Presentation of Key Findings and Recommendations to the Broward County Commission. Assessment Report and Recommendations: Young At Art Museum
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1 Presentation of Key Findings and Recommendations to the Broward County Commission Assessment Report and Recommendations: Young At Art Museum 1
2 Broward County contracted the consultant to assess and develop planning recommendations addressing: Financial sustainability, including: assessment of YAA side-by-side with peers; financial trends; profit and loss; building financial reserves; and addressing depreciation; Operations, including: the facility; operational opportunities/ efficiencies; governance structure; policies and procedures; Planning, funding and financing strategies including cost structure, revenues, expenses and fund development opportunities; Dynamics of a new business model and Strategic Plan; Articulation of organizational identity and expanded visibility. 2
3 Consultant activities to complete assessment Included, but were not limited to: Document review of all available financials, grant narratives, policies, plans, governance documents, exhibition plans, board handbook and other materials using the context of museum field best practices. Review of Auditor Report and County Agreements. Review using Charity Navigator and Guidestar tools including side-by-side financial and accountability analysis with C.N.-ranked museums in Florida and against children s museums in the same budget range, nationally and especially within SE. Marketing diagnostic and geo-demographic analysis of membership, plus on-site visitor surveying using an e-platform. On-site assessment and planning meetings with YAA senior staff, board, and executive committee; interviews with other stakeholders. 3
4 Findings Summary: Situational Analysis YAA s financial trends Fundraising not meeting goal; admission numbers static, declined from year 1; membership declining; earned and contracted (fee-for-service) income declining. Expenses (especially payroll and programs/exhibits) escalating without ROI strategies. Depreciation of exhibits over 25 years as compared to norm for children s museums of 3-7 years (means that real decrease of net assets is greater than reported). Lack of reserves-- Industry standard for museums is cash reserves of 3+ years; YAA has unrestricted reserve of 1.5 months. 4
5 Findings Summary: Situational Analysis Potential Consequences if significant operational shifts do not occur: Even if debt to County were to be restructured, YAA may become insolvent in a few years; May be unable to meet financial obligations to County; If so, County faced with pursuing remedies under Agreement for Default; Then, museum would likely either close or be operated by another party; A significant artistic, cultural and educational loss to community and donors. 5
6 Charity Navigator Analysis Based on CN methodological assessment and Consultant findings YAA has: Numerous accounting and accountability issues Significant governance issues, lack of oversight and control Inability to produce, or problematic, operational policies and procedures: Specifically, financial practices, risk management, collections management, board oversight of senior leadership Transparency concerns RESULTS = YAA would score 0 points on Charity Navigator in these areas Florida comparison institutions are at 2.8/4, 3.2/4 6
7 Over-reliance on fundraising for restricted programs versus general operations Decisions to define contributions as restricted (thus limiting funds calculated under the 50% unrestricted pledge payment requirement in County Agreement) have operational consequences: Significantly more restricted dollars for specific programs collected this year than those programs cost; These contributions should NOT be used to assist with general operating needs; and Based an industry norms, funds not used for the donor-designated programs should be escrowed and only released when there is program need Remaining capital campaign pledges and restricted funds are presently used for general operations 7
8 RESULTS OF MEETINGS & INTERVIEWS WITH YAA STAFF and BOARD There is a culture of belief: $1/year lease with requirement to pay utilities & security is a bad deal from the County. Consultant was advised by Executive Board members that debt payment/interest terms will be modified through advocacy efforts with the Commission. RESULT: A lack of serious financial planning and actions Higher the national average cost to 31% (average 10-15%) Higher than national average administrative 44% (vs %) Lack of working cash 1.5 months Dwindling net assets As a non-collecting children s museum YAA has commissioned and collected over 150 art works and installations using operating funds without governance oversight, collections-management strategies, ownership rights to installation work. County grants have been used to commission works. 8
9 SIGNIFICANT ISSUES: YAA has not properly disclosed relationship to YAABLA Relationship is extensively publicized through certain channels, but not disclosed in County Agreements nor IRS form 990s As a result, YAA appears to have broken County lease agreement terms Tenant covenants that it will not, without the written consent of Landlord, permit the Premises to be occupied by any person, firm, or corporation other than Tenant and its employees. BLA is neither tenant or employee. BLA commissions artwork & exhibits, as well as provides workshops and classes on YAA site without formal relationship/mou/agreement to do so, and without required Landlord written consent. YAA should not be commissioning or leasing temporary exhibits under current budget conditions. Curatorial authority appears to have been given to BLA. Key BLA members include the YAA CEO s daughter and son. BLA lists the YAA CEO as one of its members. 9
10 CEO & Non-Staff Contractors Hold Essential Authority 10
11 RECOMMENDATIONS It is critical to state that I believe YAA is valuable, unique and worthy of saving Each recommendation is borne from those beliefs ACTIONS NEEDED IN THE FIRST TWELVE MONTHS Restructure YAA immediately into three parallel units (Museum, Institute, Community Initiatives) Create a joint working group of YAA and County staff (perhaps even with neutral outsiders involved) to formulate a plan for fulfilling recommendations Restructure Agreement with County; separate into two agreements (Lease with Ownership Options based on meeting targeted goals & Debt Repayment) Present to YAA Board and County Commission results of joint working group 11
12 RECOMMENDATIONS STAFFING/BOARD Phase-Out Contracted Positions Upgrade and enhance core YAA Staff/Job Titles/Descriptions Board of Directors Form specialized committees to oversee operational restructuring Update policies and procedures; implement new Strategic Plan Add new members from county and community Procure external auditing firm through competitive process Phase-out long-serving members, enhance financial participation Ensure complete oversight and transparency; adherence to goals/agreements 12
13 RECOMMENDATIONS FINANCIAL/FUND DEVELOPMENT RECOMMENDATIONS Achieve goal of $2.9M over expenses within 24 months Secure line of credit of $500,000 Finance Committee works with CFO, Board Treasurer and external auditor to provide accurate financial statements on a regular basis to County Restructure Development Department Market naming opportunities; increase marketing activities, generally Realize a 60% increase in donors; restructure multi-tier membership program; achieve goal of 50,000 paid admissions and 5,000 members in 2016 Position YAA for a successful capital campaign to buy down principle debt; achieve equity Achieve net revenue of $500,000 from annual gala; reduce fundraising costs (to.20 on $1) Increase Board giving goals and achievements; mandate giving levels 13
14 RECOMMENDATIONS FACILITIES/BUILDING Evaluation indicates operational and security costs being paid as part of the County Agreement are reasonable. County has been evaluating ways to restructure Agreement(s) with YAA to allow for eventual ownership of the building, so that recognizing building as a depreciating asset on Form 990 is allowable--strengthens asset base and long-term viability of YAA. Potential annualized equity accrual option (@ 3% annually, based on debt payment and lease payments being made timely; YAA owns building in 2051) RECOMMENDED APPROACH Equity is realized based on principal payments on existing principal debt; YAA realizes equity more quickly incentivizes aggressive capital campaign 14
15 DISCUSSION Board Direction Needed Does Board support recommendations in total or in part? Should County Agreement with YAA be bifurcated? If so, what elements should be captured in newly-developed contracts Support for YAA ownership of building? (In what form?) Support for continued/increased County membership on YAA Board? Support for joint taskforce what would membership look like? Other direction.?? 15
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