Forward Performing Arts, Inc. and the Madison Scouts are pleased to report continued success in strengthening financial objectives while delivering on mission and impacting over 4000 students in 2019. With its fiscal year closing on October 31st, Forward Performing Arts (FPA) is reporting its best NET ASSET position since 2005 while achieving a $51K NET SURPLUS on operational activities. In addition, FPA's long-term bank debt was retired along with an overall 15% decrease in organizational liabilities.
In 2019, FPA posted $210K in direct charitable giving which is its second highest historic mark following last years record amount. Since 2009, the organization has increased its direct charitable giving proceeds by 80%. Overall annual giving totalled $264K which represents a 92% growth since 2009. In 2019 the number of transactional donations increased by 23% year-over-year while the number of unique donors increased by 27%.
Preliminary financial results were presented at the 2019 Annual Meeting along with the comparisons to 2018 results that were reviewed by the firm of SVA Certified Public Accountants of Madison, Wisconsin.
In the categories of EARNED REVENUES, net revenues derived from EVENTS achieved a modest growth of 3.3% and program income an increase of 1.7%. MERCHANDISE sales (instruments & soft goods) saw a decrease of 9.5% primarily due to shrinking margins on instrument sales. Overall EARNED REVENUES achieved a year-over-year growth of $7K (1%).
"We are cautiously optimistic with our financial progress," said Chief Executive Officer Chris Komnick. "One of our four pillars is financial stability and we continue to make progress towards that goal while making responsible financial decisions as it relates to our programs and mission fulfillment. It is difficult to balance priorities at times, but we continue to make reasoned decisions while delivering a quality educational experience for those participating in our programs."
