garfield Posted January 13, 2013 Author Share Posted January 13, 2013 Pioneer Revenue, Expenses, and Net Assets The Bottom Line Total Revenue 2009: $377,036 2010: $410,889 2011: $392,405 Total Expenses 2009: $454,035 2010: $463,301 2011: $360,939 Revenue minus Expenses 2009: ($76,999) a loss 2010: ($52,412) a loss 2011: $31,466 Net Assets 2009: $130,981 2010: $78,568 2011: $110,034 Quote Link to comment Share on other sites More sharing options...
garfield Posted January 13, 2013 Author Share Posted January 13, 2013 Pioneer Note: Pioneer, like several before, filed the EZ version of form 990 in 2009 and 2010. However, there is no supplemental supporting data. Because of this there is nothing to which the full form 2010 details can be compared. As a result there will be only major categories to compare in Revenue, Expenses, and Assets. Where able, I'll report details from the 2011 report that are as comparative to other corps as possible. Revenue Contributions, gifts, grants, etc 2009: $157,360 2010: $12,468 2011: $12,334 Program Service Revenue 2009: $76,431 2010: $87,905 2011: $82,064 Membership Dues and assessments 2009: $0 2010: $167,686 2011: $164,618 Note: In 2009, dues were included in the Contributions, gifts, and grants category Net Income from special events 2009: $128,197 2010: $137,561 2011: $50,008 (called "gaming activities") Other Revenue 2009: $15,048 2010: $5,269 2011: $83,381 (Note: 2011 includes $70,277 from sale of equipment) Quote Link to comment Share on other sites More sharing options...
dasboot Posted January 13, 2013 Share Posted January 13, 2013 OMG! Great catch! I completely missed them because they didn't make semis in 2011. My apologies to Roman, the corps, and their supporters. I'll get them done right now. Sweet! Not trying to be obnoxious, I was just curious. Quote Link to comment Share on other sites More sharing options...
garfield Posted January 13, 2013 Author Share Posted January 13, 2013 Pioneer Expenses Note: There are only two or three entries for expenses even on the 2011 report. The largest of these is called "Professional fees and other payments to independent contractors" in 2009, and "Other Expenses" in 2010 and 2011. 2009: $369,428 2010: $391,201 2011: $342,909 Occupancy, rent, etc 2009: $84,607 2010: $72,100 2011: $7,000 Note: I suspect there is a reporting discrepancy between in 2011. Quote Link to comment Share on other sites More sharing options...
garfield Posted January 13, 2013 Author Share Posted January 13, 2013 Before we finish up, one final detail about Expenses. Many people compare charitable organizations based on the amount of money that actually gets to the charitable purpose of the organization vs. the administrative expenses used to get the money there. The 990's provide a look at this comparison by requiring expenses to be categorized into two categories, Program Service Expenses and Management and General Expenses. For 2011, Total expenses were $9,429,827. Of that amount, $6,555,032 (69.5%) went to Program Service Expenses and $2,874,795 (30.5%) went to Management and General Expenses. In 2010, Total Expenses were $8,875,705. Of that, $5,768,844 (65%) was Program Service and $3,106,861 (35%) was Management and General. In 2009, Total Expenses were $8,542,134. $5,373,139 (62.4%) were Program Service and $3,168,985 (37.6%) were M&G. (Sorry, just realized the order by year is reversed from prior posts.) If this is a representation of efficiency, these numbers look pretty good. Seven percent more of DCI's Revenue was spent on Program Service in 2011 than in 2009, and Management and General expenses consumed less of the Revenue over these three years. This would be a good thing depending on where you stand and what's behind the numbers. More money going into Program (show) expenses could mean more money is being paid out to corps, or it could mean more money went into show production (like venue costs, etc). Anecdotally, I have noticed a decline in the number of attendants guarding the entrys to prevent fans from entering or leaving during a show. Those savings in venue costs (if my observation is a true representation) may mean the corps make more but the fans suffer more disruptions, for example. Without an explanation of Program Expenses there's no way to tell who got the benefit of DCI's greater management "efficiency". EDIT: If it's reasonable to presume that the corps benefited most from this increase in effeciency, I have to ask: What the heck are they complaining about? With all that DCI does to produce a tour (venue, rights, travel, etc) is it reasonable to think that a "Music in Motion" tour could be produced more efficiently? Pioneer Program Service "efficiency" (as defined above) Only in 2011 were expenses broken down into PSE, MGE, and FRE. In that year Pioneer reported 100% of their Total Expenses as being PSE. Quote Link to comment Share on other sites More sharing options...
garfield Posted January 13, 2013 Author Share Posted January 13, 2013 Pioneer Balance Sheet Assets Land, buildings, equipment, etc (at cost less accumulated depreciation) 2009: $184,874 2010: $126,661 2011: $160,967 Total Assets 2009: $184,874 2010: $136,574 2011: $160,967 Liabilities 2009: $53,893 2010: $57,979 2011: $50,933 Net Assets 2009: $130,981 2010: $78,568 2011: $110,034 Note: In none of the forms are there listings for "liquid" assets, such as cash, accounts receivable, or inventory for sale. Quote Link to comment Share on other sites More sharing options...
garfield Posted January 13, 2013 Author Share Posted January 13, 2013 Observation: Although Pio's major assets are listed as "Land, buildings, equipment, etc", I don't see a listing in 2011 of any secured mortgages or notes due. Question for anyone who might know the answer: Does Pio own their own practice hall? If not, it's reasonable to presume that those assets are equipment. When looking for "liquidable assets", equipment may be more liquid than land or buildings, but selling equipment likely would prevent the corps from taking the field. Based on these details, and recognizing the vagaries in filing options, I can't find any assets that would be considered liquid. And based on those facts, Pio's spending more in expenses than they take in via revenues is, potentially, a significant problem. There are no more notes or entries in any of Pioneer's filings, so this ends our review. Quote Link to comment Share on other sites More sharing options...
garfield Posted January 13, 2013 Author Share Posted January 13, 2013 Did I forget anyone else? :tongue:/> Quote Link to comment Share on other sites More sharing options...
garfield Posted January 13, 2013 Author Share Posted January 13, 2013 (edited) So, after more than two months and nearly a thousand posts and 75,000 views, we come to the end of our little venture. We've reviewed 22 corps plus DCI and I've very much enjoyed getting to know the financials of each corps a little better. (This is where each of you give me a green plus because, either, you're glad I'm finally done and/or you appreciate the effort. /shameless plug.) There have been quite a few surprises that changed the assumptions I had going in, not the least of all is the recent success that DCI has had. While I'm not surprised at the lack of comments (expecially considering the views) I'm happy and thankful that the thread stayed on course and that everyone avoided the urge to derail it. Nothing ever dies on DCP so this consolidated record will be available to reference for as long as John D allows it ("Hail to the king. Long live the king!"). I have several things to do yet. First will be to update the spreadsheet and post it in the next couple of days. That'll be the raw data. Then I think I'll start a thread where comments about the data will flow a little easier and where we can discuss some of the conclusions that come out of this exercise. I'm thinking about a poll, too. And I've been asked to write an article summarizing the findings of the 990s. The likely most significant annual meeting in DCI's history is coming up in two weeks. Perhaps this data would be useful to some attending that meeting. Perhaps the commentary from DCP will be illustrative, too. So pipe in on the upcoming 990's discussion thread. Thanks for playing. garfield Edited January 13, 2013 by garfield 7 Quote Link to comment Share on other sites More sharing options...
IllianaLancerContra Posted January 14, 2013 Share Posted January 14, 2013 Observation: Although Pio's major assets are listed as "Land, buildings, equipment, etc", I don't see a listing in 2011 of any secured mortgages or notes due. Question for anyone who might know the answer: Does Pio own their own practice hall? If not, it's reasonable to presume that those assets are equipment. When looking for "liquidable assets", equipment may be more liquid than land or buildings, but selling equipment likely would prevent the corps from taking the field. Based on these details, and recognizing the vagaries in filing options, I can't find any assets that would be considered liquid. And based on those facts, Pio's spending more in expenses than they take in via revenues is, potentially, a significant problem. There are no more notes or entries in any of Pioneer's filings, so this ends our review. I do believe Pioneer owns their practice facility - and has for some time. Quote Link to comment Share on other sites More sharing options...
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