Skylight Reports Increase in Net Assets

At Skylight Opera Theatre's Annual Meeting on Tuesday, September 27, 2011, Skylight's Managing Director, Amy Jensen, announced that the theater ended the 2010-2011 season with a net increase of $30,000 in total assets, pending final audit results. Total net assets remain at approximately $4.7 million, including $2.5 million in endowment investments. Donors made a significant difference in the fiscal results by meeting a $150,000 challenge and donating at a level that is the second highest in Skylight history. Skylight's actual operating expenses were nearly $60,000 less than the approved budget and a full $100,000 lower than the prior year. Skylight, however will record a net operating deficit of $163,000 due to lower than expected ticket sales. The net operating result excludes certain non-operating and non-cash items such as investment gains, depreciation and restricted contributions. As a result of this operating loss, the amount outstanding on Skylight's line of credit increased from $328,000 as of June 30, 2010 to $399,000 as of June 30, 2011.

In order to address the recent trend in ticket sales and to improve the overall health of the organization, the Skylight board of directors and staff have recently embarked on a new strategic planning effort to set a strong course over the next several years. Although the current economic environment continues to provide financial challenges, Skylight announced that the current season renewal rate is high and the organization anticipates reaching its subscription goals for the 2011-2012 season.

At Skylight's Annual Meeting, the Board of Directors approved a slate of officers which included David Harvey as President, John Stollenwerk as Past President, John Flanagan as Secretary and Michael Lueder as Treasurer. Skylight also added three new board members, Leslie Hauser, Tax Managing Director at KMPG, Sandra McNeely, Vice President/Owner of The Abbey Group, Ltd. and Brad Quade, Milwaukee Region President of Johnson Bank to its roster.

Newly elected Board President David Harvey stated, "I would like to thank John Stollenwerk for his significant leadership during the past two years as Board President. The Board and staff have been working very hard on the strategic plan. We want to make certain that Skylight not only survives, but thrives through these challenging economic times."

Skylight launched its current season with the world premiere of The Rivals by Kirke Mechem. On the heels of extremely positive reviews, Artistic Director Bill Theisen said, "The opening weekend of The Rivals, with Kirke Mechem in attendance, was definitely one of the highlights of my tenure at the Skylight." The 2012-2013 season will be Theisen's ninth and final season with Skylight. A search for Skylight's next Artistic Director is currently underway.

To post a comment, you must register and login.