Pride Toronto sees drop in revenue
Factors such as smaller staff and grant deadlines affected earnings, organization says
Pride Toronto had a “difficult financial year,” treasurer Michelle Cherny said at the organization’s annual general meeting Wednesday evening.
Audited financial statements from July showed that last year’s surplus of almost $1 million had fallen significantly, to a deficit of nearly $500,000.
Cherny said that there were a number of factors and challenges for the dramatic shift. A smaller staff, along with missed sponsorship opportunities and grant deadlines, as well as a higher premium for infrastructure affected the revenues raised by the organization.
Pride’s revenue from fundraising and donations dropped more than $670,000 from 2016. A similar decline in revenue was seen in corporate sponsorships, which dropped to $1,506,804 in 2017 from $2,269,180 in 2016.
While the organization’s expenses were also lower in 2017 — $3,693,969 compared with $4,350,859 in 2016 — it wasn’t enough to make up for the drop in revenue.
Cherny said that last year the organization received several large onetime donations, which attributed to the loss in donations.
The more than $400,000 drop in grants was attributed to missing the deadline for a provincial grant for marketing, as well as the Ontario Trillium Foundation grant.
Cherny noted that Canada150 cele- brations increased the premiums on the infrastructure used by the festival to 35 per cent, thus raising costs. Cherny said that the loss of South Stage on Church and Wood, the festival’s largest stage and a main source of beverage sales, also contributed to the fall.
“We’re in a strategic position to manage the festival,” said Cherny, stating that the organization had already received funds in October and November, and was in the process of applying to grants.
“We’re willing to make sure there are no cash flow issues this year.”
While Pride Toronto’s members in attendance had many questions to get clarification on the reasons for the decline, the audit was not contested.
“The treasurer was honest,” said one member. “Let’s move forward, the money will come.”