For this month’s loft piece, volunteer business manager Spirit Joseph offers an overview of Earthdance’s financial outlook:
Earthdance Financial Overview:
Over the past few years I’ve been supporting Earthdance as a volunteer business manager and was asked to provide an overview of how Earthdance is doing financially. During the pandemic Earthdance was able to borrow a large amount of money on attractive terms through government programs. This gave us a lot of cash, and also substantially raised our debt. The cash was essential for Earthdance to weather the years of severely reduced income and recover our yearly operations. Our goal is to generate a profit each year that can be invested in future capital improvements, can reduce our debt, and can be invested to generate additional revenue or reduce costs.
In 2023 our revenue rose to almost $494,000; close to our pre-covid income. Our operations for the year (including some one time non-recurring grants) resulted in an operating profit of about $36,000, compared to a loss of $23,000 the prior year.
We ended 2023 with $57,000 in cash in our operating checking and savings accounts. We also held $324,000 in interest bearing investment accounts with $70,000 already allocated to our roof and solar project and installation of a new well, and $50,000 allocated to future debt reduction. We have a total of $987,000 in two outstanding long-term loans.
The first 3 months of 2024 have been relatively slow for operations and events. The remainder of the year is looking stronger, and we are projecting to show a reasonable operating profit by the end of the year. Earthdance’s finances feel relatively healthy, and as always are reliant upon our community’s participation in events as well as donations both for operations and for capital improvements. Thank you so much to everyone who came to an event, to everyone who helped to produce, host, lead, or otherwise support an event, to everyone who made a financial donation, and to everyone who volunteered labor and expertise in some way to support Earthdance last year.
Spirit Joseph
Volunteer Business Manager |