HomeMy WebLinkAboutR7 I Oolite PresentationOolite Arts
Public Funding Considerations
Overview
Oolite Arts Financial Snapshot (FY Ending 9/30/2024)
●Total Assets: $120.8 million
●Net Assets: $119.7 million
●Investments (publicly traded securities): $109.2 million
●Annual Expenses: $4.8 million
Key Question:
Should the City subsidize an organization with $120 million in assets?
City vs. Oolite: Organizational Scale
City of Miami Beach (FY 2024)
●Total Operating Budget: $829 million
●Highest compensated employee (City Manager): $332,792
Oolite Arts (FY 2024)
●Total Annual Expenses: $4.8M
●Highest compensated employee (CEO): $345,452
CEO of a $5M nonprofit earned more than City Manager of a $1B municipality.
Investment Income Covers Operations
In FY 2024:
●Investment Income: $4.78M
●Total Expenses: $4.80M
●Net Asset Growth in One Year: ~$16M increase
Investment income alone covers nearly the entire operating budget.
This organization is self-sustaining.
Compensation & Executive Pay
Total Compensation & Benefits (FY 2024):$1.51M (~31% of expenses)
Top Executives:
●CEO: $345,452
●VP: $180,669
●Former CFO: $124,920
Top Executive Total: $651,041
Nearly one-third of total expenses go to personnel.
City Funding Context
FY 2025 Arts & Culture Grant to Oolite: $30,000
In the context of:
●$119.7M net assets
●Self-sustaining investment income
$30,000 can be better directed to:
●Resident-focused services
●Public safety or infrastructure needs
●Community programming
Conclusion
This is not anti-arts.
This is about:
●Prioritizing limited taxpayer dollars
●Supporting organizations that truly need assistance
●Maximizing community impact
●Practicing responsible stewardship
When an organization can fund itself on investment income alone,
public subsidy should not be considered.
Form 990 (ending 9/2024)