New Blog Post: Financial Reporting – Taking the Bull by the Horns!
(January 25, 2011) The recent travails of the NASCAR Hall of Fame, reported by several sources including Fox Sports on the web, have been troubling to many. What was projected to be a profit of more than $800,000 in the first year of operation has morphed into a projected deficit of almost $1.3 Million, and that’s after a reported 25% cut in expenses and assuming the Museum attracts 250,000 fans! These are daunting numbers for the Charlotte, NC community to absorb and, it seems, many worthy projects will need to be put on hold as the deficit is filled.
This news may have struck your community and made them wonder about your and their economic prospects. Is your Hall of Fame and Museum an economic driver or a drag on the local economy? There is no time like the present to put the facts out. Maybe it’s a press release or a story suggestion to your local newspaper, or an op-ed piece, an interview on local radio or television, or a mailing to your membership and donors. Whatever the medium, the message needs to assure the community of your economic health; indeed, it could provide your supporters with more reasons to donate time and money to the cause.
My suggestion: Strongly state your vision for the future, the mission of the organization, and, most of all, how you are being responsible in these economic hard times. How have you met the challenge? What difficult choices have you made? Identifying the programs, exhibits, or events foregone could motivate a new donor.
Be pro-active, transparent, and honest! Have your annual statement handy! These steps will build your equity in the community.
Jack Huckel, Founder & Principal of J.R. Huckel & Associates, offers election and induction consulting services to Halls of Fame. More information is available at the firm’s web site. Jack can be reached at firstname.lastname@example.org or 518/852-3033.