Fiscal Year 2007–2008 In Review

Presented by Board President April Mays
on July 9, 2008 at the Annual Meeting

Individual Artists of Oklahoma started its 2007–2008 fiscal year with a lean bank account, as the previous fiscal year had been a turnaround year and the organization’s net income for that year was just under $1,000.

The number of programming activities has been steadily active with approximately 35 public events for the year and a continued effort to encourage more cross-discipline exhibits and events.

The year led IAO to expand into several new experiences to assist in its growth.

Two significant grants were awarded to IAO—$10,000 from The Kirkpatrick Foundation and $5,000 from the Oklahoma City Community Foundation to assist in hiring an additional staff member—a prospect we plan to execute in the first quarter of this fiscal year.

IAO underwent its second official financial audit—a process the Board sees as a requirement to financial health and stability. One that provides transparency and enables the organization to pursue grants and other funding.

Income Stats

• Development income increased almost 70% over last year as a result of additional funds the Kirkpatrick Family Fund and the Oklahoma City Community Foundation, an increase in memberships and increased giving by the Board.
• Fundraising income increased by 12% as a result of increased revenue from Biting the Apple and the addition of two new fundraisers – Red Dot and Money Talks, Art Walks Art.
• The 2008 Biting the Apple was the event’s most successful year ever – with positive stories in Downtown Monthly, Look OKC, The Journal Record and even made the cover story of The Oklahoma Gazette. The event resulted in more than 1,400 patrons over the course of the two-night event and grossed more than $41,000. The net profit to IAO was right at $26,600.
• Art sales rose 80%
• The year ended with gross income at a record high of $164,664 (as compared to the previous fiscal year’s gross income at $119,000). Expenses rose by 24% over last year, but the year ended in a net income of more than $18,000—which is compared to last year’s net income of $937. A portion of the net income has been secured in a money market fund for emergency use only.

The Board is seeking to improve even more for fiscal year 2008–2009 with some exciting new events and collaborations and most importantly, supporting the mission to serve Oklahoma’s innovative art community.

News Release

For immediate release—6/9/2008

Individual Artists of Oklahoma receives $5,000 grant from Oklahoma City Community Foundation Oklahoma City, OK

Individual Artists of Oklahoma is pleased to announce it has received a $5,000 grant from the Oklahoma City Community Foundation and its Capacity Building grant program. The grant will be used to assist in funding for a new employee to assist with program organization. “We are very pleased to have received this grant to expand IAO’s capacity to provide excellent arts programming in Oklahoma,” says IAO Executive Director, Jeff Stokes. “Hiring an additional staff member will allow IAO to develop the resources necessary to insure the future stability of the organization. We greatly appreciate the support of the Oklahoma City Community Foundation.”

Individual Artists of Oklahoma was founded in 1979 by three poets as a grass-roots alternative arts organization. IAO is committed to sustaining and encouraging emerging and established artists in all media who are intellectually and aesthetically provocative or experimental in subject matter or technique.

IAO creates opportunities for Oklahoma artists by curating and developing socially relevant exhibitions in one of the finest gallery spaces in the region. The IAO Gallery features works and exhibitions that display innovative and thought-provoking concepts and approaches that broaden the dialogue with the community and enhance the public's understanding of the role of contemporary art and the artist.

Founded in 1969, the Oklahoma City Community Foundation manages more than $580 million in assets and is ranked as one of the largest community foundations in the country. The Oklahoma City Community Foundation works with donors and organizations to create endowments that address needs and opportunities within the community. Grants are awarded through the Community Grants Program three times a year to metropolitan area charitable organizations. For more information about the Oklahoma City Community Foundation and its Community Grants Program, visit www.occf.org. Individual Artists of Oklahoma started its 2007-2008 fiscal year with a lean bank account, as the previous fiscal year had been a turnaround year and the organization’s net income for that year was just under $1,000. The number of programming activities has been steadily active with approximately 35 public events for the year and a continued effort to encourage more cross-discipline exhibits and events. The year led IAO to expand into several new experiences to assist in its growth. Two significant grants were awarded to IAO - $10,000 from The Kirkpatrick Foundation and $5,000 from the Oklahoma City Community Foundation to assist in hiring an additional staff member – a prospect we plan to execute in the first quarter of this fiscal year. IAO underwent its second official financial audit – a process the Board sees as a requirement to financial health and stability. One that provides transparency and enables the organization to pursue grants and other funding. Income Stats • Development income increased almost 70% over last year as a result of additional funds the Kirkpatrick Family Fund and the Oklahoma City Community Foundation, an increase in memberships and increased giving by the Board. • Fundraising income increased by 12% as a result of increased revenue from Biting the Apple and the addition of two new fundraisers – Red Dot and Money Talks, Art Walks Art. • The 2008 Biting the Apple was the event’s most successful year ever – with positive stories in Downtown Monthly, Look OKC, The Journal Record and even made the cover story of The Oklahoma Gazette. The event resulted in more than 1,400 patrons over the course of the two-night event and grossed more than $41,000. The net profit to IAO was right at $26,600. • Art sales rose 80% • The year ended with gross income at a record high of $164,664 (as compared to the previous fiscal year’s gross income at $119,000). Expenses rose by 24% over last year, but the year ended in a net income of more than $18,000 – which is compared to last year’s net income of $937. A portion of the net income has been secured in a money market fund for emergency use only. The Board is seeking to improve even more for fiscal year 2008-2009 with some exciting new events and collaborations and most importantly, supporting the mission to serve Oklahoma’s innovative art community.