SEPTEMBER 25, 2020
BHM ANNUAL MEETING – FINANCIAL REPORT
Prior to COVID-19, the Museum was on an upward funding trajectory in terms of donations, sponsorships, rental income, and other earned revenue from fundraising and ticket events. However, since mid-March, State and County mandates have effectively eliminated an average of approximately $5,900 monthly earned income revenue – a severe financial handicap for this nonprofit. Although our expenses have been cut dramatically, and the Museum has successfully applied for and received approximately $23,500 through various federal and City grants (in addition to the City annual award), we are projecting a funding shortfall in the year 2021 unless we are able to reopen the Museum and Hall as before. Should a second federal stimulus package be forthcoming, we will be in a much better position financially; otherwise, we may be taking up the low-interest, thirty-year Economic Injury Disaster Loan for small businesses currently on offer to cover any shortfall. We would ask our members to be generous with their support – please read the Executive Director’s Report which discusses the new CARES ACT tax benefits for charitable contributions.