Donor Information / Accountability
Being a not-for-profit corporation means, legally and in the real world, that there is no personal ownership of the festival: i.e., the directors do not profit from donations or the revenue Classical Unbound Festival generates. Any extra money at the end of each fiscal year after the musicians, staging and operations have been paid for, becomes a "surplus" that is mandated to be plowed into the subsequent year's staging of performances, and achieving our non-performance music-advancing goals.
The vast majority of our expenses are addressed through the donation of goods and services from the Directors, Collaborators and Sponsors (aka "in-kind revenue"). As a young Festival we are unable to access almost all government grants: this will shift in 12-24 months.
The 4 CUF Directors (Jessica, Joanna, Thor, Yosuke) believe in this Festival as much as our Donors. In this Festival start-up period, the Directors have personally ensured any financial shortfalls and they have donated all of their work leading up to the performances themselves (artistic, marketing, administrative, technical, logistics).
Revenue and expense percentages from our first, inaugural year (2016) follow:
Revenue Sources: in-kind 83% (artistic 10%, marketing 35%,technical 20%, logistics and venues 15%, administrative and all other 20%), cash 17%.
Cash Revenue: ticket sales 25%, donors 70%, corporate sponsorship 5%.
Cash Expenses: musician performance fees 55%, marketing 19%, technical 3%, logistics and venues 10%, administrative and all other 13%.
Note: in our start-up period, we do not have "charitable status" from Canada Revenue Agency, and therefore we are unable to issue tax-credit receipts for donations.