TO: CRA Board of Commissioners
FROM: Joan K. Goodrich, Economic Development Director
THROUGH: Jeff Costello, CRA Executive Director
DATE: December 11, 2018
Title
OLD SCHOOL SQUARE 4th Quarter FY2017-18 A-Guide Report
Body
Recommended Action:
Recommendation
Receive and file.
Body
Background:
The CRA awarded Old School Square (OSS) a $600,000 A-GUIDE grant in the CRA FY 2017-2018 budget which represents 16% of OSS’s $3,674,890 budget. The CRA also provided OSS an additional $300,000 this year to replace funding typically received from the City for a total funding of $900,000 represents 24% of OSS’s budget. The A-Guide grant was awarded to support two programs: 1) Performing Arts Program (Program A) and 2) Grassroots Partnerships (Program B).
On June 11, 2018, the CRA Board approved a request by OSS to amend their FY 2017-18 Funding Agreement and authorized the early issuance of the 4th quarterly payment in the amount of Two Hundred Twenty-Five Thousand and 00/100 ($225,000.00) to help facilitate the cash flow needs of the organization. In addition to the early CRA quarterly payment, OSS implemented a Work-Out Plan to reduce expenses for the Cornell Museum, Creative Arts School, Crest Theatre and Center Services and absorbed the anticipated year-end deficit with the remainder of its endowment fund. As such, the CRA anticipated impacts on 4Q metrics as OSS sought to reduce programming costs.
Below are highlights and program snapshots from Old School Square’s 4Q FY 2017-18 A-Guide Report ending September 30, 2018.
Old School Square Highlights from Kim Jones, CFO/COO
See attached letter dated November 16, 2018.
CRA Attorney Review:
N/A
Finance Review:
N/A
Funding Source/Financial Impact:
CRA G/L #: 7376 A-Guide Funding
Timing of Request:
N/A