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HomeMy WebLinkAbout2021-04-26 - Agendas - FinalFayetteville Advertising and Promotion Commission April 26, 2021 2:00 p.m. Location: Virtual Public Meeting, Via Zoom. Register in advance for this webinar: Commissioners: Katherine Kinney, Chair, Tourism & Hospitality Representative Todd Martin, Tourism & Hospitality Representative Chrissy Sanderson, Tourism & Hospitality Representative Elvis Moya, Tourism & Hospitality Representative Andrew Prysby, Commissioner at -large Matthew Petty, City Council Representative Sarah Bunch, City Council Representative Staff: Molly Rawn, Chief Executive Officer; Jennifer Walker, Vice President of Finance; and Hazel Hernandez, Vice President of Marketing and Communications Agenda Call to order at 2:00 p.m. II. Old Business A. Review and approval of February 2021 and March 2021 minutes III. New Business A. Welcome to new commissioner, Andrew Prysby B. Financial Report from Jennifer Walker, VP of Finance. C. CEO Report, Molly Rawn • Recent legislation and its impact • Updates on CycloCross World Championships • Spartan Race • Recap of the US Pro Cup presented by Experience Fayetteville • Town Center updates D. Marketing Report presented by Hazel Hernandez, Vice President of Marketing and Communications E. Meeting format for remainder of 2021. Discussion on returning to in person meetings in May and the ability to vote/participate virtually moving forward F. Agenda Additions. Additions to the agenda may be added upon request from a majority of commissioners IV. Announcements V. Adjourn Fayetteville Advertising and Promotion Commission Minutes from February 811, 2021 Meeting Virtual Public Meeting, Via Zoom Commissioners Present: Matthew Petty, Chairperson, Katherine Kinney, Todd Martin, Chrissy Sanderson, Robert Rhoads, Sarah Bunch, Elvis Moya, Staff: Molly Rawn, Chief Executive Officer and Jennifer Walker, Vice President of Finance Chairperson Petty called the meeting to order at 2:02 p.m. doing a roll call vote with each commissioner being present. Old Business A. Commissioner Martin moved to approve the December 2020 minutes as presented and Commissioner Kinney seconded the motion. A roll call vote was approved unanimously. III. New Business A. Vote. Appointment of a commission chairperson. In accordance with our by- laws, a chairperson must be voted on by the active commissioners at the first meeting of every year. The chair serves a one-year term. Chair Petty has served as chair the last three years and stated he's appreciated the opportunity to serve and is proud of what the commission has collectively accomplished. He does not intend to submit his name for consideration this year. He opened the floor to accept recommendations. Commissioner Rhoads recommended Commissioner Bunch and then Commissioner Bunch, along with other commissioners, recommended Commissioner Kinney with Commissioner Kinney also volunteering to serve. Petty asked if there were other nominations and with none, Petty called for a roll call vote with each commissioner voting for Commissioner Kinney to serve as chairperson. Chair Petty then gave the floor to Commissioner Kinney who turned it over to CEO Rawn who shared her appreciation for Commissioner Petty's leadership before she began. B. Presentation of the 2019 audited financials by BKD, LLP. CEO Rawn began by stating that typically the audit is presented in quarter 2 of the following year, we are presenting it now due to pandemic related delays. Rawn turned it over to Cynthia Burns with BKD. She began with the Independent Auditor's report and pointed an adverse opinion and an unmodified opinion on regulatory basis of accounting, which is the highest opinion that is given. She pointed out that the team has worked hard to segregate duties and no significant deficiencies or material weaknesses were found. Fayetteville Advertising and Promotion Commission had a good year, with footnotes being quite consistent with last years, with footnote 7 noting the potential impact of COVID19. No problems were encountered with working with the management to conduct the audit. The next item she shared covered internal controls. Due to the size of staff, it is hard to eliminate all segregation of duties. With an additional finance position now, this area will diminish for the next audit. C. Vote: Engagement letter for 2020 audit. CEO Rawn is recommending we sign an engagement letter with BKD for the 2020 audit and filing the Clinton House Museum's 990 for a budgetary impact of $23,000. Chair Kinney asked if there was a motion. Commissioner Rhoads made a motion to engage BKD for the 2020 audit and filing of the Clinton House Museum's 990 with a budget impact of approximately $23,000 with Commissioner Sanderson seconding. The motion passed unanimously via a roll call vote. D. Vote. Submitting a loan application through the Paycheck Protection Program (PPP), approximately $246,000. Fayetteville Advertising and Promotion Commission is now eligible for this assistance through PPP as was addressed in the meeting packet. CEO Rawn introduced this and asked VP of Finance Walker to present. Walker stated that this was important as it ensures our staff is intact through the duration of the loan as we await to see our first quarter revenue. Because we had significant reduction of staff due to cancelled events in 2020, we would not be able to receive 100% forgiveness of the loan, Walker estimates that we would pay back 25-30% of the loan with an interest of 1 %. She is investigating the option to request 100% loan forgiveness but to be able to apply for this option, we would need commission approval to meet the deadline and would need the approval before we knew if we had forgiveness of 100% of the loan. Rawn stated that we've done due diligence in researching this before bringing it to the commission in talking with the finance department at the Little Rock CVB who is in a similar situation. There being no questions, Chair Kinney presented the item to vote. Commissioner Moya made the motion to authorize Rawn to submit a loan application through the PPP program to not exceed $246,000. Commissioner Rhoades seconded it and it passed unanimously via roll call vote. E. Vote. Approving a quote for $75,785 with West Pro Construction for repairto the Town Center airwall. CEO Rawn presented this vote, noting it is one of the capital improvements presented in the 2021 budget. To replace the airwalls is an estimated cost of $400,000 and to repair them will cost approximately $75,000. Rawn is asking for ability to just submit one quote as this is a very specialized service. Commissioner Sanderson asked what the timeline would be for the repair with Rawn saying she estimated work could begin within a month of approval. Commissioner Moya asked what an estimate of the life span of the repair would be with Rawn saying she had the impression with proper care it could have a 10 year life span. With no more questions, Chair Kinney asked for a motion to accept the bid. Commissioner Petty made the motion with Commissioner Martin seconding it and the vote passed unanimously via roll call vote. F. Vote. Approving a quote for $21,834 from Multi -Craft Contractors for replacement of a Town Center roof -top HVAC unit. This is one of the capital improvements presented in the 2021 budget. Rawn is presenting one quote from MCC as our 2019 maintenance agreement with MCC gives us a favorable quote on this project. Chair Kinney asked if there were any questions and with none, she asked for a motion to approve the quote for $21,834 from Multi -Craft Contractors to replace a FTC HVAC unit. Commissioner Sanderson made the motion with Commissioner Rhoads seconding and it approved unanimously through a roll call vote. G. Vote. Renewal of annual contract with Sells Agency to serve as agency of record through December 31, 2021. This contract amount will vary based on the amount of media placement and agency services we utilize based on our budget. CEO Rawn is asking to continue our contract with Sells for 2021. Our intent to put this out to bid later this year. Commissioner Bunch asked what the deliberation process is when we submit a proposal for bids. Rawn gave two examples, one being when you are doing a renovation project such as the renovation of FTC where we worked with the city on the proposal process. For this example, we submitted a RFP for distribution. Another example would be a marketing project which is actually a Request for Qualifications, an RFQ, more than a request for a certain dollar amount. With no further questions, Chair Kinney asked for a motion with Commissioner Petty making the motion to renew the annual contract with Sells Agency to serve as our agency of record and Commissioner Bunch providing a second, with it passing unanimously through a roll call vote. IV. Announcements: A. CEO Rawn shared that Fayetteville Advertising and Promotion Commission will soon have two open seats as Commissioner Martin's tourism and hospitality seat and Commissioner Rhoads's at -large seat both expire on March 31st. Both are eligible to re -apply. Rawn explained that Martin's seat would need to be filled by someone who is an owner or operator of a hospitality organization. Applications are due on February 19th. Rawn suggested that a block of time be set aside for the committee to meet virtually with the candidates who meet the qualifications. Commissioner Petty asked if we can consider limiting the number of interviews if there are clearly candidates who are most qualified and if we receive numerous applicants. This was liked by the commission and Rawn will send the packet of applicants to the committee requesting they indicate their top candidates to determine who will be interviewed. B. HMR for December down 18.70% from 2019 YTD. Rawn said we were prepared for this and were even prepared for a larger decrease. December numbers reflect November activity. When we meet in March, we will submit both January and February numbers. V. Adjourn. With no further questions or announcements, Commissioner Kinney adjourned the meeting at 3:08pm Minutes submitted by Amy Stockton, Director of Operations, Experience Fayetteville Fayetteville Advertising and Promotion Commission Minutes from March 15th, 2021 Meeting Virtual Public Meeting, Via Zoom Commissioners Present: Katherine Kinney, Chairperson, Matthew Petty, Todd Martin, Chrissy Sanderson, Robert Rhoads, Sarah Bunch, Elvis Moya Staff: Molly Rawn, CEO Hazel Hernandez, VP of Marketing and Communications, and Jennifer Walker, VP of Finance I. Chairperson Kinney called the meeting to order at 2:30 pm after a roll call vote with each commissioner being present. Old Business a. Commissioner Bunch moved to approve the February 2021 minutes as presented with Commissioner Martin seconding. III. New Business a. 2020 Annual marketing report: Hazel Hernandez, VP of Marketing and Communications. Hernandez presented a look back at marketing in 2020, comparing numbers to 2019 and stated that the overall numbers were not as low as she had predicted. She pointed out that landing page views were down 50% which is because this number is directly tied to the advertising we do and as we stopped advertising for several months, the page stopped receiving views. The online guide requests were up 4% and organic search was also up. The major changes to media were to the digital media plan. The planned media spend was $515,107 and actual spend was $245,938. We added the NWA market to our media buy for our fall flight. We changed everything to hyper local with the focus on restaurants and businesses. Our Local Love landing page contained lots of helpful information with a focus on helping out our hospitality partners and workers. Our Q3/Q4 2020 digital flight ran August 10t" through November 26t" with new creative featuring new public art, cycling and other outdoor activities. For the winter and holiday time, we used existing B-roll to create "Small Bites," a restaurant video flight which ran December 14t" to January V and had more than 402,000 impressions. Hernandez concluded with a 2021 preview. We are promoting our restaurants to the NWA market and promoting cycling in the Denver, CO market. Testing the Denver market is a first for us; we are promoting the fact that you can ride 12 months out of the year in NWA. We are currently promoting downtown businesses to the NWA community and are currently running a bridge campaign focusing on getting out and enjoying Fayetteville safely: "When you're ready, we are ready." B. January and February 2021 financial statements Jennifer Walker, VP of Finance began by showing the February balance sheet with a little more than 2.5 million dollars in liquid assets and 2.6 million dollars in capitol assets for a total of over 5 million in assets and a fund balance of over 4 million dollars. Walker noted that this is a consolidated fund balance, including Cyclocross funds. She then moved to the February financial statements, pointing out that we missed our income revenue projection, we had projected to be at 17% of total revenue and ended the month at 13% of total revenue. If this revenue trend continues another two months, we will want to look at a budget adjustment. She noted that our expenditures were also below projections the first two month. Additionally, we have unearned revenue of approximately $138,000 on our balance sheet for the town center for events booked later in the year. The February HMR rate shows that we are only about 4% below our budget, with lodging rates still very down. As Walker concluded, Commissioner Martin talked about the "snow" effect on February HMR with the snowstorm during Valentine's day and the week following. Rawn said that she's very interested in what March numbers will look like with the various events that are taking place this month. C. Vote. Financial Policies. Staff recommends the commission vote to adopt the attached Financial Policies which document many practices already in use and establish both an operating and capital reserve. CEO Rawn introduced these by describing them as overarching policies, with the day -to - day procedures the staff will use to be fleshed out. Walker introduced these by explaining that they are to serve as guardrails and can be revised by the commission when and if needed and that it is helpful to consolidate all of the financial policies into one document. She wanted to point out items from her memo: 1. To increase access and transparency of our financial records we will be adding some financial information to our website such as our annual budget, audited financials, monthly financial statements and also the HMR tax data. 2. Next, she pointed out that the approval threshold for payments is proposed to be $5,000 and all budget adjustments greater than $20,000 will continue to go to the commission. 3. She then pointed out the two reserves we would like to create, an Operating reserve and a Capital reserve. The Operating reserve would be for 90 days, and only for emergencies and only with approval of commission. We are asking for a reserve of one million dollars as that would approximate 90 days of our current budget. The Capital reserve would be created by budgeting one million dollars in each annual budget to go to the capital reserve. Walker asked for questions and there were none. CEO Rawn pointed out that the policies also provided oversight on what the CEO spends and Walker explained this as a monthly report that will be sent to the commission chair outlining credit card charges and any personal expenses that are to be reimbursed. Additionally, Rawn pointed out that while she has authority to make changes in payroll, that the chair must approve any changes to the CEO's payroll. Commissioner Rhoads moved that the policies be accepted as presented and noted they had been done really well. Commissioner Martin seconded it and it was approved unanimously via a roll call vote. D. Vote. Meeting schedule. Staff recommends changing the monthly meeting to the 4th Monday at 2 pm rather than the 3rd Monday to allow presentation of the prior month's financial statement. Rawn presented that the timeline needed to prepare financial statements is tight to make the packet deadline and that an extra week would indeed be helpful to be best prepared for questions. Commissioner Martin asked if there would be a virtual component once in person city meetings began. Rawn said she did not know and that when the Mayor opened up city meetings to the public, we certainly did want an in person presence and asked if Vince Chadick had input and he said he had not seen how other it would be addressed by other entities. Petty asked if we could consider it being the final Monday in the month rather than the 4th Monday. Commissioner Petty presented a motion that the meeting be changed to the final Monday of the month and Commissioner Martin seconded it. It passed unanimously via a roll call vote. E. Vote: Commissioner Appointments: the interview committee makes the following recommendations for our two open seats: i. Hospitality seat, four-year term: Todd Martin ii. At -large seat, four-year term: Andrew Prsby CEO Rawn introduced this agenda item with stating that the at -large position received 9 applications, including Commissioner Rhoades. The Hospitality seat, which must be filled by either a, owner or manager of a hotel, motel, or restaurant, had just one applicant, which was Commissioner Todd Martin. The process used was the same as the last time commissioners were interviewed, in that each commissioner was asked to recommend the applicants they wanted to be interviewed, which led to all of the applicants being interviewed. Todd Martin was not interviewed as he was the only candidate qualified to be appointed to the hospitality seat. The interview committee spent more than 3.5 hours last week speaking with candidates, with staff being involved in setting up the interviews and in listening to them; it was very much a commissioner led process. Commissioner Rhoads moved that we appoint Todd Martin to the open hospitality seat and Sanderson seconded it with it passing unanimously with a roll call vote with the exception of Martin abstaining from voting. Commissioner Kinney moved forward with discussing the interview process, noting that we had several good interviews with enthusiastic candidates. She recommended the appointment of Andrew Prsby to the open seat. He has over 20 years of advertising experience and has a helpful perspective as coming from the larger tourism market of Chicago and he is also a newer resident to the community. This was a challenging decision which Commissioner Martin adding that there was easily a top group of candidates, including Commissioner Rhoads. He noted that Rhoads has been very helpful in his many years serving on the A&P commissioner. Rhoads asked for the floor and said he appreciated the perspective of a newer resident and stated his qualifications and what he has added to the A&P Commission during his tenure. He suggested the commission consider an 8th non -voting seat to be held by the University of Arkansas student body president, which would be updated each time a new president was elected, ensuring there's always a newer resident on the commission. He asked that the commission select him for this position. Commissioner Petty shared his appreciation for Commissioner Rhoads. Commissioner Bunch shared that she appreciated the work the nominating committee did and also appreciated the many years of service Commissioner Rhoads has given to the A&P. She respectfully would like to side with the nominating committee and support their nomination. She mentioned in her role of serving on a nominating committee with the city she is aware of numerous other appointments that will be available in the coming months and would hope that Rhoads would be interested in continuing to be engaged with city work. At this point Commissioner Rhoads stated he would like to withdraw himself and wished good luck to the new appointee. He thanked the commission for the opportunity for such a good tenure and then excused himself from the meeting due to another obligation. CEO Rawn showed appreciation for Commissioner Rhoads for helping her prepare for meetings by asking the tough questions and making her better prepared to do her job. Commissioner Bunch made a suggestion on not interviewing that many applicants in the future, suggesting a way in which 3 commissioners may select the applicants to interview. Rawn recommended that she takes time to talk with the Chair each January to discuss how best to handle any openings as all of the commissioner's terms expire in the month of March. Commissioner Martin made a motion to appoint Andrew Prsby to the at -large seat and Commissioner Bunch seconded it, it passed unanimously with a roll call vote. Petty asked that the CEO or Commission Chair write a letter of gratitude to Commissioner Rhoads for his service. Rawn said the staff typically sent a thank you letter and a token and would like to include the commission in this process. Commissioner Bunch wondered what we might be able to do as he has served more than once during a 12 year period. Rawn said she would reach out to the city clerk's office and the council and share what is deemed is appropriate. F. Agenda Additions: Commission intent to support a COVID-19 vaccine clinic for hospitality workers, once Arkansas moves to phase 1 C. CEO Rawn shard that she reached out to Dr. Sharkey, the chair of the Fayetteville Board of Health to see how FAP can help our hospitality employees get vaccinated. Rawn has been told that hospitality workers should be placed in 1 C and is certainly hoping that occurs. She shared that she would be continuing conversations with Sharkey and NWA Council to help this happen. Commissioner Martin spoke, stating that anything FAP could do, sooner rather than later, he would be in favor of. Rawn stated that the town center would continue its mask policy, regardless of what happens with the state's mask mandate on March 31. Commissioner Sanderson made a motion to give Molly approval to submit a letter advocating for restaurant and hotel employees be part of 1 C for vaccination purposes with Commissioner Moya seconding it with it approving unanimously. G. Adjourn: With no further business or announcements, Chair Kinney ended the meeting at 4:32 pm. Minutes submitted by Amy Stockton, Director of Operations, Experience Fayetteville Memo To: Molly Rawn, CEO, Experience Fayetteville Fayetteville Advertising & Promotion Commissioners From: Jennifer Walker, VP Finance, Experience Fayetteville Date: April 19, 2021 Re: Financial Statements — March 2021 PAY This packet contains Experience Fayetteville Financial Statements for the month ended March 31, 2021. The following reports are included in the packet: • Summary P&L Financial Statements for month ended March 31, 2021 • Balance Sheet for month ended March 31, 2021 • PPP Loan Summary Target Budget February — 25% • Revenue target 25% of budget or higher by the end of March 2021. Expenditures target 25% or lower at March 2021. Total Revenue YTD: $804,406 or 20.2%; We are running 5% below target. Tax Receipts - $781,284 Town Center - $16,788 (note $135k+ unearned revenue on Balance Sheet) Other - $6,334 Total Expenditure YTD: $896,840 or 22.6%; we are 2% below budget target. EF Main - $765,911 Town Center - $130,929 Overall, we are not meeting budget targets for revenue, but we have kept spending in check. HMR tax improved but is still 6.3% below seasonal target. PPP Loan funds have been received and are included as a liability on our Balance Sheet. We have expended approximately 20% of those funds and are preparing for the forgiveness application once all funds have been expended in May. Operating and Capital Reserves are now noted on the Balance Sheet. Please note Unearned Revenue on Balance Sheet is approx.. $161,000 for future Town Center Revenue. Modified Accrual Fayetteville A and P Commission Statement of Budget, Revenue and Expense Year -to -Date @ March 31, 2021 CONSOLIDATED Year -to -Date Actual Budget Over/(Under) Budget % of Budget Revenue Hotel, Motel, Restaurant Taxes Revenue 781,284 3,460,576 (2,679,292) 22.6% Rental Revenue 15,326 350,250 (334,924) 4.4% Event Revenue 496 37,500 (37,004) 1.3% Visitor Center Store Revenue 3,056 45,258 (42,202) 6.8% Parking Revenue 600 21,500 (20,900) 2.8% Advertising Revenue - 8,000 (8,000) 0.0% WFF Cycling Coordinator Grant 11 31,190 (31,179) 0.0% Interest and Investment Revenue 3,632 21,500 (17,868) 16.9% Total Revenue 804,406 3,975,774 (3,171,368) 20.2% Expenses Operating Expenses Rental Expenses 1,748 68,690 (66,942) 2.5% Event Expenses 1,150 73,800 (66,942) 1.6% Visitor Center & Museum Store 7,219 41,560 (133,884) 17.4% Personnel 268,738 1,329,680 (267,769) 20.2% Sales & Marketing 228,394 961,675 (468,595) 23.7% Office and Administrative 114,342 593,369 (870,249) 19.3% Bond Payments 175,249 707,000 (531,751) 24.8% TheatreSquared Contribution 100,000 200,000 (100,000) 50.0% Total Operating Expenses 896,840 3,975,774 (2,506,133) 22.60 Net Operating Income/(Loss) (92,434) - (665,235) 0.0% Other Income Unrealized Gain/(Loss) on Investments 293,027 0.0% Other Expenses FFE & Improvements 21,834 155,000 (133,166) 14.1% Depreciation Expense 35,000 0.0% Cost of Goods Sold (1,289) 0.0% Net Income/(Loss) (without Cyclocross Grants) 145,048 (155,000) (565,780) -93.6% Net Income/(Loss) for Cyclocross Events 13,460 Total Net Income/(Loss) 158,508 Page 2 Modified Accrual Fayetteville A and P Commission Statement of Budget, Revenue and Expense Year -to -Date @ March 31, 2021 Experience Fayetteville Year -to -Date Actual Budget Over/(Under) Budget %of Budget Revenue Hotel, Motel, Restaurant Taxes Revenue 781,284 3,460,576 (2,679,292) 22.6% Event Revenue - 26,500 (26,500) 0.0% Visitor Center Store Revenue 3,056 45,258 (42,202) 6.8% Advertising Revenue - 8,000 (8,000) 0.0% WFF Cycling Coordinator Grant 11 31,190 (31,179) 0.0% Interest and Investment Revenue 3,267 19,000 (15,733) 17.2% Total Revenue 787,618 3,590,524 (2,802,906) 21.9% Expenses Operating Expenses Event Expenses 644 62,800 (62,156) 1.0% Visitor Center & Museum Store 7,219 41,560 (34,341) 17.4% Personnel 201,169 910,718 (709,549) 22.1% Sales & Marketing 228,244 942,375 (714,131) 24.2% Office and Administrative 53,386 302,799 (249,413) 17.6% Bond Payments 175,249 707,000 (531,751) 24.8% TheatreSquared Contribution 100,000 200,000 (100,000) 50.0% Total Operating Expenses 765,911 3,167,252 (2,401,341) 24.2% Net Income/(Loss) Before Other Revenue and Expenses 21,707 423,272 (401,565) 5.1% Other Income Unrealized Gain/(Loss) on Investments 293,027 - 293,027 0.0% Other Expenses FFE & Improvements - 15,000 (15,000) 0.0% Depreciation Expense 18,833 Cost of Goods Sold (1,289) Netlncome/(Loss) 297,190 408,272 (404,109) 72.8% Page 3 Modified Accrual Fayetteville A and P Commission Statement of Budget, Revenue and Expense Year -to -Date @ March 31, 2021 Town Center Year -to -Date Actual Budget OverAUnder)% Budget of Budget Revenue Rental Revenue 15,326 350,250 (334,924) 4.4% Event Revenue 496 11,000 (10,504) 4.5% Parking Revenue 600 21,500 (20,900) 2.8% Interest and Investment Revenue 366 2,500 (2,134) 14.6% Total Revenue 16,788 385,250 (368,462) 4.4% Expenses Operating Expenses Rental Expenses 1,748 68,690 (66,942) 2.5% Event Expenses 506 11,000 (10,494) 4.6% Personnel 67,569 418,962 (351,393) 16.1% Sales & Marketing 150 19,300 (19,150) 0.8% Office and Administrative 60,956 290,570 (229,614) 21.0% Total Operating Expenses 130,929 808,522 (677,593) 16.2% Net Income/(Loss) Before Other Revenue and Expenses (114,141) (423,272) 309,131 27.0% Other Expenses FFE & Improvements 21,834 140,000 (118,166) 84.4% Depreciation Expense 16,167 Net Income/(Loss) (152,142) (563,272)1 411,130 1 27.091 Page 4 Modified Accrual Fayetteville A and P Commission Statement of Budget, Revenue and Expense Year -to -Date @ March 31, 2021 Cyclocross Events Year -to -Date Actual Budget Over/(Under)% Budget of Budget Revenue Other Revenue Cyclocross Grant Funds 271,804 675,000 (403,196) 40.3% Cyclocross Events Revenue - 288,500 (288,500) 0.0% Interest and Investment Revenue 567 3,000 (2,433) 18.9% Total Revenue 272,371 966,500 (694,129) 28.2% Expenses Operating Expenses Marketing 260 - 260 0.0% Office and Administrative Expenses 133 2,500 (2,367) 5.3% Cyclocross Events 258,519 1,342,089 (1,083,570) 19.3% Total Operating Expenses 258,911 1,344,589 (1,085,678) 19.3% Net Income/(Loss) 13,460 (378,089) 391,549 -3.6% Page 5 Fayetteville A&P Commission Balance Sheet As of March 31, 2021 ASSETS Current Assets Cash Investments Accounts Receivable Prepaid Expenses Deposits Visitors Guide Trade Inventory Asset Total Current Assets Other Assets Capital Assets Furniture & Fixtures Equipment EF/CVB Building EF/CVB Land Building Additions Walker -Stone House Accumulated Depreciation Total Other Assets TOTAL ASSETS LIABILITIES AND EQUITY Current Liabilities Accounts Payable Unearned Revenue PPP Loan Payable Total Liabilities Equity Unreserved Fund Balance Operating Reserve Capital Reserve Temporarily Restricted Funds Net Revenue Gain/(Loss) on Investments Net Revenue without Cyclocross Net Revenue for Cyclocross Total Equity TOTAL LIABILITIES AND EQUITY 293,027 (147,979) 13,460 96,641 498,597 940,410 198,621 971,952 1,167,218 (1,256,281) 92,207 161,377 9aq Qnn 2,879,105 1,000,000 1,000,000 478,862 158,508 1,865,645 1,140,397 326,030 18,906 30,617 3,852 13,355 3,398,802 2,617,158 6,015,960 499,484 5,516,475 6,015,960 Page 6 Fayetteville A and P Commission PPP Loan Program Summary Year -to -Date @ March 31, 2021 PPP Loan 2021 Year -to -Date, March 312021 Actual Budgeted Variance Percent Spent Inflows Loan Funds Received 245,900 245,900 - 100.0% Total Inflows 245,900 245,900 - 100.0% Outflows Personnel Payroll 42,916 200,000 157,084 21.5% Benefits - 23,900 23,900 0.0% Other Rental Expenses (Town Center) - 2,000 2,000 0.0% Utilities 7,524 20,000 12,476 37.6% Total Operating Expenses 50,440 245,900 195,460 20.5% Remaining Funds Available 195,460 - Page 7 xrArEiiEuiLLE February Activity $230,059 + $200,7424 � Lodging Restaurant z;i68,36Y � Prior Dues Collected )Q1 P Total HMR Collected wious YTD (Jan -Mar) HMR A&P Tax Collection Totals 0 V 7 2018 2019 2020 2021 0 ......................................................................................... i7711185 $809f853 $8251243 $837,651 S7819283 I - Monthly A&P Tax Collections 2021 ** S2919852 -10.20% -18.43% 9.21 % 0 0 0 0 0 0 0 0 0 0 0 % change 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o from 2020 0 0 0-) O 0 0 T_ N 0 m 0 0 En 0 �.D 0 � 0 00 0 0) N N N N N N N N N N This represents one half of the total HMR collections. The other half supports the Parks and Recreation department. OF850m0 W12JRe JAN m PdARCH 2O2a JAN m PdARCH 2O21 Overall Users: 49109 Overall Sessions: Organic Search (Users): 24132 Landing Page Views: 1OF02 Online Guide Requests: 1 1 1 1 1 L� ONLINE GUIDE REQUESTS JAN m FAARCH 2O20 ................................................................................................................................................................................................... PDF Flip, Mai 1 ■ ■ Z F4% mArkansas• • ' . 2. Texas • ' isso • ' . 4. Oklaho 8 ' . 5. Kansaso 5' • O/O r mo iuzi lotal Adverts; s 2020 OrE • f ' , s 2020 Ad .ems Target DMAs.0 44% 56% . 100 r wi laced/ply sotly Q 1/2 rad'It'IcM 0 o' . 'tal i lilolI filmI g Budget Advert'i al tt P_ Ci d v (:, T T I , I r LIT i .................................. Baia rase nnp.d _ print As , TV 515,107 1$250,000 0 0 0 0 0 0 0 0 0 �rr�- DINVEH I[IGHTM0 VIDEO Social - Vide *Impressionsi *Video Comple -Mm-Mm *Clicks -0.21°/� Oml6% tionso 160180/( (66% men FEB 8 - MARCH 7 (4 VVEEKS) ■ „ 40) 0:08 ! , y Pre -roll *Impressions. 48,981 mobil 1%9 *Video Completion 15,r250 *Viewability: 68% ` 10-1 41) 0:25/0:30 le � � I� r ■ fly• ,� �+ r � Ils, �r�c'Is� ° •�'t � � i i •. t � +, I I. Jr r- 40 ® 0 © r-1 1 LJ O m* 0 0 '—] r 1 LJ For dis 41111 R. play banners and static social ads, images focused on cycling and craft beer. Impressions: -1,99,875 pr Iv" Clicks-46115 (11 W=W& :yc I o c ross 014% 'L- Road & MTBE: Om12% kle Trail: L.0,11% iociai - aq 'Impressia Weaaeg ............................. 2027441 25= 34 ,755 Suggested Post Experience Fayetteville 27 mins • 0 When you want to switch gears, FIND AWAY! Fayetteville, Arkansas, has the terrain to challenge any rider. FIND AWAY! 22 C Like Q comment Share Learn More 1 Comment 12K Views HISTAUHANT [11GHT.0 STATIC JAN 18M APRIL 4 romote Fayetteville restaurants throughout Northwest Arkansas. • • . • "'Find Away, it's closer than you think:' I I . *Impression *Clic .14% -Hugo' -DoY i -Hammontrees I � I V 1 41 11 *Impression *Click 68% women *CT -Ages o:)-64:-- *Post Reactions: A� - r d =S11411 N.M 12:30 I' r� S � S - � �IaY � "L low F I N D AWAY, FIND AWAY, F I N D AWAY, IT`S CLOSER IT`S CLOSER IT`S CLOSER FIND AVAI IN Do, THAN YOU THINK, THAN YOU THINK THAN YOU THINK INFAYETTEVILLE IN FAY .,r[� Hammontrees N FAYERTEVILL FAYE7EVILLE FAYE-FEVI 'Owl � ti� A1�A'f f 1Ha AW IN FAYETTEVILLE IN FAYETTEVILLE hot's Nashull. fb,Chid- Penguin FAsRa8-0ue HISTAUHANT 111GHT.0 V ................................................................................. Social - Video (Feb 15mMarch 31) *Impressions. *Clicks: -Jerrmy. -Chloe/Maudie: -Chrissu %M6% CTR Video Completions EJ-711-w 25,35% 50% 15,43C 75% 11,582 0 &11 T i ', 8,606 FEB 15 - MAY 2 • MA IE � SCHMJI T , CAF F ORL4'* M6 a �' r C -7 s i 3ERRMY CANTHROW WOOD STONE PIZZA =. VOR IN FAYETTEVILL 40" � s r � �J ", . Jyit. 0 SPRING fL .................... NEW ("'BRIDGE"") MARCH 15 - 28 CAMPAIGN! "When You're Ready, We're Ready" *Features business owners *Showcases activities people have been missing *Landing page includes COVID=19 messaging .a .FPYITEVIL X .a .FPYIFEVIL I FPAmTEY VIL ■r*f• 12:30 30°Inp 'Y � J f f IND A JAY n [IND AVAI IN FAYETTEVILLE INFAYETTEVILLE Hammontrees Hugos .0 INFAYETTEVILLE IN FAYETTEVILLE Ont's N-hwH. Hot Chicken Penguin Ed's Bar-B-Rue UMI ispi MARCH 15M 28 MIR, DFW,, TUL, KC,, NWA ■ pressions *ClickrIPEM wv I *Impression -1 *Clicks: EEOge ages *Impression *Clic Mimly'll b-34 S-44 CTR .80% CTR *Video Completions �! ry ACV F ` ■ - +. .t - r .. ,rl'