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Arts & Science Council Announces Cost-Cutting Moves
The Arts & Science Council (ASC) announced today that it is re-structuring and shrinking its organization in the face of revenue challenges in the coming fiscal year.
ASC announced last week that its annual fund drive raised 37% fewer dollars than the previous year. The organization’s endowment, like many nonprofit endowments, will provide fewer earnings in the year ahead after having been impacted negatively by the securities markets. ASC also receives public funding from the state of
Sharply lower revenues will mean fewer dollars available for organizations and activities receiving funding from ASC. The organization will have to shrink its operations as well.
“ASC is a steward of public and private community resources, and exists to serve the community. If resources entrusted to us by the community decline, then ASC must re-size its organization in order to maximize dollars being invested back into the community,” said President and CEO Lee Keesler.
To cut operating costs, ASC will implement a two-week furlough of its staff, will reduce its contribution to its employees’ 401(k) plan, and will require employees to bear a larger share of the cost of its healthcare benefits plan. ASC will also undergo a workforce reduction to shrink by eight positions --- roughly 31% --- and outsource or suspend some activities. Workforce reduction impacts have already been announced internally.
Granting processes for organizations and activities in FY 2010 are in motion and will conclude in May and June with approval by ASC’s board before being distributed beginning in July. Dollars available for investment across the community will be substantially reduced from the current year in direct proportion to the overall loss in revenue. Most granting processes are competitive, so some organizations will be less affected than others.
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227 W. Trade Street
Suite 250
Charlotte, NC 28202
704-333-2ASC (2272) (phone)
704-333-2720 (fax)
Financial information about this organization and a copy of its license are available from the State Solicitation Licensing Branch at 888-830-4989. This license is not an endorsement by the State.
Contributions to the ASC are tax deductible in conformance with IRS Standards.