the living arts centre in mississauga

Transcription

ANNUAL REPORT
2014
Year Ending August 31, 2014
March 10, 2015
Contents
CORPORATE OVERVIEW
Vision and Mission Statements and Core Objectives
3
The Chairman and CEO Message
4
Board of Directors
5
Board & Committees
6
Executive & Governance
Business Affairs
Arts & Entertainment
Audit
Nominating
DEPARTMENT HIGHLIGHTS
Performing Arts and Events
7
Studio Arts, Education and Outreach
9
Marketing and Communications
10
Customer & Facility Services
11
LIVE Restaurant / Corporate Sales
12
Fundraising
13
Arts for Life Gala
14
Finance
14
Staff
15
FINANCIALS
Audited Financial Statements
17
Vision & Mission Statement
Our Vision
To enrich the quality of life within Mississauga and
neighbouring communities through arts and culture.
Our Mission
ARTS for Life
Core Objectives
The Board of Directors, staff and volunteers are dedicated to actively pursue, grow,
improve and fulfill the mission and pledge to:
u
Present high quality performing and visual artists
u
Provide diverse educational experiences in
for the enjoyment and enrichment of all ages. This
performing and visual arts programming with
will include the presentation of upcoming local and
particular emphasis on youth and children.
national talent.
u
Create and maintain a challenging, respectful
and satisfying environment for staff and
u
Enrich the community by stimulating diverse
volunteers.
artistic and cultural development.
u
u
u
Engage in commercial activities such as
Enhance community experiences by partnering
corporate rentals and catering to the extent
and cooperating with local arts organizations.
necessary to support the Centre’s arts activities.
Provide artists a venue in which to pursue their
u
through grants, sponsorships and donations.
art forms, showcase their work and teach and
mentor others.
Seek support for the Centre’s various activities
u
Operate in a fiscally responsible manner.
THE LIVING ARTS CENTRE MISSISSAUGA I ANNUAL REPORT 13/14
03
Chairman & CEO Message
In the year ended August 31, 2014, the Living Arts Centre (LAC) continued
building its brand by focusing on established programs and events and initiating
new ones.
Once again theatre performance results were strong. Our LAC Presents
audience was 39,248, consistent with the previous season. A summer season
was successfully previewed with four performances: dinner theatre, youth music,
music performance and a Hammerson Hall comedy performance.
Community theatre rentals came in under budget but, theatre rental revenue targets were exceeded due to film shoot rentals.
Mississauga’s cultural diversity was widely represented as productions were
provided by African, Arabic, Chinese, Croatian, Egyptian, Filipino, French,
Italian, Slovak, Slovenian, South Asian, Polish, Punjabi, Serbian, Ukrainian and
Vietnamese speaking communities.
Both Christian and Muslim organizations rented theatres and meeting space for
theatre production and worship purposes. Private schools, both faith based and
community-owned, were also well represented.
The Centre worked with a number of other community organizations
including Chinese Reparatory Theatre, Rotaract, Square One Older Adult
Centre, MCS Chorus, Mississauga Children’s Choir, Ambiance Singers,
Mississauga Festival Choir, University of Toronto at Mississauga, Sheridan
College, York University and Mississauga School of Music. We also worked
hand in hand with Mississauga Arts Council to present seminars and events at the
Centre.
We strengthened our relationship with resident tenant Mississauga Symphony
Orchestra (MSO) in Fiscal 2014, and provided support for the newly formed
Mississauga Youth Symphony Orchestra – a new venture of MSO.
Through a grant from the City of Mississauga’s Arts and Culture division we
presented free Artward Bound outreach programming in each Ward of the city.
Through the Ontario Dances Grant, provided by the Ontario Arts Council, the
Centre hosted free community dance workshops for students, youth and seniors.
Heavily attended free community sponsored Family and Canada Day events
gave all members of the community an opportunity to familiarize themselves with
the LAC and get involved in the arts.
A record 26,491 students attended 1110 school workshops and records were
also established for attendance at community courses and the exhibition space.
We established visual arts partnerships for Art Battle Canada, Acorn Community
Outreach, UTM, Mississauga Potters Guild, Queen Elizabeth Park Gallery, the
Frog In Hand Off the Wall Project and both the Dufferin Peel and Peel District
School Boards.
We continued to successfully add summer camp programs, namely for Bravo
Broadway and Once Upon a Stage. Space for visual arts programs is now at a
premium as schedules are full.
Our Resident artist program was operating at capacity with 34 different artists in
the various disciplines.
We hosted our second annual Hazel McCallion Arts for Life Gala with Peel’s
own Juno award winner Johnny Reid providing the entertainment. At the gala,
we recognized the five millionth visitor to the LAC, Sydney Norrie and her family.
We grew our Mississauga concert series, which features local talent and provided
opera in Fiscal 2014 through the ongoing film series.
We held popular experiential pre-show events for both the Shanghai Ballet
(Chinese) and St. Patrick’s Day (Irish) with appropriate food and entertainment.
For fundraising, we focused on growing sponsorship and contracted a development officer. The membership program showed some growth. Our renewal rate
was 44% giving us 182 members.
We are fully invested in social media through Facebook, Twitter, Instagram and
YouTube. After CASL anti-spam legislation was put into effect our email data base
was 27K compared to 52K previously.
Web-based ticketing, pick your own seats and print-at-home ticketing were
introduced in order to provide state-of-the-art box office services.
04
Maja Prentice, Chairman
Ron Lenyk, CEO
We initiated steps to be Accessibility for Ontarians with Disabilities Act (AODA)
compliant and our joint health and safety committee met as required.
With the increase of new competition, banquet and meeting room rental
revenue was soft although large company and faith group repeat business stayed
strong.
Lobby bar sales increased as LAC took advantage of new provincial regulations
allowing alcoholic beverages in theatres.
Volunteers: 122 adults and 90 students, continued to play a vital role in providing
customer services to our patrons.
For the 11th successive year, revenues exceeded expenses before amortization.
Once again, we performed better than budget.
This success is a result of the hard work and dedication of the management team,
staff, our volunteers, our City of Mississauga support team and our volunteer
board of directors. We thank them all.
In that regard we would like to thank our outgoing directors Chuck Ealey, Karen
Sheehan, Councillors Katie Mahoney, Pat Mullin and Frank Dale.
Chuck served the Board well for nine years undertaking many roles including
a full term as Chairman of the Board. We thank him for his dedication and
commitment to a high standard for success. His contribution is truly appreciated.
Karen played a key role in the development of our volunteer services and also
chaired the Arts and Entertainment Committee in providing six strong years of
board involvement.
Councillors Mahoney, since 2007, and Mullin, since 1997, always took an
active part in board operations and we will miss them both. We would also like to
extend our gratitude to former Mississauga Ward 4 Councillor Frank Dale
who, as our home ward Councillor, served on our board from 1995 before the
building opened. We congratulate Frank and wish him well on his election as Peel
Regional Chairman
The City continues to provide facility services including utilities, security and
custodial services at no charge along with the rental of the building at a nominal
rent. These costs exceed $1.7 million. We thank Mayor Hazel McCallion, City
Councillors and City Staff for their continuing support.
Mayor McCallion deserves a special thank you for her commitment to LAC, from
its inception to the present, not only for conceptual support but for raising funds
without which it is unlikely the Centre would have been built.
We look forward to working with the new mayor Bonnie Crombie, who has
always exhibited a deep interest in the arts. Mayor Crombie has been a strong
supporter of the LAC and for that we thank her.
It is this productive partnership - the staff, the Board, volunteers, community
partners, the City and our patrons; which we believe makes the Living Arts Centre
the finest and most successful community arts centre; both performing and visual;
in Canada and possibly the World. The future looks very bright.
Maja Prentice, Chairman
Ron Leynk, CEO
Board of Director I 2013 – 2014
Patrick G. Egan, LL.B
Maja Prentice
Chair, Board of Directors
Retired Mississauga
Councillor Ward 3
Vice Chair, Board of Directors
Legal Counsel
EGAN Professional Corporation
Danielle V. D’Agostino
Stephen Farnham, CPA, CA, CFP
Denise Hayes, MBA, SHRP, CHRP
Ralph Hunter
President
Farnham & Company Chartered
Accountants Professional Corp.
Communications Consultant
Chief Human Resources Officer
Moneris Solution
President
Hunter-Gray Financial Services
Michael Rowe
CFO, Canada Division,
Home Depot Canada
Chuck Ealey, CFP. EPC
Janice M. Baker, FCPA, FCA
Emily Brown
Paul J. Fletcher
Councillor Chris Fonseca
Mark Galloway
Small Business Consultant
Shoppers Drug Mart
Eva Liebermann, P. Eng.
Councillor Kate Mahoney
Karen Sheehan
Timothy Whitehead, CHA
Past Chair, Board of Directors
Senior Financial Consultant
Investors Group
Broker/Manager
Re/Max Realty Specialists Inc.
Vice President, Information
Systems & Operations,
Mary Kay Cosmetics Ltd.
Inflight Service Director, Air Canada
City Manager and CAO
City of Mississauga
Ward 3, City Councillor
City of Mississauga
City of Mississauga
Educator
Councillor Pat Mullin
City of Mississauga
President
W–Link Hospitality Group Inc.
Ex-Officio Members
Councillor Frank Dale
City of Mississauga
Ruben Goulart LLB
Secretary
Lawyer, Bernardi Human
Resource Law Professional Corp.
Ronald J. Nisbet, CPA, CA
Mississauga
Andrew Whittemore
Acting Director, Culture Division
City of Mississauga
Ron Lenyk
Chief Executive Officer
The Living Arts Centre
Gerry Townsend, FCPA, FCA
Treasurer
VP Business Affairs
The Living Arts Centre
05
Board Committees
Executive & Governance Committee
Audit Committee
Maja Prentice [Chair]
Patrick G. Egan [Board Vice Chair]
Chuck Ealey [Past Chair]
Ralph Hunter
Eva Liebermann
Katie Mahoney
Ron Lenyk [CEO]
Gerry Townsend [VP, Business Affairs]
Stephen Farnham [Chair]
Ronald Nisbet
Maja Prentice [Board Chair]
Ex-Officio
Ron Lenyk [CEO]
Business Affairs Committee
Nominating Committee
Eva Liebermann [Chair]
Janice Baker
Steve Farnham
Mark Galloway
Denise Hayes
Ralph Hunter
Pat Mullin
Michael Rowe
Chuck Ealey [Chair]
Patrick Egan [Board Vice Chair]
Ralph Hunter
Eva Liebermann
Councillor Katie Mahoney
Ron Lenyk [CEO]
Ex-Officio
Ron Lenyk [CEO]
Arts & Entertainment Committee
Corporate Information
Danielle V. D’Agostino [Chair]
Karen Sheehan
Emily Brown
Paul Fletcher
Councillor Katie Mahoney
Karen Sheehan
Timothy Whitehead
Registered Address
4141 Living Arts Drive
Mississauga ON L5B 4B8
Tel: 905.306.6100
Fax: 905.306.6101
Email: [email protected]
www.livingartscentre.ca
Ex-Officio
Ron Nisbet
Ron Lenyk [CEO]
Registered Charitable Tax No.
136339470RR0001
External Auditors
Bazar McBean LLP
06
The Performing Arts and Events department continued its focus on presenting a unique series of artists and productions with a mixture of brand
recognition, underrepresented genres as well as new emerging artists with an emphasis on audience development.
A varied selection of performances was showcased within the Centre’s theatres. In Hammerson Hall the theatre was used 179 event days
which was a decrease from the previous fiscal. Of the usage, 58% representing 104 days, was arts community rentals. This area was
under budget but exceeded revenue targets due to film shoot activity. 21% representing 35 days, was programmed by the Centre in the LAC
Presents Series, a slight decrease from last season, and 22%, or 40 days was for corporate arts performances and events, again a slight
decrease. RBC theatre was used 206 event days which was on par from the previous year.
SAMPRADAYA DANCE CREATIONS
PRESENTS JOHN MURRELL’S
OCTOBER 19, 2013 8 PM
HAMMERSON HALL
Tickets: $30 – $60
In total, the LAC Presents season featured 74 performances and 49
productions, a higher number of performances compared to the previous
season. Total audience was 39,248 or 71% of capacity. Highlights from
the season in Hammerson Hall included sold out shows of Colin James,
The Vienna Boys Choir, The Backyardigans and BareNaked Ladies and
close to sold out performances of TAJ, The Nutcracker, The Musical
Box, Colm Wilkinson and the Broadway production of Beauty and The
Beast. There were several successful shows in the RBC theatre this fiscal
with three sold out performances including Rik Emmett, part of the
Mississauga Series.
A new Summer Series of music, comedy and dinner theatre, was
introduced this season, which included four performances; three in RBC
Theatre and one in Hammerson Hall. Gina and Joey’s Wedding Dinner
Theatre, a new concept to the centre, sold out Royal Bank Theatre.
Shanghai Ballet
07
Square One Adult Centre - South Seas Musical Concert
Battle Royale Dance Battle 2014. Photo courtesy of Victor Svenningson
To enhance the arts experience at the Centre, two themed ticketed
events were held in the RBC Theatre which included a buffet dinner
and entertainment. These events were held to coincide with shows in
Hammerson Hall.
More than 8,667 students attended onsite school performances in
French and English, an increase from the previous fiscal. This season,
we programmed four school off-site performances of Dib & Dob with
an additional 1291 students in attendance.
With dances grant funding from the Ontario Arts Council, we
continued to develop a wide demographic (ages 5 to 75) through
outreach workshops and community presentations. Youth programming featured a Battle Royale Dance Battle and workshops with
dance company, Supernaturalz Dance Crew. Outreach dance workshops for older adults were held at the Centre and at the Square One
Older Adult Centre by Peggy Baker Dance Projects with both dance
companies’ presentations culminating at the LAC as part of the free
Family Day activities. And, as part of our LAC Presents series, we
presented Peggy Baker’s performance of Other Worlds.
A wide variety of new and returning rental clients, including a
strong representation from the ethnic community and an increase in
film shoot rentals, performed within the centre’s theatres and other
spaces in 2013 – 2014.
New sponsorship and advertising opportunities were identified and
packages created to support shows, Family Day and Canada Day,
and print-at-home ticket.
RESIDENT TENANT
Denis Mastromonaco
Music Director
Director &
& Conductor
Conductor
Music
MSO Christmas Concert 2014. Photo courtesy of Victor Svenningson
A resident tenant at the Living Arts Centre since we opened in 1997, the Mississauga Symphony Orchestra continues to offer
entertaining and sophisticated programs from classical and popular repertoires. The orchestra flourishes under the charismatic direction of
Music Director Denis Mastromonaco, a strong advocate for music within our community.
08
Studio Arts, Education & Outreach
Studio Arts continued to deliver high quality visual and performing arts experiences for children, youth, adults and families within the Centre’s eight
professionally equipped artist studios. Participation continued to increase in 2013-2014 due to expanded offerings for schools, camps and
community courses resulting in an attendance of over 40,000, an increase of 17% over last year. New initiatives in this fiscal included Art
Battle, expanded community outreach events, festivals and afterschool programming,
gallery renovation and expanded community artworks throughout the building.
Educational Programming for Students and Teachers
School workshops engaged 26,491 students and their teachers in 1,110 hands on visual and
performing arts workshops delivered both onsite and offsite. This set a new record for this
area. Students and teachers from 257 different schools attended programming which
represented a 28% increase from the previous fiscal.
Community Courses
Mixed Media
Community Courses continued to offer hands-on courses and workshops taught by
practicing artist-educators in professional studios through fall, winter, spring and summer
sessions. A total of 209 courses were delivered to 2,207 participants represented a 15%
increase in participation from the previous fiscal.
This area also provided engaging work experience for high school volunteers and co-op
students.
Camps
One thousand six hundred and twenty-one children ages 6 to 17 participated in camp
programming in 2013-2014 representing our highest attendance to date. Camp programs
would not have been possible without the support of high school student volunteers. Eightysix students from Peel Region donated 5,886 hours to the successful operations of camps
throughout the season.
Photography
Specialty Workshops
Specialty Workshops provide unique programming experiences including Birthday Parties
for children, custom designed corporate workshops and specialty programming for service
groups, girl guides and community groups. Forty workshops were created and delivered to
634 participants.
Camps
Exhibitions
Exhibitions continue to have a community focus showcasing local and regional artists/artist
groups. Eight exhibitions showcased works in a variety of media. These showcased 145
Mississauga artists and were visited by over 9,300 patrons.
IMMODERATION
JANUARY 25 – MARCH 2, 2014
Resident Artist Program
The Residency program saw 34 artists working within all studios. Residents continued to be an
integral part of the Centre’s programming through their participation in exhibitions, teaching
course and involvement in community and corporate events.
Community Outreach
The ARTward Bound outreach program delivered programming in the community May
through August. This project was funded by a City of Mississauga Culture Division grant,
Ellis Don, The Mississauga News and Daniels. Programming ran in each Ward in
Mississauga and consisted of five afterschool programs, 27 workshops, five community
festivals, and 14 full day summer programs.
ARTward Bound Event [DuffleBag Theatre]
09
Marketing and Communications
Happy Canada Day! 2014
BareNaked Ladies in Concert, Hammerson Hall 2014
Family Day with Beauty & The Beast 2014
The Marketing and Communications group continued to support and promote the LAC in
growing ticket sales; achieving full registration in courses and camps and building LAC’s
brand in the community.
Overall marketing and promotion of LAC Presents utilized proven marketing methods. The
season was launched with a Patron Appreciation Night and full advertising support plan. This
year, the brochure was delayed until September as part of a plan over a three year period
to evaluate eliminating the brochure. It was distributed in Mississauga as well as the outlying
communities of Oakville, Etobicoke, Brampton, Milton and Georgetown.
Print media was primarily utilized to promote the season and promotion of the Centre
supplemented by radio and online advertising, our website and increased social media
activity, including Facebook and Twitter.
Summer
Summer Theatre
Theatre
Facebook advertising and targeted re-marketing programs were the focus of online activity.
We also added an Instagram account to begin to develop a younger following.
Ethnic online and print media helped increase exposure for LAC presented ethnically relevant
performances.
Studio arts programming including community courses, camps, school programming and
workshops and camps were supported by targeted marketing programs with emphasis on
distribution and direct mail activity.
Gallery exhibitions were supported with flyers\rack cards, website banners and mailers to
targeted groups.
Outreach marketing at community events and festivals were included at the Watefront Festival,
Bread and Honey Festival, Rotary Ribfest, Canada Day, Family Day and mall promotions.
The summer outreach program, Artward Bound, was heavily supported with direct mail flyers
strategically positioned to appropriate neighbourhoods along with flyer distribution in food
banks, and local schools. The program was sponsored by the Mississauga News as part of
the media program.
Michael BoltonMeet & Greet with fans
LIVE Restaurant was marketed with internal signage, flyers, website exposure, e-newsletter
reminders, advertising support, mobile signs for special events, and promotional activity.
The ARTS for Life Patron Club membership program was promoted throughout the year
beginning with the season launch event where we added a tax receipt as an additional
benefit. Revised flyers and monthly e-blasts were utilized to encourage membership.
Members enjoyed the range of benefits along with several artist Meet & Greets throughout
the year.
10
Waterfront Festival,
Festival, 2014
2014
Waterfront
Customer & Facility Services
The Customer & Facility Services department continued to provide
operational services in a professional and safe manner to support all
activity at the Centre.
Box Office
The Box Office team continued to deliver service to all customers
as we saw an overall increase of 5.6% on tickets issued compared
to Fiscal 2013. This is primarily due to an increase in RBC Theatre
attendance for LAC Presents and Rental Clients.
This season our goal was to have 45% of our overall sales take place
online. We completed the season with 47% which is an increase from
40% last year. This is due in part to the implementation of print-athome tickets.
In keeping with the Accessibility for Ontarians with Disabilities Act
(AODA) we implemented an Accessible Seating option for online
purchases.
We continued to invest in our Customer Service Representatives (CSR) by holding bi-monthly training meetings to keep
them abreast of the activity at the Centre. We have continued to
hire CSRs with a second language to reflect Mississauga’s diversity in
population. Currently we have staff who can speak French, Spanish,
Italian, Polish, Serbian, Ukrainian, Hindi, Urdu, and Tagalog.
Our Reception/Gift Shop area continues to be the focal point of the
Centre. Our primary goal was to increase sales in the gift shop and
while we did not meet our budget we did increase sales by 41% over
the previous fiscal. This was achieved by opening the Gift Shop for
all ticketed Hammerson Hall events and introducing a few new items
for sale.
This year we provided greater volunteer coverage at the Information Desk and consequently improved our coverage rate to 85% from
65% last year.
Front of House
Our Front of House team continues to ensure we provide a safe and
healthy venue during events. In total our team serviced 280 shifts – a
decrease of 16 shifts from last season.
New this year was alcoholic beverages being permitted in the seats.
We created protocols to reduce potential issues which included
closing the bar during some performances so patrons do not disturb
others.
Technical and Production Services
Maria Bangoy,Volunteer of the Year 2014 with CEO Ron Lenyk
Volunteer Services
Our volunteers continue to play a vital role in providing customer
service to our patrons. They assist in front line service positions in the
Theatres, the Gallery, with Reception, at our Information Desk and
with marketing events. In total our adult volunteer team consists of
122 active individuals. Our youth program enlists the help of more
than 90 students assisting with Camps and Community Courses
throughout the year.
The number of long standing volunteers continues to grow while we
reached a new milestone of 17 years of service by Joanne Whittford.
We also acknowledged 13 volunteers for 16 years of service, 6
volunteers for 15 years of service, 5 volunteers for 10 years of service
and 6 volunteers with 5 years of service.
Award winners were:
Volunteer of the Year – Maria Bangcoy
Award of Distinction – Marika Carswell and James Christie
Award of Excellence – Beth Harris
Special Awards of Recognition – Raisa Ahmed, Grace Bateman,
Diana Chan, Edith Davis, Bogumila Derewicz and Margaret
Musselman
The Volunteer Social Committee is fully self-managed and was able to
organize four events – potluck dinner, movie night, games night and
mystery walk at the Montgomery Inn Museum in Etobicoke.
This year our technical crew supported more than 196 different rental
and corporate events (a decrease of 35 events over Fiscal 2013)
in addition to our internal programs of LAC Presents, Community
Courses and Camps. We were able to provide the technical and
production support to our clients with the services provided by our
backstage labour supplier, Nasco Staffing Solutions. We again
focused on performing preventative.
Facility Services
The Joint Health & Safety Committee held quarterly meetings to
ensure a safe and healthy environment and the committee continues
to inspect the Centre on a monthly basis. Despite an increase in fire
alarms, our overall incident rates have decreased. Our Fire Warden
program was re-introduced in March to clarify the roles and responsibilities of each department.
Volunteer Award Winners 2014
11
LIVE Restaurant / Corporate Sales
Room Rental, Catering and Restaurant
More than 1,500 events were booked at the Living Arts Centre
compared to just over 1,700 in the previous year.
Repeat business from large companies i.e. London Drugs, Aecon
and Target, plus, weekend faith groups contributed strongly to the
bottom line although the objective to achieve room rental budget was
missed by $137,000. There was a food and beverage shortfall from
budgeted revenue for catered events of $195,000. The shortfalls
reflect increased competition from the growing number of banquet
facilities in Mississauga.
LIVE Restaurant covers improved by about 10% as a result of the
increase of LAC Presents show nights for pre-show and post show
events.
Lobby Bar also had an increase in sales of $11,000 (20%), due to
added number of shows and the fact all theatres are now licensed for
alcoholic beverage consumption.
Wedding Shower Party in LIVE
Target Corporate Event, 2014
12
Corporate Event Dinner
Fundraising
In 2013-2014, fundraising totaled $402,100 with $153,000 in
grants and corporate donations. This compares to $340,000 the
previous fiscal.
We received a grant for an Ontario Dances Project through
the Ontario Arts Council, a grant from Canadian Heritage
supports LAC Presents through its Canada Arts Presentation Fund
and grants from the City of Mississauga Arts and Culture division
for our community outreach program: TD Financial Group, for school
workshops and school performances, Pratt and Whitney Canada
and Erin Mills Town Centre for LAC Presents, Daniels Group and
Ellis Don for outreach. Pepsico, continued to support the Centre with
donations.
The Mississauga News was print media sponsor donating $64,000
of advertising services and also sponsored Family and Canada Day
celebration events.
Our annual gift program with donations from individuals, staff and
Board members totaled $5,270.
Event sponsorships were provided by Morguard, Union Gas, Habib
Bank, Highland Farms and Mississauga School of Music.
Show sponsorship for Shanghai Ballet and Beauty & the Beast raised
$17,300.
Our LIVE supplier rebates donations program brought in $13,400
with donations from Affairs Party Rentals, Allseas Fisheries
Corporation, Ecolab, Everist Brothers, Sysco Foods, The Pearl Trading
Company and Ruwan’s Culinary Inc.
The second annual Hazel McCallion Arts for Life Gala lost $15,000
but was lauded by attendees as a first class event with Canadian Juno
award winner Johnny Reid providing the entertainment.
PROGRAM INITATIVES FUND
The Program Initiatives Fund was established to provide access for
funding of programming endeavours which address key issues from
the Centre’s mission statement requiring financial assistance.
SPONSORSHIP
During 2013-2014 fiscal, the Fund provided assistance to
Mississauga based programming, the newly established Mississauga
Youth Symphony Orchestra, Mississauga Rotaract for its singing
competition and community dance and arts battles.
Pepsico Canada donated $40,000 for naming rights of Exhibition
Space Gallery.
Also rental support was provided to student endeavours for dance,
music, literacy and visual arts.
ARTS for Life Memberships program accounted for $7,000.
THE LIVING ARTS CENTRE ACKNOWLEDGES THE SUPPORT OF:
PERFORMANCE SPONSORS
SCHOOL WORKSHOPS &
PERFORMANCE SPONSOR
EVENT
SPONSOR
SPONSOR
PRINT MEDIA
SPONSOR
NAMING
SPONSOR
HOTEL
SPONSOR
KEEPING THE ARTS ALIVE IN MISSISSAUGA
Your tax-deductible donation to the Living Arts Centre helps to ensure that affordable, quality arts events
and arts education take place in our city. Your gift will bridge the gap between the cost of running these
programs and the amount that artists, students and community members can reasonably pay to attend.
To donate, call 905.306.6196 or visit www.livingartscentre.ca/support
Living Arts Centre Registered Charitable Tax Number: 136339470RR0001
13
Mayor’s Gala / Finance
ARTS
for
Life 2013
Mayor McCallion congratulating the LAC 5th Millionth visitor
Mayor McCallion with Johnny Reid at the 2013 Mayor’s Gala
The second Hazel McCallion ARTS for Life Gala featured Juno award winner
Johnny Reid, a longtime Peel Region resident. The five millionth visitor to the
LAC, Sydney Norrie and her family received a year’s subscription to LAC shows.
LAC Chairman, Maja Prentice greeted, from left, John Keyser, Ward 3 City of
Mississauga Councillor Chris Fonseca, an LAC board member, Pat Keyser and Mayor
Hazel McCallion.
Maja Prentice, John Keyser, Chris Fonseca, Pat Keyser
& Mayor Hazel McCallion
Finance
The financial results for the year ended August 31, 2014 were better than those budgeted. The excess of revenues over expenses in the
unrestricted fund was $312,000 compared to a budget of $138,000.
The revenue from operations was $7,351,000 compared to $7,322,000 the previous year.
The amortization for the year was $1,049,000. Historically, the Centre has reported to its Board and Council on the results before
amortization. This is because the major part of the annual amortization is related to the shortfall in the initial fundraising that was underwritten
by the City and classified as leasehold improvements on our balance sheet.
We continue to be in a strong financial position. Our working capital at August 31, 2014 was $779,000 and the net assets were $4,784,000.
14
Staff
PERFORMING ARTS
Linda Keen Lausberg, Director, Performing Arts & Events
Courtney Cook, Michelle Cockburn, Carol Haynes
STUDIO ARTS
Leslie Leader, Director, Studio Arts, Education & Outreach
Linda Keen-Lausberg
Joel Alexander, Tanya D’Souza, Cait Harben, Lisa Mahoney, Meghan McClenaghan
Amy Ng, Megan Press
CUSTOMER & FACILITY SERVICES
Gail Anderson, Director, Customer & Facility Services
Kristina Cuenca, John De Melo, Marija Duvnjak, Amanda Dwyer, Michael Estacio
Duncan Morgan, Miona Necic, Alba Noronha, Megan Paul, Karina Soares, Victor Svenningson
Leslie Leader
Melissa Breton, Susan Campbell, Diana Chan, Lynda Hammett, Cathy Lee Keogh-Hammond
Eva Keith, Wasifa Khan, Virginia Maj, Miona Necic, Len Neiman, Amanda Nicholls
Stephanie Martyres, Mahreen Qureshi, Ksenia Sabouloua, Nicole Shaw, Jenn Silver
Krysta Soroczynski, Sheila Wujek
MARKETING & COMMUNICATIONS
Robert M. Hart, Director, Marketing & Communications
Gail Anderson
Mary Chan, Gary Li, Saaliha Malik
BUSINESS AFFAIRS
Gerry Townsend, V.P. Business Affairs
Rob Brown, Manager, Finance & Accounting
Grace Aldea, Debbie Choi, Mariette Rajkumar
Robert M. Hart
LIVE RESTAURANT / SALES & CATERING
Laszlo Buzas, Manager, Food & Beverage
Anne Parker, Manager, Corporate Sales
Sofia Amaro-Elliott, Alba Noronha, Esther Ortiz
CULINARY
Peter Colberg, Chef de Cuisine,
Rob Brown
Mahipal Dheendsa, Sous Chef
Jose Gundin, Elizabeth Bilas, Jose Desmondo, Jaspal Dhillon, Alex Gundin, Violetta Jendreczak
Via Lumova, Shady Mettlas, Lucia Ortiz, Jeffrey Miranda, Rahul D’Cunha, Marsha Fontaine
Stephanie Luciani, Anthony Vaz, Ann Cozzi, Helen Hurtado, Erin Elliott, Luis Llachohua
NASCO DEPARTMENT HEADS
Lance Brathwaite, Dean Collins, Kevin Kuharski, Shawn Lague
Mark Lapadula, Ian Radburn, Ray Wong
Laszlo Buzas
Stagehands provided by NASCO Staffing Solution Inc.
15
THE LIVING ARTS CENTRE, MISSISSAUGA
CONSOLIDATED FINANCIAL STATEMENTS
AUGUST 31, 2014
18
19
Subject to accompanying notes to the financial statements
20
21
182,016
312,380
CONTRIBUTIONS - note 1 (l)
EXCESS (DEFICIT) OF REVENUE
OVER EXPENSES
(1,049,450)
-
(1,049,450)
$
$
-
-
-
-
-
(72,496)
(72,496)
(72,496)
77,756
77,756
5,260
5,260
Program
Initiatives
Fund
130,364
1,049,450
1,221,259
OPERATING INCOME (LOSS)
1,049,450
-
1,241,293
(20,034)
ADMINISTRATIVE EXPENSES
Finance and administration
Amortization
Interest - net
-
-
5,994,239
-
-
-
$
$
3,371,423
1,690,180
932,636
-
7,345,862
4,426,882
606,011
477,219
1,835,750
-
Fixed
Assets
1,351,623
$
$
Unrestricted
Fund
INCOME (LOSS) BEFORE
ADMINISTRATIVE EXPENSES
EXPENSES
Arts programs
Catering & restaurant
Customer and facility services
Program Initiatives
REVENUE
Arts programs - note 9
Room rentals
Customer and facility services
Catering & restaurant
Program Initiatives
FOR THE YEAR ENDED AUGUST 31,
CONSOLIDATED STATEMENT OF OPERATIONS
$
$
THE LIVING ARTS CENTRE IN MISSISSAUGA
(809,566)
182,016
(991,582)
(723,543)
170,896
(894,439)
2,424,228
2,270,709
1,529,789
5,792,133
3,092,885
1,814,380
845,297
39,571
7,321,922
4,302,416
690,947
425,751
1,898,208
4,600
1,405,309
1,051,372
(32,453)
$
$
Total
2013
1,241,293
1,049,450
(20,034)
1,279,127
6,071,995
3,371,423
1,690,180
932,636
77,756
7,351,122
4,426,882
606,011
477,219
1,835,750
5,260
Total
2014
22
(556,822)
(3,421)
Transfer between funds - note 7
BALANCE - ending
-
(182,016)
Forgiveness of capital loan - note 7
Transfer of cash to internally
restricted assets
-
(46,828)
Unrestricted assets used to
acquire fixed assets
Internally restricted assets used to
acquire fixed assets
312,380
Excess (deficit) of revenue
over expenses
$
$
BALANCE - beginning
(636,937)
Unrestricted
Fund
NET ASSETS
$
-
3,421
5,949,211
-
-
-
-
$ (5,952,632)
Capital Loan
$ 3,963,698
3,421
5,949,211
-
76,906
46,828
(1,049,450)
$ (1,063,218)
Net
$
$
610,717
766,629
-
-
-
-
-
(72,496)
839,125
-
$
$
For Program
Initiatives
-
182,016
(76,906)
-
-
505,607
For Future
Capital
Improvements
Internally Restricted Funds
$ 3,963,698
-
-
-
76,906
46,828
(1,049,450)
$ 4,889,414
Investment in
Fixed Assets
Investment in Fixed Assets
CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS
-
(355,423)
-
-
5,949,211
-
-
(723,543)
368,120
-
$
$
Total
2013
-
-
-
(809,566)
(355,423)
$ 4,784,222
$
Total
2014
CONSOLIDATED STATEMENT OF CASH FLOWS
CASH PROVIDED FROM (USED FOR):
OPERATING ACTIVITIES
Operating (loss)
Amortization
Net change in non-cash working capital:
Accounts receivable - current
Prepaid expenses
Inventory
Accounts payable and accrued liabilities
Customer deposits
Capital loan payable to
The City of Mississauga - note 7
Accrued sponsorship services
2014
$
(991,582)
1,049,450
2013
$
199,072
9,737
(3,140)
(7,821)
166,484
(40,929)
23,719
(1,821)
(2,661)
(96,671)
(3,421)
(6,004)
(24,498)
412,775
INVESTING ACTIVITIES
Accounts receivable - long-term
Contributions
Purchase of fixed assets
14,072
(46,500)
182,016
(123,734)
9,500
170,896
(184,370)
11,782
FINANCING ACTIVITIES
Due from The City of Mississauga
NET INCREASE (DECREASE) IN CASH
CASH - beginning
CASH - ending
(3,974)
(562)
(14,420)
423,995
(4,322)
1,273,970
$
(894,439)
1,051,372
1,697,965
1,278,292
$
1,273,970
23
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AUGUST 31, 2014
The Living Arts Centre in Mississauga (the "Corporation") was formed to conduct and operate
a Centre for the Arts in the City of Mississauga for the promotion of the arts within the
community and for the benefit of the community generally.
The Corporation is incorporated in the Province of Ontario as a corporation without share
capital and is subject to the Charities Accounting Act and the Charities Gifts Act. The
Registered Charities Number is 136339470RR0001. The Corporation is exempt from income
taxes under Section 149(1) of the Income Tax Act.
The Living Arts Centre Foundation is incorporated in the Province of Ontario as a corporation
without share capital and is subject to the Charities Accounting Act and the Charities Gift Act.
The Registered Charitable Number is 119043636RR0001. The Living Arts Centre Foundation
is exempt from income taxes under Section 149(1) of the Income Tax Act.
Live Cuisine Inc. operates a restaurant and catering business, and is a wholly owned subsidiary
of The Living Arts Centre in Mississauga.
1.
SIGNIFICANT ACCOUNTING POLICIES
a) Basis of accounting
These financial statements have been prepared in accordance with Canadian accounting
standards for not-for-profit organizations, which is in accordance with Canadian generally
accepted accounting principles.
b) Consolidation
These consolidated financial statements include the accounts of The Living Arts Centre in
Mississauga, its wholly owned subsidiary Live Cuisine Inc., and the related Living Arts
Centre Foundation.
c)
Fund basis of accounting
The Corporation follows the restricted fund method of accounting for contributions.
The Unrestricted Fund reports the general revenue and expenses from the Corporation's
operations.
The Fixed Asset Fund comprises the net book value of fixed assets, netted against the
capital loan payable to the City of Mississauga. The capital loan was forgiven on
December 11, 2013 (see note 7 (b)).
24
AUGUST 31, 2014
1.
SIGNIFICANT ACCOUNTING POLICIES - continued
c)
Fund basis of accounting - continued
The Capital Improvements Fund was established for future capital improvements to the
Corporation. Revenue in this fund is generated from surcharges on every ticket sold and is
internally restricted for the use of future capital improvements.
The Program Initiatives Fund was established by the Board of Directors in Fiscal 2006. It
provides funding for art projects and initiatives that address key goals from the
Corporation's mission statement.
d) Use of estimates
The preparation of the Corporation's financial statements in conformity with Canadian
accounting standards for not-for-profit organizations requires management to make
estimates and assumptions that affect the reported amounts of assets and liabilities and
disclosures of contingent assets and liabilities at the date of the financial statements, and
the reported amounts of revenue and expenses during the reporting period. These
estimates are reviewed periodically, and as adjustments become necessary, they are
reported in operations in the period in which they become known. Actual results in the
future may differ from those estimates made.
e)
Financial instruments
The Corporation initially measures its financial assets and financial liabilities at fair value
adjusted by, in the case of a financial instrument that will not be measured subsequently at
fair value, the amount of transaction costs directly attributable to the instrument.
The Corporation subsequently measures all its financial assets and financial liabilities at
amortized cost.
Financial assets measured at amortized cost include cash, accounts receivable and due
from The City of Mississauga.
Financial liabilities measured at amortized cost include accounts payable and accrued
liabilities.
f)
Contributed services
Volunteers contribute services to the Corporation in carrying out its operating activities.
Because of the difficulty in determining the fair value of these contributed services, they
are not recognized in the financial statements.
25
AUGUST 31, 2014
1.
g)
Foreign currency translation
Monetary assets and liabilities denominated in a foreign currency are translated to
Canadian dollars at the exchange rate in effect at the statement of financial position date.
Other assets and liabilities are translated at the exchange rate in effect at the transaction
date. Items appearing in the statement of operations, except for the cost of retail store
inventory and amortization translated at historic rates, are translated at the average year
rates. Exchange gains and losses are included in income.
h) Cash
The Corporation's policy is to disclose Canadian and US bank balances under cash.
i)
Inventory
Inventory includes alcohol, various food and other perishable items and is valued at the
lower of cost and net realizable value. Cost is determined on a first-in, first-out basis. The
cost of inventory includes the costs of purchase and other costs incurred in bringing the
inventory to the present location. The amount of inventories used and recognized as an
expense during the year was $514,003 (2013 - $548,032).
j)
Fixed asset
Fixed assets are recorded at cost. Contributed fixed assets are recorded at fair market
value at the date of contribution.
Amortization is calculated based on the estimated useful life of the assets on a percentage
declining-balance at the following annual rates:
Computer hardware
Computer software
Furniture & fixtures
Kitchen & banquet equipment
- 30%
- 100%
- 20%
- 30%
Leasehold interests are amortized on a straight line basis over 10 or 20 years or the
remaining lease period, whichever is less.
In the year of acquisition of an asset, the above rates are reduced by 50%.
26
AUGUST 31, 2014
1.
k) Income taxes
Live Cuisine Inc. is a taxable entity and accounts for income taxes using the taxes payable
method. Under this method, the Company reports as an expense of the period only the
cost of current income taxes for that period and therefore does not report future income
taxes.
l)
Revenue recognition
Arts programs revenue includes tickets sales, workshops, camps, courses, sponsorships,
grants and donation revenue. Ticket sales, workshops, camp and course revenues are
recognized when the show or workshop/camp/course has been held. Sponsorship revenue
is recognized at the time the event being sponsored is held.
Restricted grants and donations related to general operations are recognized as arts
programs revenue of the unrestricted fund in the year in which the related expenses are
incurred.
Room rental revenue is recognized on the date of the rental.
Customer and facility service revenue includes client set up fees, commissions and ticket
surcharges which are recognized when the services have been provided to the customer
and there is reasonable assurance of collection.
Catering and restaurant revenue are recognized at the time goods or services have been
provided to the customer and there is reasonable assurance of collection.
Program initiatives revenue includes donations which are recognized on the basis
described above.
Gift certificates are originally recorded as deferred revenue when sold. Once the gift
certificate has been redeemed for a type of revenue, it is recognized in accordance with
that revenue stream recognition policy.
Contributions are generated from surcharges on every ticket sold, intended to be used for
future capital improvements and recognized in the unrestricted fund. All contributions
recognized are transferred into the internally restricted fund for future capital
improvements.
Interest income is recognized when earned.
27
AUGUST 31, 2014
2.
GOING CONCERN
These financial statements have been prepared in accordance with Canadian accounting
standards for not-for-profit organizations applicable to a going concern. Accordingly,
they do not give effect to adjustments that would be necessary should the Corporation be
unable to continue as a going concern and therefore be required to realize its assets and
liquidate its liabilities and commitments in other than the normal course of business and at
amounts different from those in the accompanying financial statements.
The Company has shown an operating loss this year of $991,582 and has experienced
large operating losses for the past five fiscal years. The Corporation's ability to continue
as a going concern is dependent upon the continued financial support of The City of
Mississauga (see note 13). These financial statements do not reflect adjustments that
would be necessary in the carrying value of the assets of the Corporation if the going
concern assumption was not appropriate.
3.
CASH
The Corporation has a revolving line of credit available to it in the amount of $500,000,
which is secured by a general assignment agreement over all assets of the Corporation and
a copy of the resolution authorizing the Corporation to borrow. This line bears interest at
CIBC prime minus 0.375% per annum and is due on demand.
The Corporation has a bank covenant under this facility and is required to ensure that any
overdrafts are covered within 5 business days from the draw.
4.
ACCOUNTS RECEIVABLE
2014
$
Trade receivables
Allowance for doubtful accounts
Sales taxes receivable
$
280,837
50,000
Less long-term portion
$
250,887
(7,760)
37,710
2013
28
230,837
392,558
(8,917)
49,768
433,409
3,500
$
429,909
AUGUST 31, 2014
4.
ACCOUNTS RECEIVABLE - continued
The long-term receivable arose from two exclusive supply agreements with beverage
companies. The Corporation is entitled to exclusive beverage rights' fees in the amounts
of $30,000 and $40,000 payable in instalments of $6,000 per year for five years and
$8,000 per year for five years respectively. The agreements expire on August 1, 2019 and
August 31, 2021 respectively.
5.
FIXED ASSETS
Cost
6.
Accumulated
Amortization
Computer hardware $ 1,356,278
Computer software
2,659,685
Furniture & fixtures
2,859,216
Kitchen & banquet
226,090
equipment
Leasehold interests
18,031,070
$ 1,309,016
2,659,450
2,304,224
$ 25,132,339
$21,168,641
2014
$
47,262
235
554,992
2013
$
44,363
3,316,846
181,727
14,714,224
$
3,963,698
40,140
6,147
610,350
36,624
4,196,153
$
4,889,414
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
2014
Trade payables and accrued liabilities
Sales taxes payable
Withholding taxes payable
Other
2013
$
431,334
85,892
21,839
2,823
$
328,399
98,350
46,593
76,367
$
541,888
$
549,709
29
AUGUST 31, 2014
7.
DUE TO/FROM THE CITY OF MISSISSAUGA
a) Operating loan facility
On September 5, 1997, the Corporation entered into an operating loan agreement with
The City of Mississauga. Under the agreement, the Corporation had an operating loan
facility of $1,000,000 and this agreement matured on March 31, 2014. As of the date of
the independent auditors' report, the Corporation is in negotiation with The City of
Mississauga for a new operating loan agreement.
b) Capital loan
On December 11, 2013, the City of Mississauga Council approved the write off of the
outstanding capital loan to the Corporation in the amount of $5,949,211. There is a
$3,421 unreconciled difference between the outstanding loan balance reported in the
records of the Corporation and the City of Mississauga. This difference has been
eliminated by a transfer from the unrestricted fund.
8.
ACCRUED SPONSORSHIP SERVICES
In return for certain sponsorships, the Foundation agreed to cover the cost incurred by
sponsors for future use of the Living Arts Centre's facilities. The amount made available
was based on a percentage of the sponsorships.
9.
GRANTS
Grants have been included in the arts programs revenue in the unrestricted fund.
A grant totaling $40,000 was received from the Department of Canadian Heritage
("DCH") in the 2013 fiscal year end for support towards costs associated with the
Corporation's Presented Series shows. An additional grant was received during the
current fiscal year in the amount of $40,000 to support continued Presented Series shows.
The grant funds may only be spent for the items and activities described in the agreement.
In the current year, $40,000 was spent and recognized as revenue.
In the prior year, a grant was received from the Ontario Arts Council ("OAC") in the
amount of $13,250 and $12,750 was received in the current year, for supporting costs
associated with the Corporation's dance programs. The grant funds may only be spent for
the items and activities described in the agreement, and must be used within two years
from the date of the grant payment. Any unspent funds must be returned to the OAC,
unless prior written approval has been given for use of such funds to be spent on other
items or activities. In the current year, $17,835 was spent and recognized as revenue.
30
AUGUST 31, 2014
9.
GRANTS - continued
A grant totaling $100,000 was received from The City of Mississauga in the current fiscal
year end for supporting costs associated with promoting general arts and cultural
programs in the community. The grant funds may only be spent for the items and activities
described in the agreement. In the current year, $100,000 was spent and recognized as
revenue.
A grant totaling $50,000 was received from The Community Foundation of Mississauga
(CFOM) in the current fiscal year end for supporting costs associated with the Children's
Festival. The grant funds may only be spent for the items and activities described in the
agreement. Any unspent funds must be returned to the CFOM, unless prior written
approval has been given for use of such funds to be spent on other items or activities. The
total grant has been deferred until the festival takes place in the next fiscal year.
10. MAJOR COMMITMENTS
The Corporation has entered into various goods and services contracts for consulting,
programming, office equipment and software maintenance. The future minimum payments
are as follows:
2015
2016
2017
2018
$
104,228
41,666
45,961
362
$
192,217
The Corporation has also entered into various contracts for software maintenance. The
future minimum payments are in US dollars and are as follows:
2015
$
75,588
In addition, the Corporation has entered into a contract for consulting services. The
consulting service contract commenced on October 6, 2011 and has a monthly cost of
$1,500 plus applicable taxes. Subsequent to the year end, this consulting service contract
was terminated.
31
AUGUST 31, 2014
11. FINANCIAL INSTRUMENTS
The significant financial risks to which the Corporation is exposed to are credit risk,
currency risk, interest rate risk and liquidity risk.
a) Credit risk
Credit risk refers to the risk that parties may default on their financial obligations, or if
there is a concentration of transactions carried out with the same party or if there is a
concentration of financial obligations which have similar economic characteristics such
that they could be similarly affected by changes in economic conditions.
The Corporation is exposed to credit risk on the concentration and the event of nonperformance by counterparties in connection with its accounts receivable. Accounts
receivable arise primarily from the sale of goods and services to customers. Accounts
receivable are non-interest bearing and are generally due in 30-60 days. The maximum
exposure to credit risk is the carrying value of the accounts receivable.
b) Currency risk
Currency risk refers to the risk that a variation in exchange rates between the Canadian
dollar and foreign currencies will affect the Corporation's operating and financial results.
The Corporation enters into foreign currency purchases and sale transactions and has
assets and liabilities that are denominated in foreign currencies and thus are exposed to the
financial risk of earnings fluctuations arising from changes in foreign exchange rates and
the degree of volatility of these rates. As at August 31, 2014, cash of $209,382 (2013 $185,251) are denominated in US dollars and converted into Canadian dollars. The
Corporation does not use derivative instruments to hedge its exposure to foreign currency
risk.
c)
Interest rate risk
Interest rate risk refers to the risk that the fair value or future cash flows of financial
instruments will fluctuate because of changes in market interest rates.
The Corporation's revolving line of credit with CIBC has a variable interest rate. Changes
in the bank's prime lending rate can cause fluctuations in interest payments and cash flows.
The Corporation does not use derivative financial instruments to alter the effects of this
risk.
AUGUST 31, 2014
11. FINANCIAL INSTRUMENTS - continued
d) Liquidity risk
Liquidity risk is the risk that the Corporation will not be able to meet a demand for cash or
fund its obligations as they come due. Liquidity risk also includes the risk of the
Corporation not being able to liquidate assets in a timely manner at a reasonable price.
The Corporation meets its liquidity requirements by monitoring forecasts of cash flows
from operations, anticipating investing and financing activities. The Corporation has a
revolving line of credit with CIBC of up to $500,000 in place should it be required to meet
temporary fluctuations in cash requirements.
There have been no changes in the above noted risks from the prior year.
12. INCOME TAXES
Live Cuisine Inc. has accumulated business losses in the amount of $920,455, the tax
benefit of which has not been reflected in the financial statements. These losses may be
carried forward to reduce taxable income in future years as follows:
Latest Year Available For Deduction
2015
2026
2027
2028
2029
2030
2031
2032
2033
2034
Amount
$
115,196
64,942
110,972
57,518
100,073
187,000
157,997
55,036
69,581
2,140
$
920,455
33
AUGUST 31, 2014
13. ECONOMIC DEPENDENCE
The Living Arts Centre building is owned by The City of Mississauga and leased to the
Corporation.
On October 1, 1997, the Corporation took possession of The Living Arts Centre and
commenced its lease period. The lease period is for 20 years at a rate of $1 per year. As
of the date of the independent auditors' report, the Corporation is in the process of renegotiating this lease agreement.
The City of Mississauga provides facility services including utilities, security and custodial
at no charge to the Corporation. The City has advised that for the calendar year ended
December 31, 2013, the cost to the City for these services was $1,703,922 (December 31,
2012 - $1,741,159).
14. RELATIONSHIP AGREEMENT
The Corporation has entered into a Relationship Agreement with The City of Mississauga,
along with The Living Arts Centre Foundation (the "Foundation" - a related party through
common board members), outlining the working arrangement between the parties. Under
this agreement, the Foundation shall contribute and otherwise apply all its funds on an
ongoing basis (and all income thereof, save and except for funds and income required by
the Foundation for administrative, management and fund-raising purposes or which are set
aside by the Foundation in such funds and reserves as the Foundation, acting reasonably,
may establish from time to time) exclusively to the Corporation.
As of the independent auditors' report date, the Corporation and the Foundation are in the
process of negotiating a new Relationship Agreement with The City of Mississauga.
15. COMPARATIVE FIGURES
The comparative figures were audited by auditors other than ourselves.
Certain comparative figures have been reclassified to conform with the presentation
adopted in the current year. The resulting reclassification has no effect on the net assets of
the Corporation.
34
I HWYS 403 & 10, WEST
www.livingartscentre.ca
4141 LIVING ARTS DRIVE, MISSISSAUGA ON L5B 4B8
905.306.6000
I
OF SQUARE ONE

the living arts centre in mississauga

Transcription

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