributions, including a 20.4 percent increase in individual donations. Total ticket income fell 6.8 percent in 2013, however, while attendance dropped 2 percent.

The season marked the beginning of a new strategic direction for Geva, marked by six major goals: revenue diversification, strong capitalization, artistic balance, brand understanding, audience loyalty and 21st century infrastructure.

“Geva’s transition to financial health is progressing as planned, and the artistic quality remains high,” said Tom Parrish Geva executive director. “As ticket sales alone can never cover the full cost of locally produced theater and educational programming, charitable giving is an ever more essential part of the financial structure of not-for-profit theater, and the Rochester community has been responding generously.”

Geva employed 287 full-time, part-time and seasonal employees and had an estimated economic impact of $10.3 million on the community for the year, the organization reported.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.


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