NewHavenBIZ

40 n e w h a v e n B I Z | M a y / J u n e 2 0 1 9 | n e w h a v e n b i z . c o m Back in black A R T S & C U LT U R E As it approaches silver anniversary, International Festival of Arts & Ideas on more solid financial footing By Frank Rizzo Bristol-based Ad Infinitum's production of the funny, topical No Kids will be staged June 12-15 at the Iseman Theater. A er years of precarious finances for New Haven's International Festival of Arts & Ideas, the annual two- week-long, citywide celebra- tion has finally steered its administrative ship to safer fiscal waters as it approaches its quar- ter-century mark. But it took a while. Starting from its earliest years, the arrival of anticipated state funds — a significant portion of its budget — followed rather than preceded each festival, making planning for the year ahead an uncertain prop- osition, dependent on promises, good will and a little bit of luck. In earlier years that wasn't an overriding concern with a fairly steady economy, powerful local pol- iticians at the appropriations till and a line of bank credit to bridge the gap until the state checks arrived. But as the political dynamics shied and state deficits began to accumulate, money from the state began to plummet in 2007. At the high-water mark in 2000, the state supported the festival with $1.2 million. Its latest figure for this June's festival is $414,000. But there were times the festival's line item in the state budget — a sought-aer status for non-profit arts groups (which means it doesn't have to compete in a relatively small pool of state arts dollars) — was zeroed out, though eventually restored in part. But now, as the festival heads into its 24th annual celebration June 8-22, it's on the steadiest fiscal foun- dation that it's ever been on, says its trio of co-leaders and its new executive model: Director of Pro- gramming Chad Herzog, Managing Director Elizabeth S. Fisher (who has been with the festival nearly since its inception), and director of development Tom Griggs. Increasing the reserve e key to being able to depend on the budget figures in any given year, says Griggs, is the estab- lishment of a seven-figure capital reserve that, in essence, allows the festival to borrow from itself to weather unexpected shortfalls. Prior to that in some years, it ran a functional deficit when it could not pay back its bridge loan. "Largely it was because of the reduction of the state and corporate funding," Griggs says, "and we hadn't yet figured out how to counter that with an increase in individual giving." e organization, he explains, was greatly helped by the National Arts Stabilization program which assisted qualifying New Haven arts groups with their budgets, gave them grants to stanch deficits, demanded fiscal discipline and helped them to create a reserve find — in the festival's case, of nearly $500,000. Individual giving is now the cornerstone of financial support for the festival following the launch in 2013 of its Fund for the Future drive, which over several years raised $2.7 million, much of that going to the reserve fund whose net assets today total around $2 million. "at acts as our buffer now," says Griggs — and it came in handy when in 2016 the festival fell short of its goals. e big re-set happened in 2017, when the festival cut back on the schedule, programs and budget by $1 million. at year the festival went from five weekend concerts on the Green — the big free shows that traditionally attracts thousands — to just three. at substantially cut overall festival attendance from about 100,000 to 85,000, according to a study by Quinnipiac University. It has since bounced back but over the years remained generally around the 100,000 level. "What we have done is we have reversed this functional deficit mod- el," says Fisher. "It took some time and a lot of effort, but we're now budgeting in a model that we believe is sustainable. And in the black. Last year the festival had a surplus of around $140,000 "and it looks like we'll be doing well this year," Fisher says. is year's budget is $2.6 million, down from its high at $3.3 million, but up from around $2 million in recent years. Keeping the level of excellence high and programming numbers at a substantial level is key, they say, as the festival moves forward. "We're never going to shrink our way to success. at's never going to work," says Fisher. "Our greatest

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