Arts & Entertainment Industry | CPA | Florida

ARTS & ENTERTAINMENT

Museums, zoos and parks represent $13 billion in U.S. revenue. Nearly 9,000 businesses in the South Florida area are classified as cultural institutions, entertainment, or sports and recreation facilities. Demand is linked to local income as well as tourism. Resources of many museums and other facilities are stretched due to the economic downturn, with cutbacks from both private donors and public funding. But according to an April 2011 report from the American Association of Museums, "American museums experienced increased attendance in 2010 compared to recent years." This is likely due to the fact that, with tighter family budgets, people are staying closer to home and taking advantage of museums, parks, and her local attractions.

Strapped for cash? The majority of institutions surveyed by the American Association of Museums lost funding in 2010, both from government support and investment income. Cost reduction programs have included delays in building maintenance, relying more on their permanent collections, and reducing operating hours.

Kaufman Rossin's advisory professionals can help identify other cost saving measures, assess staffing, and increase operational efficiencies.

Laying off staff? Freezing hiring and laying off staff are tactics more than 50% of institutions reported they used to meet budget shortfalls.

Our information security group helps clients manage employee terminations to prevent data theft and minimize chances of lawsuits.

What comes next? Strategic planning for the uncertainty of the coming years should include engaging board members and their intellectual and financial resources.

Kaufman, Rossin professionals regularly assist with Board retreats and strategic planning, providing independent facilitation and unbiased feedback that creates innovative and actionable solutions.